The global magnetic sensor market size is expected to grow from US$ 2,271.6 Mn in 2022 to US$ 3,053.5 Mn by 2028, at a CAGR of 5.1% during 2022-28.
| Magnetic Sensor Market Value (2022) | US$ 2,271.6 Mn |
| Magnetic Sensor Market Value (2028) | US$ 3,053.5 Mn |
| Magnetic Sensor Market Forecast CAGR% (2022-2028) | 5.1% |
| Share of Top 5 Market Players | 25% |
The Magnetic Sensor Market is anticipated to reach US$ 2,271.6 Mn in 2022 and is anticipated to grow at a robust 5.1 percent CAGR from 2022 to 2028. Nearly 10% of the worldwide IoT sensors market was accounted for by the magnetic sensor industry. Due to the increased need for sensing applications across sectors, it is projected that the magnetic sensor market would experience considerable expansion in the years to come.
This can be attributed to the growing use of Hall-effect magnetic sensors as well as Giant Magnetoresistance (GMR), 3D Magnetic Hall Effect, Anisotropic Magneto-Resistive (AMR), and Tunnel Magneto Resistance (TMR) sensors in a variety of important industries, including the automotive, consumer electronics, industrial, and others.
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The global magnetic sensor market is categorized by technology, application, and region. By technology, the market is segmented as Hall effect, AMR (anisotropic magneto-resistive), GMR (giant magneto-resistance), and TMR (tunnel magneto-resistance). The Hall Effect sub-segment is expected to account for a relatively higher CAGR of 5.2% during the forecast period. The Hall Effect sub-segment also accounted for the largest market share of 45.4% in 2017.
Among the regions, North America accounted for the largest market share in 2018. The increasing number of vehicles and an increase in the production of automotive parts are important factors which are driving the growth of the magnetic sensor market in North America. The magnetic sensor market in SEA & Others of APAC is expected to account for a relatively higher CAGR of 5.9% during the forecast period. Also, the demand for magnetic sensors is increasing in the markets in Western Europe, China, and Japan.
The rapid growth in the demand for smart devices in emerging economies such as India, China, and Japan is attracting several magnetic sensor manufacturers. Smart device and consumer electronic device manufacturers can create abundant opportunities for the development of advanced magnetic sensors. Furthermore, with the growth of industrial automation systems, collaboration with electronic device manufacturers can generate potential opportunities for magnetic sensor manufacturers to provide magnetic sensors with advanced features which have high sensitivity and reliability.
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Key Segments Covered
By Technology
- Hall Effect
- AMR
- GMR
- TMR
By Application
- Industrial
- Automotive
- Consumer Electronics
- Others
Key Regions covered
- North America
- Latin America
- Western Europe
- Eastern Europe
- SEA & Others of APAC
- China
- Japan
- Rest of MEA
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