On-Board Magnetic Sensor Market
What combination of drivers is leading to accelerated growth in the on-board magnetic sensor market?
The expected upsurge in the need for consumer electronic devices is anticipated to drive the expansion of the onboard magnetic sensors market. Consumer electronic devices are commonly understood as any digital or portable electronic device targeted for purchase and routine use by consumers or end-users. Onboard magnetic sensors play a crucial role in these devices, providing solutions regarding speed, direction, alignment, and rotational positions. For example, Uswitch Limited, a financial conduct authority based in the UK, revealed in February 2023 that starting from 2022, there was a 3.8% (equivalent to approximately 2.6 million) rise in smartphones, totaling to 71.8 million in the UK. They further project that by 2025, out of the 68.3 million UK residents, 95% (roughly 65 million people) will be smartphone users. Consequently, the escalating demand for consumer electronic devices is fuelling the expansion of the onboard magnetic sensors market.
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What is the projected compound annual growth rate (CAGR) of the on-board magnetic sensor market from 2025 to 2034, and what factors influence it?
The size of the market for on-board magnetic sensors has seen substantial growth in recent years. The market is projected to increase from a value of $1.57 billion in 2024 to $1.7 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 8.5%. Factors contributing to this growth during the historical period include the demand for consumer electronics, the rise of industrial automation, the miniaturization and cost reduction of sensors, investments in research and development, and the growth of renewable energy.
The market size for on-board magnetic sensors is predicted to experience a significant increase in the coming years, reaching $2.35 billion in 2029 with a compound annual growth rate (CAGR) of 8.4%. The expected rise during the projection period can be associated with the growing implementation of 5G and connectivity, smart infrastructure, artificial intelligence (AI) and machine learning, augmented reality (AR), and virtual reality (VR). Technological advancements, MEMS-based magnetic sensors, enhancements in automotive safety systems, integration of various sensors, and energy-efficient sensors are the major trends predicted for the forecast period.
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How are the latest trends influencing the growth of the on-board magnetic sensor market?
The uptake of new technologies is a significant trend emerging in the onboard magnetic sensor market. Key companies within this market are employing new technologies to maintain their market standing. A prime example is Allegro MicroSystems Inc., a US technology company which introduced the A33110 and A33115 new magnetic position sensors for advanced driver assistance systems (ADAS) applications in January 2022. Designed with vertical Hall Technology (VHT) and groundbreaking tunneling magnetoresistance (TMR) technology within a single sensor package, this innovative technology offers top-tier precision and inbuilt redundancy for systems where safety is critical, utilizing both TMR and vertical Hall components.
What are the major segments of the on-board magnetic sensor market and their role in driving growth?
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 regions are key players in the growth of 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.
Who are the key firms paving the way for growth in the on-board magnetic sensor market?
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
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What Is Covered In The On-Board Magnetic Sensor Global Market Report?
• Market Size Forecast: Examine the on-board magnetic sensor market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the on-board magnetic sensor market for a structured understanding.
• Key Players Overview: Analyze major players in the on-board magnetic sensor market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the on-board magnetic sensor market.
• Segment Contributions: Evaluate how different segments drive overall growth in the on-board magnetic sensor market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the on-board magnetic sensor market.
• Industry Challenges: Identify potential risks and obstacles affecting the on-board magnetic sensor market.
• Competitive Landscape: Review strategic developments in the on-board magnetic sensor market, including expansions, agreements, and new product launches.
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