Global On-board magnetic sensor Market is valued at approximately USD xxxx billion in 2022 and is anticipated to grow with a healthy growth rate of more than xx% over the forecast period 2023-2030. The on-board magnetic sensors are sensors which are assessed after these are placed on the circuit board. The magnetic sensors devices are used for the identification of any fluctuations and disturbances in the magnetic field. The on-board magnetic sensor market is expanding because of factors such as rising demand for consumer electronics, electric and hybrid vehicles, high-quality sensing devices, and rising adoption of smart phones, are expected to aid the market growth. However, its importance has progressively increased during the last few decades.
According to the Statista, the consumer electronics market size if forecast to grow back in the coming years, generating revenues of around 1.1 trillion U.S. dollars in 2023 and recording a growth of over 4%. According to Statista , in 2020, 78.05 percent of the world’s population were smartphone users. With many people using more than one smartphone, the actual number of smartphone subscriptions exceeds the number of smartphone users. As of 2021, smartphone users are using an estimated 6.23 billion smartphone subscriptions, which is expected to climb to 7.7 billion by 2027. Also, rising demand of automotive sector, as well as rising technological advancements in magnetic sensor, are driving demand for internet of things (IoT) developments, all of which contribute to market growth. However, inconsistent magnetic fields and reduced-price magnetic sensors are the stifles market growth throughout the forecast period of 2023-2030.
The key regions considered for the Global On-board magnetic sensor Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. Asia Pacific is expected to be the largest market for on-board magnetic sensors during the forecast period. The growth in this region is attributed to the increasing demand in automotive, and healthcare sector. According to Statista, encompassing an area spanning 29.3 million square kilometers, the Asia-Pacific region accounts for 60% of the world’s population in automotive. Asia pacific also accounts for the fastest growing in consumer electronic devices such as laptops, smartphones, and cameras in emerging countries in the region.
Major market player included in this report are:
Asahi Kasei Corporation
Tokyo Denki Kagaku Kogyo Corporation
Robert Bosch GmbH
Tyco Electronics Ltd
Honeywell International Inc.
Recent Developments in the Market:
In 2021, Honeywell raked in around 34.4 billion U.S. dollars in revenue, coming in seventh in the ranking of leading automation vendors worldwide. Aerospace is Honeywell’s most profitable business unit, which generated 11 billion U.S. dollars in revenue in 2021.
In June 2020, Infineon launched the world’s first monolithically integrated linear Hall sensor for ASIL D systems.
Global On-board magnetic sensor Market Report Scope:
ü Historical Data – 2020 – 2021
ü Base Year for Estimation – 2022
ü Forecast period – 2023-2030
ü Report Coverage – Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
ü Segments Covered – Type, End Use , Region
ü Regional Scope – North America; Europe; Asia Pacific; Latin America; Middle East & Africa
ü Customization Scope – Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
Hall effect sensors
By End Use:
Aerospace & Defense
Middle East & Africa
Rest of Middle East & Africa