The global on-board magnetic sensors market revenue is anticipated to reach US$ 2.4 billion by 2033, up from US$ 1.2 billion in 2023. Future Market Insight estimated a CAGR of 7.0% for the market between 2023 and 2033.
The market growth is driven by the increasing demand for these sensors in consumer electronics applications. The rise of electronic devices used primarily for commercial purposes, the work-from-home environment, online education, and the gaming industry has accelerated the expansion of the consumer electronics industry.
Increased automotive industry activity and technological advancements are also fueling demand for Internet of Things (IoT) developments, which support market expansion. Magnetic sensors are becoming increasingly popular in the navigation industry given their proximity switching, position detection, and other features.
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The market is now gaining from the rise in autonomous vehicle sales. To recognize obstacles and navigate safely, these automobiles require several on-board magnetic sensors. The market is expected to upsurge given the rising demand for EVs and hybrid cars. For location detection, these vehicles necessitate magnetic sensors.
There is a growing need for these sensors in navigation systems. There have also been developments in the ecosystem of onboard magnetic sensors. In the aerospace and military industries, magnetic sensors are being utilized with increasing frequency. These sensors offer input to control systems by detecting the position and orientation of objects. These are contributing to the market growth.
The demand for on-board magnetic sensors in the power distribution unit (PDU) has surged given the development of the service sector. The quick expansion of data centers and cloud providers has also contributed to this increased demand.
Governmental regulations requiring the installation of safety equipment and detecting components in cars are expected to create sizable opportunities for the market to expand. Different parts of EVs contain magnetic sensors. Electric car demand is expected to increase, providing industry participants with enormous revenue possibilities.
Key Takeaways
- The on-board magnetic sensors market in the United States is expected to upsurge at 5.9% CAGR during the forecast period.
- The market in the United Kingdom is anticipated to rise profitably, exhibiting a CAGR of 6.2% through 2033.
- The market in China is expected to proliferate significantly, registering a CAGR of 7.9% from 2023 to 2033.
- With a CAGR of 6.5% over the forecast period, the market in Japan is predicted to develop rapidly.
- The market in South Korea is predicted to expand significantly between 2023 and 2033, reaching a CAGR of 7.4%.
Competitive Landscape
High-performance magnetic sensors are being developed and produced by market participants in the on-board magnetic sensors market. These sensors are made to fit into a variety of applications. They are also spending on research and development to improve the features of these sensors. Additionally, they are aiming to broaden their global footprint. They accomplish this through strategic alliances, collaborations, and acquisitions.
Recent Developments
- Infineon Technologies AG added a unique AMR-based angle sensor to its sensor lineup in June 2019. This sensor was created to offer outstanding accuracy. The sensor is also designed to operate in weak magnetic fields.
- Murata Manufacturing Co. Ltd. introduced the MRMS AMR sensor in May 2020. The sensor can detect a horizontal magnetic field. It supports several sensing positions with a single magnet. These AMR sensors use magnetic resistance change rates to detect magnetic fields.
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On-board Magnetic Sensors Market Segmentation
By Type:
- Squid Sensors
- Magnetoresistive Sensors
- Hall Effect Sensors
- Others
By Magnetic Density:
- >10 Gauss (Bias Magnetic Field Sensors)
- 1 Microgauss to 10 Gauss (Earth Field Sensors)
- <1 Microgauss (Low-Field Sensors)
By Vertical:
- Automotive
- Consumer Electronics
- Healthcare
- Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa(MEA)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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