On-Board Magnetic Sensor
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On-Board Magnetic Sensor Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
In recent times, the on-board magnetic sensor market has seen a significant surge in size. It is projected to expand from a market value of $1.57 billion in 2024 to $1.7 billion in 2025, displaying a Compound Annual Growth Rate (CAGR) of 8.5%. The substantial growth during the historical period is credited to factors such as the demand for consumer electronics, industrial automation, downsizing and cost-cutting, investments in research and development, as well as renewable energy.
On-Board Magnetic Sensor Market Size Forecast: What’s the Projected Valuation by 2029?
The market size of the on-board magnetic sensor is predicted to witness a substantial surge in the coming years, expanding to $2.35 billion by 2029 with a compound annual growth rate (CAGR) of 8.4%. The projected growth in this period can be linked to the rising uptake of 5G and connectivity, smart infrastructure, artificial intelligence (AI) and machine learning, as well as augmented reality (AR) and virtual reality (VR). Key trends for the forecast period encompass technological progress, magnetic sensors based on MEMS, improvements in automotive safety systems, combination with other sensors, and sensors that are energy efficient.
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What Are the Drivers Transforming the On-Board Magnetic Sensor Market?
The growth of the onboard magnetic sensors market is predicted to be propelled forward by a rising demand for consumer electronic devices. These electronic devices, intended for regular purchase and use by end consumers, often contain onboard magnetic sensors which measure speed, orientation, alignment, and rotational positions. An example of this upward trend was reported by UK-based financial conduct authority, Uswitch Limited, which in February 2023 noted that as of 2022, there were 71.8 million smartphones in the UK. This signified a 3.8% growth, or around 2.6 million more than in 2021. Furthermore, projections for 2025 state that there will be 68.3 million UK residents, 95% of whom (roughly 65 million people) are expected to own smartphones. Consequently, this increased demand for consumer electronic devices is leading to market growth for onboard magnetic sensors.
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What Long-Term Trends Will Define the Future of the On-Board Magnetic Sensor Market?
The adoption and progression of technology is a rising trend in the onboard magnetic sensor market. To maintain their market dominance, major companies in this market are embracing different technological innovations. For instance, Allegro MicroSystems Inc., a technological firm based in the US, in January 2022, introduced A33110 and A33115, their latest magnetic position sensors designed for advanced driver assistance systems (ADAS) applications. These sensors deploy Vertical Hall Technology (VHT) and the latest Tunneling Magnetoresistance (TMR) technology within one sensor package. This groundbreaking technology fuses top-tier precision with inherent redundancy for essential safety systems, utilizing TMR and vertical Hall components.
Which Segments in the On-Board Magnetic Sensor Market Offer the Most Profit Potential?
The on-board magnetic sensor market covered in this report is segmented –
1) By Type: Hall Effect Sensors, SQUID (Superconducting Quantum Interference Device) Sensors, Magneto Resistive Sensors, Other Types
2) By Magnetic Density: Low-Field Sensors (10 Gauss)
3) By Vertical: Automotive, Healthcare, Consumer Electronics, Aerospace And Defense, Industrial, Other Verticals
Subsegments:
1) By Hall Effect Sensors: Linear Hall Effect Sensors, Rotary Hall Effect Sensors, Digital Hall Effect Sensors
2) By SQUID (Superconducting Quantum Interference Device) Sensors: DC SQUID Sensors, RF SQUID Sensors
3) By Magneto Resistive Sensors: Anisotropic Magneto Resistive (AMR) Sensors, Giant Magneto Resistive (GMR) Sensors, Tunnel Magneto Resistive (TMR) Sensors
4) By Other Types: Fluxgate Sensors, Inductive Sensors, Magnetoelastic Sensors
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Which Firms Dominate the On-Board Magnetic Sensor Market by Market Share and Revenue in 2025?
Major companies operating in the on-board magnetic sensor market include Honeywell International Inc., Asahi Kasei Microdevices Corporation, Texas Instruments Incorporated, Infineon Technologies AG, TE Connectivity Ltd., STMicroelectronics NV, TDK Corporation, Murata Manufacturing Co. Ltd., NXP Semiconductors N.V., Analog Devices Inc., Alps Electric Co Ltd., ams OSRAM AG, Littelfuse Inc., Diodes Incorporated, Sanken Electric Co Ltd., Melexis NV, Allegro Microsystems Inc., Pepperl+Fuchs GmbH, Macome Corporation, ABLIC Inc., MEMSIC Semiconductor Co. Ltd., MikroElektronika spol. S r. o, SparkFun Electronics Inc., Senseonics Holdings Inc., Sensitec GmbH
Which Regions Offer the Highest Growth Potential in the On-Board Magnetic Sensor Market?
Asia-Pacific was the largest region in the on-board magnetic sensors market in 2024. The regions covered in the onboard magnetic sensor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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