USD 1.5 billion
Global On-Board Magnetic Sensor Market Size, Share, Growth Analysis, By Sensor Type(Hall Effect Sensors, Magneto-resistive Sensors), By Magnetic Density(<1microgauss [Low Field Sensors], 1microgauss-10gauss [Earth Field Sensors] and >10gauss [Bias Magnetic Field Sensors]), By Application(Speed Sensing, Detection) - Industry Forecast 2024-2031
Report ID:
SQMIG45O2042 |
Region:
Global |
Published Date: April, 2024
Pages:
198
|
Tables:
90 |
Figures:
69
Global On-Board Magnetic Sensor Market Insights
Global On-Board Magnetic Sensor Market size was valued at USD 1.5 billion in 2022 and is projected to grow from USD 1.62 billion in 2023 to reach USD 3.10 billion by 2031, growing at a CAGR of 8.40% in the forecast period (2024-2031).
Solid state devices known as magnetic sensors transform magnetic fields or information stored with magnetism into electrical signals that may be processed by electronic circuits. As they may be used for various tasks, including detecting location, velocity, and direction of movement, on-board magnetic sensors are becoming more popular. Due to their sturdy design, low maintenance requirements, immunity to vibration, dust, and water, and non-contact wear-free functioning, they are also favored by electronics designers for use in various applications. Due to their ability to perceive position, speed, and distance, these sensors—mainly Hall Effect, Aniosotropic Magneto-Resistive (AMR), and Tunnel Magneto Resistance (TMR) sensors based on microelectromechanical systems (MEMS)—are widely employed in the automotive industry. A broad spectrum of both positive and negative magnetic fields can cause these sensors to react.
After being installed on a circuit board, an on-board magnetic sensor is regulated and utilized to measure flux, strength, and direction of magnetic field variations. It functions using the transducer concept, which detects magnetic fields and transforms them into electrical signals. These magnetic sensors are a highly dependable, robust, low-power consumption, and economical option that find extensive use in consumer electronics and automotive equipment control systems. It has resilience to dirt and other impurities, as well as minimal hysteresis. Furthermore, when compared to Hall effect sensors, these sensors have a wider operating range and higher linearity for better measurement precision, which raises the bar for product quality in industrial control applications. The internet of things (IoT) innovation linked to this component presents lucrative growth potential in sensing and detection. This suggests that the on-board magnetic sensor market will experience considerable stable rise in on-board magnetic sensor market share in the upcoming years.
Market snapshot - (2024-2031)
Global Market Size
Largest Segment
Navigation and electric compass
Fastest Growth
Speed sensing
Growth Rate
8.40% CAGR
Global On Board Magnetic Sensors Market ($ Bn)
Country Share by North America (%)
Global On Board Magnetic Sensors Market By Application (%)
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Global On-Board Magnetic Sensor Market Segmental Analysis
The global on-board magnetic sensor market is segmented based on sensor type, magnetic density, application and regional type. In terms of sensor type, the market is segmented into hall effect sensors, magneto-resistive sensors, SQUID sensors and others. Based on magnetic density, the market is grouped into <1microgauss [low field sensors], 1microgauss-10gauss [earth field sensors] and >10gauss [bias magnetic field sensors]. In terms of application, the market is segmented into speed sensing, detection, position sensing, navigation and electric compass. Based on region, the market is segmented into North America, Europe, Asia Pacific, Central & South America and Middle East & Africa. During the projection period, the application will dominate the market.
Analysis by Application
As per categorization by application, the market is classified into speed sensing, detection, position sensing, navigation and electric compass. Among these, navigation and electric compass earned the largest share and continue to dominate the market. Since these sensors are utilised in a variety of devices to precisely track the local position and direction of important objects, including the pilot's helmet, the category is expected to grow in developing nations. However, as integrated management systems are increasingly being used in consumer electronics devices like smartphones and tablets, position sensing is the sector that is expanding the fastest.
