On-board magnetic sensor market worth 1.89 billion USD by 2023: Report

- Advertisement -
- Advertisement -

According to the new market research report “On-Board Magnetic Sensor Market by Type (Hall Effect Sensors, Magnetoresistive Sensors, Squid Sensors), Magnetic Density (<1 Microgauss, 1 Microgauss-10 Gauss, and >10 Gauss), Vertical, Geography – Global Forecast to 2023”, published by MarketsandMarkets , the overall market is estimated to be worth USD 1.26 Billion in 2018 and expected to reach USD 1.89 Billion by 2023, growing at a CAGR of 8.4 percent between 2018 and 2023.

Image for representational purpose only

The factors that are driving the growth of this market are the continuous growth in the use of on-board magnetic sensors for consumer electronics applications and role of on-board magnetic sensors in navigation.

The on-board magnetic sensor market for automotive is expected to hold the largest share by 2023. The aim of the automobile manufacturers to enhance the convenience and safety of drivers and passengers is expected to propel the demand for on-board magnetic sensors in the automotive vertical. In this vertical, on-board magnetic sensors are used in engine positioning, displacement, rotary positioning, linear positioning, timing, and angle sensing application. Moreover, the development of advanced vehicles, such as hybrid vehicles, and the increased production of passenger vehicles are the major factors fueling the demand for on-board magnetic sensors in the automotive vertical.

- Advertisement -

10 gauss magnetic density is expected to dominate the overall on-board magnetic sensor market during the forecast period. The automotive segment is the major revenue pocket for the on-board magnetic sensor market. The BIAS magnetic field sensor technology, mainly comprising Hall and GMR sensors, is widely used in automotive applications. The BIAS magnetic field sensor technology also finds applications in the industrial and infrastructure segment in automation equipment, conveyors, packaging equipment, and other applications incorporating motor latches.

On-board magnetic sensors are in high demand in APAC owing to the increasing focus of the region to automotive, consumer electronics, and healthcare verticals. In this study, the on-board magnetic sensor market in APAC has been divided into IndiaChinaJapanSouth Korea, and Rest of APAC. China is the largest automotive and consumer electronics manufacturing country in the world. Thus, the fastest growth in APAC will be seen in China mainly due to the applications such as antilock braking systems and central locking systems wherein on-board magnetic sensors are largely used. Moreover, the gaming industry is also booming at a fast rate, which will add to the consumption of on-board magnetic sensors in consumer electronics in the country.

Major companies involved in the development of on-board magnetic sensors include Asahi Kasei Microdevices (Japan), Sanken Electric (Allegro Subsidiary) (Japan), Infineon Technologies (Germany), TDK Corporation (Japan), and Melexis NV (Belgium), Murata Manufacturing (Japan), Honeywell International (US), TE Connectivity (Switzerland), AMS (Austria), and NXP Semiconductors N.V. (Netherlands), among others.

(Report published by: MarketsandMarkets)

- Advertisement -

Related Artcles

LEAVE A REPLY

Please enter your comment!
Please enter your name here
Captcha verification failed!
CAPTCHA user score failed. Please contact us!

Exclusive

“Our Goal is to Offer 1000 To 1500 Varieties, With Volumes Ranging From 10000...

0
During a chat with Nitisha Dubey from EFY, Mohammed Iqbal, CEO of Technomake Electronics Pvt Ltd, talks about PCB assembly and major customer focus...

India, China Grow Amid First Global Cellular IoT Module Shipments Annual Decline

0
Several companies started local manufacturing in India. 4G Cat 1 bis emerged as the fastest-growing segment. Around 12% of the modules shipped in...

“More Chargers Provide Security And Confidence To Customers, Encouraging EV Adoption”

0
With an agenda to transform the EV industry, EarthtronEV has established 250+ charging stations on major highways across India. The company aims to interconnect...

Buzz

TSMC

SmartSoC To Provide Chip Design Services Through TSMC’s Design Alliance

0
SmartSoC solutions will provide chip design services and system-level solutions, making it easier for customers to adopt TSMC's technology. Chip design services provider SmartSoC Solutions...

Montra Electric Boosts Amritsar’s Green Mobility with RAAHI Project

0
The initiative is a component of the City Investments to Innovate, Integrate, and Sustain (CITIIS) program, which falls under the auspices of the Ministry...

BYD Delays Vietnam EV Factory Plans

0
Vietnam's government announced in May that BYD plans to construct a facility for manufacturing and assembling electric cars in Phu Tho, a northern Vietnamese...

Important Sectors

Microchip Technology Expands TrustFLEX Family With CEC1736 Real-Time Platform Root Of Trust Devices

0
TrustFLEX devices along with the Trust Platform Design Suite tool will simplify the enablement of root of trust from concept to production in wide...
TSMC

SmartSoC To Provide Chip Design Services Through TSMC’s Design Alliance

0
SmartSoC solutions will provide chip design services and system-level solutions, making it easier for customers to adopt TSMC's technology. Chip design services provider SmartSoC Solutions...

India, China Grow Amid First Global Cellular IoT Module Shipments Annual Decline

0
Several companies started local manufacturing in India. 4G Cat 1 bis emerged as the fastest-growing segment. Around 12% of the modules shipped in...

Montra Electric Boosts Amritsar’s Green Mobility with RAAHI Project

0
The initiative is a component of the City Investments to Innovate, Integrate, and Sustain (CITIIS) program, which falls under the auspices of the Ministry...

BYD Delays Vietnam EV Factory Plans

0
Vietnam's government announced in May that BYD plans to construct a facility for manufacturing and assembling electric cars in Phu Tho, a northern Vietnamese...

Manufacturing

BYD Delays Vietnam EV Factory Plans

0
Vietnam's government announced in May that BYD plans to construct a facility for manufacturing and assembling electric cars in Phu Tho, a northern Vietnamese...

JLR To Hire 250 Electrical Technicians For Future EVs

0
These new roles, part of a £15 billion investment, are in addition to 300 positions created last year by the British car maker. Jaguar Land...

Altmin India Partners With WMG To Advance Battery Tech

0
Altmin and WMG will collaborate to strengthen their global battery materials supply chain position by optimizing cathode materials and developing diverse cell designs across...

EVs To Cost Less Than Gas Vehicles by 2027, Says Gartner

0
Gartner predicts a faster decline in production costs compared to battery costs, which represent the most significant expense in an electric vehicle, accounting for...
MG

MG Motor To Set Up Battery Assembly Unit At Halol Facility

0
The company plans to investigate battery cell production in collaboration with external partners. Automaker MG Motor India is actively exploring the possibility of assembling and...