Magnetic Sensor Market Share, Size, Trends, Industry Analysis Report By Type; By Application (Automotive, Consumer Electronics, Industrial, Aerospace & Defense, Healthcare, Energy & Power); By Technology; By Regions, Segment Forecast, 2022 - 2030
- Published Date:Jun-2022
- Pages: 118
- Format: PDF
- Report ID: PM1070
- Base Year: 2021
- Historical Data: 2018 - 2020
Report Outlook
The global magnetic sensor market was valued at USD 4.43 billion in 2021 and is expected to grow at a CAGR of 7.5% over the forecast period. Magnetic sensors are primarily used to cater to notice disturbances and strength, direction, and flux in the magnetic field. Also, it is used as a detection sensor, which is further applied to estimate and calculate the field's total magnetic field and vector components.
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The increased integration of magnetic devices in end-use applications such as vehicles, consumer electronics, healthcare, and rigorous government regulations are significantly affecting the product's demand and consumption in the worldwide market during the projection period. The increased awareness and demand for navigation systems, particularly in automobiles and smartphones, is likely to fuel the magnetic sensor market growth pace in the future.
Industry Dynamics
Growth Drivers
A rise in demand and sales of electric cars and growth in demand for luxury smartphones will likely generate possibilities for manufacturers throughout the projection period. Furthermore, producers are primarily focused on product development in order to address the growing demand for enhanced sensory components. These players want to create radars to address customer demand in end-use applications for motion detection, speed, and proximity which in turn will boost the market growth.
It is estimated that the increased adoption of bulky and complex smart gadgets will boost the requirement for advanced sensing capabilities in components, which will further affect the demand and production during the forecast period. According to market trends, magnetic radars are widely used in non-destructive testing (NDT) and medical R&D components.
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Report Segmentation
The market is primarily segmented on the basis of types, technology, application, and region.
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By Type |
By Technology |
By Application |
By Region |
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Insight by Type
In 2021, the hall effect segment dominated the market and is anticipated to lead the magnetic sensor market during the forecast period. The industry's growth is primarily due to the rise in technological advancements across the automobile sector. The AMR (anisotropic magneto-resistive) segment is expected to grow at a considerable pace during the forecast period owing to the growth in consumption of consumer electronics and increasing demand for smart devices.
Insight by Application
Automotive segment is expected to dominate the magnetic sensor market over the forecast period. The increased demand for electric cars and the fast conversion rate of conventional automobiles to electric vehicles are predicted to boost the demand and consumption of sophisticated magnetic radars in automotive applications. Furthermore, the increased demand for navigation systems in vehicles and the increased usage of linked vehicles, and sophisticated driving assistance accelerated the use of magnetic sensors in the automotive industry.
Furthermore, the rapid growth in the demand and consumption of healthcare devices and the rise in advancement across x-ray detectors, health monitoring devices, and lab-on-chip devices are expected to enhance the magnetic sensors market demand in the coming years.
Geographic Overview
In 2021, Asia Pacific dominated the global magnetic sensor market owing to growth in the production and expansion of the automotive aftermarket. Moreover, China, India, and Japan are a few of the major automotive markets globally, which primarily influence the consumption and demand of the product in the region over the coming years.
It is expected that the growth in demand for electric vehicles in the region is further expected to create opportunities in the market for the manufacturers in the near future. In addition, China is one of the leading manufacturers of consumer electronics globally, which creates growth opportunities in the industry in the future. The growth in the production of motor vehicles and development in the industrial and type manufacturing sectors are further strengthening the consumption of magnetic radars across automotive, consumer electronics, and industrial applications during the forecast period.
Competitive Insights
Innovation and development are expected to play an essential role in developing the demand and consumption in the global market in the coming years. Major players are indulging in product launches, product developments, and partnerships in order to enhance their market position across the globe.
Moreover, the key players involved in the magnetic sensor market are Allegro Microsystems, Inc., Alps Electric Co., Ltd, Asahi Kasei Microdevices Corporation, AMS AG, Baumer Ltd., Crocus Technology, Elmos Semiconductor AG, Honeywell International, Inc., iC-Haus, Infineon Technologies AG, Magnetic Sensors Corporation, Melexis Corporation, Memsic Corporation, Micronas Semiconductor Holding AG, Microsemi Corporation, MultiDimension Technology Co. Ltd, NVE Corporation, NXP Semiconductors, Robert Bosch GmbH, Rotary and Linear Motion Sensor (RLS), Sensitec GmbH, and TDK Corporation.
Magnetic Sensor Market Report Scope
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Report Attributes |
Details |
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Market size value in 2021 |
USD 4.43 Billion |
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Revenue forecast in 2030 |
USD 8.02 Billion |
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CAGR |
7.5% from 2022 - 2030 |
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Base year |
2021 |
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Historical data |
2018 - 2020 |
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Forecast period |
2022 - 2030 |
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Quantitative units |
Revenue in USD billion and CAGR from 2022 to 2030 |
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Segments covered |
By Type, By Application, By Technology, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
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Key Companies |
Allegro Microsystems, Inc., Alps Electric Co., Ltd, Asahi Kasei Microdevices Corporation, AMS AG, Baumer Ltd., Crocus Technology, Elmos Semiconductor AG, Honeywell International, Inc., iC-Haus, Infineon Technologies AG, Magnetic Sensors Corporation, Melexis Corporation, Memsic Corporation, Micronas Semiconductor Holding AG, Microsemi Corporation, MultiDimension Technology Co. Ltd, NVE Corporation, NXP Semiconductors, Robert Bosch GmbH, Rotary and Linear Motion Sensor (RLS), Sensitec GmbH, and TDK Corporation. |
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