The global on-board magnetic sensors market is expanding quickly due to the growing need for precise navigation systems, automotive safety features, and industrial automation. Additionally, speed, detection, and position sensing are growing at an accelerated rate. With industries depending more and more on self-driving technology and intelligent gadgets, sensors that can precisely measure speed, identify objects, and pinpoint locations are essential. A wide number of industries, including automotive, aerospace, consumer electronics, and manufacturing, are responsible for this spike in demand, which is supporting the market's rapid growth.
Analysis by Sensor Type
Due to their dependability and versatility, hall effect sensors are seeing a rise in innovation and use in the global on-board magnetic sensors market. These sensors are widely used in consumer electronics, industrial automation, and automotive systems as they monitor magnetic fields by using the Hall effect. Their supremacy in the industry is ascribed to their cost-effectiveness, robustness in challenging settings, and accurate, contactless sensing, which makes them the go-to option for numerous sectors.
Increased sensitivity and precision, magneto-resistive sensors, SQUID sensors, and other cutting-edge technologies are expected to rise at a quick pace in the global on-board magnetic sensors market. These sophisticated sensors meet the growing need for high accuracy sensing in industries including scientific research, aerospace, and medical diagnostics by performing better at monitoring magnetic fields. These sensors are becoming more affordable, energy-efficient, and compact due to continuous developments in material science and nanotechnology. This is increasing their acceptance in a variety of industries and solidifying their position as the market category with the quickest rate of growth.
Global On Board Magnetic Sensors Market By Application (%), 2022 (%)
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Global On-Board Magnetic Sensor Market Regional Insights
The growing use of applications where magnetic sensors are widely used, like anti-locking and anti-braking systems (ABS), will spur market expansion in North America, where it will dominate the on-board magnetic sensor market. In addition, the on-board magnetic sensor market in the US had the most market share, while the market in Canada was expanding at the quickest rate in the North American continent. Due to the expansion of the automobile sector in this region, Europe has the second-largest market share for on-board magnetic sensors. In addition, the UK on-board magnetic sensor market was increasing at the quickest rate in the European region, while the German on-board magnetic sensor market retained the greatest market share.
From 2023 to 2032, the on-board magnetic sensor market in Asia-Pacific is anticipated to expand at the quickest rate of growth (CAGR). This is due to consumer electronics are becoming more and more popular, particularly in developing nations like China and India, which will accelerate regional growth. In addition, the on-board magnetic sensor market in China had the most market share, while the market in India had the quickest rate of growth in the Asia-Pacific area. The automobile industry's growing use of magnetic sensors for navigation and vehicle safety systems is causing Latin American nations like Brazil and Mexico to expand quickly. Likewise, in the Middle East and Africa (MEA) area, nations like South Africa and the United Arab Emirates are becoming important growth markets thanks to developments in industrial automation and infrastructure.
Global On Board Magnetic Sensors Market By Geography, (2024-2031)
- Largest
- Fastest
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Global On-Board Magnetic Sensor Market Dynamics
Drivers
- Increase in Consumer Electronics Sector
The growth of the consumer electronics sector in recent years has been accelerated by the rise in laptops, tablets, and other electronic devices, mostly for work-from-home scenarios, online education, and gaming. Smartphones with geophysical sensor technology installed for geophysical data collecting are made possible by their magnetic sensors.
- The Automobile Industry's Growth
Numerous major automotive companies are seeking to grow their operations in Argentina. For example, to get ready to start producing autonomous cars with cutting-edge requirements by 2021, General Motors Co. and its suppliers will invest a total of $500 million in Argentina operations through 2019. Fiat Chrysler is to invest $500 million in a facility in Argentina to produce cutting-edge automobiles.
Restraints
- Enviromental Constraint
One major obstacle to the growth of the global on-board magnetic sensors market is the environment. Extreme temperatures, high humidity, and exposure to dust and other impurities are examples of harsh operating environments that can shorten the lifespan and reduce the performance of magnetic sensors. For example, sensors placed in engine compartments in automobiles are exposed to high temperatures, which may cause sensor malfunction or failure. To overcome these environmental limitations, ruggedized sensors that can resist harsh environments without sacrificing performance must be developed.
