On-Board Magnetic Sensor Market Growth Analysis | 2023-2028

Market Insights

The on-board magnetic sensor market was estimated at USD 1.8 billion in 2022 and is likely to grow at a CAGR of 8.62% during 2023-2028 to reach USD 2.96 billion in 2028.

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Market Dynamics

Introduction

The on-board magnetic sensors are sensors that are assessed after these are placed on the circuit board. The magnetic sensor devices are used for the identification of any fluctuations and disturbances in the magnetic field. They can work on the principle of a transducer, measure the magnetic field, and then convert it into an electrical signal. These sensors have low power consumption, are highly reliable, and are a cost-effective solution for magnetic parameters.

Covid-19 Impact Analysis

The outbreak of COVID-19 has negatively impacted the on-board magnetic sensor industry, mainly due to lockdowns imposed by governments around the world to prevent the spread of COVID-19. Continuous spread as well as the unavailability of appropriate therapeutic & diagnostic systems hinders market growth.

Market Drivers

The on-board magnetic sensor market is mainly driven by surging demand for the use of electronic consumer goods across the globe. Moreover, technological developments tend to surge the demand for innovations in the Internet of Things (IoT) and rising activities in the automotive bolster the market growth. In addition to this, the growing adoption of magnetic sensors in the navigation sector due to their capabilities of position detection, proximity switching, and others further augments the industry's growth during the review period.

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Key Players

Key players operating in the global market are:

• Asahi Kasei Microdevices Corporation (Japan)
• Austria Mikro Systeme (Austria)
• HONEYWELL INTERNATIONAL INC. (US)
• Infineon Technologies AG (Germany)
• Kohshin Electric (Japan)
• Melexis NV (Belgium)
• Murata Manufacturing Co., Ltd. (Japan)
• Sensitec GmbH (Germany)
• TE Connectivity (Switzerland)
• Austria Mikro Systeme (AMS) AG (Austria)

Note: The above list does not necessarily include all the top players in the market.

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Segment Analysis

By Type

Based on type, the market has been classified into Hall Effect sensors, magnetoresistive sensors, squid sensors, and others. The magnetoresistive segment accounted for a significant market share in 2022. These sensors exhibit a wide operating range and possess features & functionalities such as low power, inherently low hysteresis, and high linearity for improved measurement accuracy compared to Hall Effect sensors.

Regional Insights

By region, the North American market held a significant share in 2022 and is expected to grow at a significant CAGR during the review period. The on-board magnetic sensor market growth is mainly propelled by increasing penetration of smartphones, tablets, and laptops, which will increase the adoption of the on-board magnetic sensor. Also, increasing consumer spending as well as expanding the electronic sector further boosts the regional market growth.

The Asia-Pacific on-board magnetic sensor market is expected to grow at a healthy CAGR during the review period. The regional growth is ascribed to surging demand for consumer electronic devices such as smartphones, laptops, and cameras in China, India, and Southeast Asian countries. The implementation of a wide range of sensors even in budget smartphones and the growing demand for fitness bands.

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Research Methodology

• This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects on-board magnetic sensor market realities and future market possibilities for the forecast period.
• The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market.
• The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
• This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
• More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
• We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Market Segmentation

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The on-board magnetic sensor market is segmented into the following categories.

By Type

• Hall Effect Sensors
• Magnetoresistive Sensors
• SQUID Sensors
• Others

By End-Use Type

• Automotive
• Consumer Electronics
• Healthcare
• Aerospace & Defense
• Industrial
• Others

By Region

• North America (Country Analysis: The USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, The UK, Russia, and The Rest of Europe)
• Asia-Pacific (Country Analysis: Japan, China, India, and the Rest of Asia-Pacific)
• Rest of the World (Country Analysis: Brazil, Argentina, and Others)

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Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.