iCrowdNewswire Jan 13, 2021 2:37 PM ET
Market Research Future published a research report on “On-Board Magnetic Sensor Market Research Report – Global Forecast till 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
International on-board magnetic sensor market is expected to witness growth rising from USD 1.11 billion in 2017 to USD 1.80 billion by 2023. This growth rate is expected to be achieved at a compound annual growth rate (CAGR) of 8.4%. Among the major reasons contributing towards the growth is the higher usage of the onboard magnetic sensors. To be specific, the same has grown mainly in consumer electronic device segments. The market can be even more encouraging with encouraging technological scenario.
Consistency in terms of the magnetic fields achieved mainly through the advancing technology can be stated as the crucial reasons behind the growing scenario of on-board magnetic sensor market. To be specific, the growing consumer electronic device segment contributes more towards the enriched market perspective of on-board magnetic sensor market. There is a noteworthy growth in adoption of on-board magnetic sensors with IoT devices witnessed in modern times, contributing immensely towards the growth of on-board magnetic sensor market.
It is evident through the market research that the market scope for On-Board Magnetic Sensor Market has significantly grown in recent past. This is expected to be more encouraging through the advancing innovation. Greater application of magnetic sensors regarding proximity switching, correct measurement of speed, locating, and ability of current sensing makes it the most significant of all. The market can be even more encouraging through the advent of more number of sensor suppliers. Reduced price is also one of the prime reasons behind this market getting enriched.
Global on-board magnetic sensor market can be segmented on type, magnetic density, application, vertical, and region.
Based on type, the on-board magnetic sensor market can be segmented into Hall Effect sensors, magnetoresistive sensors, squid sensors, and others.
In terms of magnetic density, the market can be segmented into less than 1 microgauss (low-field sensors), 1 microgauss to 10 gausses (earth field sensors), and more than 10 gausses (bias magnetic field sensors).
Based on application, the market can be further segmented into speed sensing, detection/NDT, position sensing, and navigation & electronic compass.
In terms of vertical, the on-board magnetic sensor market is segmented into automotive, consumer electronics, healthcare, aerospace & defense, industrial, etc.
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Based on region, the on-board magnetic sensor market is segmented into North America, Europe, Asia-Pacific, and the rest of the world. Among these, Asia Pacific is estimated to be the most significant during the forecast period. There is a huge demand for it for measurement of rotational speed and in industrial domain. The market is expected to be led mainly by India and China. Europe comes next in this segment, mainly being led by the UK and Germany. Among rest of the world, the market can be classified mainly into Middle East and Africa. The market is expected to remain steady during forecast period.
The prominent players in the on-board magnetic sensor market are Asahi Kasei Microdevices (Japan), Sanken Electric (Allegro Subsidiary) (Japan), Infineon Technologies (Germany), TDK Corporation (Japan), Melexis NV (Belgium), Murata Manufacturing (Japan), Honeywell International (US), TE Connectivity (Switzerland), AMS (Austria), and NXP Semiconductors N.V. (Netherlands) among others.
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