The global magnetic sensor market is predicted to reach USD 5.20 billion in 2024 and USD 7.89 billion by 2029, growing at a CAGR of 8.7% during the forecast period.
The magnetic sensor, also known as a magnetic field sensor, is classified in terms of measuring a full magnetic field or vector components of the magnetic field. Permanent magnets like neodymium magnets are used to activate magnetic sensors in various applications. The magnetic sensor is often employed to identify the magnitude and direction of the magnetic field. Increased demand for IoT and the production of high-quality consumer electronics, electric and hybrid vehicles, and detection devices worldwide are influencing the adoption of magnetic sensors in various end-user industries. This is supposed to stimulate the growth of the global magnetic sensors market during the forecast period. The rise in the adoption of robotics for factory automation, due to the policies of Industry 4.0, increases the need for magnetic sensors for various security applications on the world market.
Also, in the automotive industry, vehicle safety systems play an essential role as they are used for user safety. Therefore, they are widely installed in several countries, such as the United States, Canada, Australia, and Japan. Some of the other important applications of magnetic sensors in the automotive industry are vehicle position detection, automatic machine inspection, electronic stability control (ESC) systems, tire pressure monitoring systems (TPMS), and other vehicle manufacturing systems. The development of the service sector and the high growth rate of data centers and cloud providers further increase the demand for these sensors to be deployed in the power distribution unit (PDU), which is a crucial part of data centers. In addition, it is believed that the mandatory regulations of government agencies, such as the installation of safety equipment and detection elements in cars, create significant opportunities for the growth of the market studied.
In the case of automotive applications, GMR and TMR sensors have shown less energy consumption in continuous operation. They can also be easily accommodated in smaller package sizes than their counterparts; therefore, they see the increasing deployment of these sensors in auto parts. The demand for magnetic sensors is foreseen to increase in the automotive industry. Detection devices are increasingly used in this industry to improve vehicle comfort and fuel efficiency. Magnetic sensor suppliers focus on providing efficient devices that can serve a wide range of applications. The increased demand and penetration of electric and hybrid vehicles, as well as the use of GPS in cars, can also fuel the demand for magnetic sensors in the automotive industry.
The market for magnetic sensors is likely to experience price erosion in the coming years. The fall in the average sales price is due to the pressure at which the manufacturers of magnetic sensors provide services to various end-user industries, such as automotive, consumer electronics, manufacturing, medicine, aerospace, and defense, face the reduction of the cost of your final application. It is estimated that the ASP of all magnetic sensors has fallen to 10.28% year-on-year compared to 2016. Intense competition is another reason that has reduced the prices of magnetic sensors. It is difficult for new players to enter the market, which faces such price competitiveness. Despite the drop in average sales prices, the market should generate a significant demand from sectors such as the automobile and consumer electronics. The main challenges for companies operating in this segment are increasing their manufacturing capacity, providing better quality products, and reducing the overall cost of production.
|
REPORT METRIC |
DETAILS |
|
Market Size Available |
2023 to 2029 |
|
Base Year |
2023 |
|
Forecast Period |
2024 to 2029 |
|
CAGR |
8.7% |
|
Segments Covered |
By Type, Range, End User, and Region |
|
Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
|
Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
|
Market Leaders Profiled |
Asahi Kasei Microdevices Corporation, Allegro Microsystems, Infineon Technologies, TDK Corporation, Melexis, Alps Electric Co., Ltd, Baumer Ltd., Honeywell International, Inc., Elmos Semiconductor AG, TE Connectivity, AMS AG, NXP Semiconductor, iC-Haus, Koshin Electric, Memsic Corporation, Quspin, Sensitec GmbH, Crocus Technology, Coto Technology, Multidimension Technology Co., Ltd and Others. |
The Hall effect sensors accounted for a principal portion of the global magnetic sensors market in the review period, which is predicted to continue in the forecast period. However, tunnel magnetoresistive sensors (TMR) are likely to expand at the highest growth rate in the coming years.
The > 10 Gauss range registered the maximum revenue share in the global magnetic sensors business, owing to its applications in the automotive industry.
The automotive sector is the leading end-user vertical for magnetic sensors, which accounts for a dominant revenue share. It is also predicted that this segment will expand with the highest CAGR in the foreseen years with the rising demand for electric and hybrid vehicles.
Among these, the Asia Pacific magnetic sensors market dominated the global market in the previous years and is projected to expand with the highest annual growth rate in the outlook period. The extensive automotive industry, the presence of several consumer electronics manufacturers, and the increasing investments by key players are primarily driving the business growth in this area.
The major companies operating in the global magnetic sensor market include Asahi Kasei Microdevices Corporation, Allegro Microsystems, Infineon Technologies, TDK Corporation, Melexis, Alps Electric Co., Ltd, Baumer Ltd., Honeywell International, Inc., Elmos Semiconductor AG, TE Connectivity, AMS AG, NXP Semiconductor, iC-Haus, Koshin Electric, Memsic Corporation, Quspin, Sensitec GmbH, Crocus Technology, Coto Technology, Multidimension Technology Co., Ltd.
By Type
By Range
By End-User
By Region
Frequently Asked Questions
With the proliferation of IoT devices, the demand for magnetic sensors has increased, as they are essential for applications like proximity sensing, object detection, and navigation in smart devices and appliances.
Technological advancements have led to the miniaturization of magnetic sensors, enabling their integration into smaller devices and applications, thus expanding their utility across various industries.
The market is predominantly driven by Hall Effect sensors, magnetoresistive sensors, and SQUID (Superconducting Quantum Interference Device) sensors, each offering specific advantages for different applications.
Market players differentiate themselves through innovations in sensor technology, strategic partnerships with end-user industries, and emphasis on factors like sensitivity, power efficiency, and robustness in sensor design and manufacturing.
Related Reports
Access the study in MULTIPLE FORMATS
Purchase options starting from $ 2500
Didn’t find what you’re looking for?
TALK TO OUR ANALYST TEAM
Need something within your budget?
NO WORRIES! WE GOT YOU COVERED!
Call us on: +1 888 702 9696 (U.S Toll Free)
Write to us: [email protected]
Reports By Region