- Cost and Pricing Pressures
Another obstacle in the way of the global market for on-board magnetic sensors is cost and pricing constraints. The market for sophisticated sensing technologies is growing across a range of industries, but sensor makers face difficulties due to price sensitivity and intense competition. Furthermore, adding features and functionalities is required for the integration of magnetic sensors into increasingly sophisticated systems, which raises the cost of production. For market participants looking to sustain profitability and competitiveness in the global market landscape, striking a balance between the need for innovation and cost-effective solutions continues to be a major problem.
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Global On-Board Magnetic Sensor Market Competitive Landscape
Prominent industry participants are providing substantial research and development support to expand their product offerings, hence contributing to the further growth of the on-board magnetic sensor market. To increase their global presence, market players are also engaging in a variety of strategic initiatives. Notable advancements in the industry include exclusive product releases, mergers and acquisitions, increased investments, contractual agreements, and cooperation with other organisations. By investing in research and development, major companies in the on-board magnetic sensor market, such as Austria Mikro Systeme (Austria), Asahi Kasei Microdevices Corporation (Japan), and Honeywell International Inc. (US), are hoping to increase market demand.
Top Player’s Company Profiles
- 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)
- Sanken Electric (Japan)
- NXP Semiconductors (Netherlands)
- TDK Corp (Japan)
Recent Developments
- In November 2020, With the acquisition of Phoenix America, a well-known magnetic encoder expert, Variohm Group made tremendous progress in diversifying its holdings. Variohm Group maintained its position as a top supplier of magnetic encoder and sensor solutions with the help of Phoenix America's experience.
- In May 2021, the newest member of Allegro MicroSystems, Inc.'s 3DMAG series of rotary and linear magnetic-position sensor integrated circuits (ICs) for the automotive and industrial markets is the A31315 sensor. Allegro's dedication to providing cutting-edge sensing technologies to satisfy changing market demands was demonstrated by this release, which was a milestone.
- In June 2020, by launching the first monolithically integrated linear Hall sensor designed for ASIL D systems, Infineon made history and improved safety and dependability in automotive applications.
Global On-Board Magnetic Sensor Key Market Trends
- The Evolution of Magnetic Sensors in Automotive Technology: Interesting advancements are occurring in the on-board magnetic sensor business due to technology and the increasing number of applications for magnetic sensors. One example is the necessity of magnetic sensors in automobiles. Numerous automotive systems, such as ADAS, ESC, navigation, and others, depend heavily on these sensors. Magnetic sensors for autonomous vehicles are in high demand as advancements in this technology as well as the growing popularity of electric vehicles (EVs). In high-tech automotive systems, these sensors are crucial for accurate component placement, detection, and control.
- The Role of On-Board Magnetic Sensors in Military and Satellite Technology: Developments in the military and aerospace sector have an impact on the on-board magnetic sensor market. Magnetic sensors are used in satellite, navigation, and avionics systems. On-board magnetic sensors are required for military applications such as electronic warfare, surveillance, and missile guidance. The aerospace and defense industries' technical advancements will need the use of high-performance on-board magnetic sensors with improved sensitivity and accuracy.
Global On-Board Magnetic Sensor Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, the consumer electronics industry has grown because of the increased use of smartphones, especially for devices used for online learning, gaming, and work-from-home situations. Smartphones with magnetic sensors are especially important for geophysical data collection. The worldwide market for on-board magnetic sensors is severely hampered by environmental factors including high humidity and temperatures, which can cause sensors in hostile areas like engine compartments to fail.
Leading players in the on-board magnetic sensor market, such as Austria Mikro Systeme, Asahi Kasei Microdevices Corporation, and Honeywell International Inc., are propelling the market's expansion through substantial R&D efforts in addition to strategic moves like exclusive product launches, agreements, mergers, investments, and collaborations. These moves are intended to expand their product lines and global reach in response to the growing market demand. Similar technological developments in the aerospace and defense sectors are required for military and satellite technology, where high-performance on-board magnetic sensors with improved sensitivity and precision are essential for uses including electronic warfare, surveillance, and missile guidance.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 1.5 billion |
| Market size value in 2031 | USD 3.10 billion |
| Growth Rate | 8.40% |
| Base year | 2023 |
| Forecast period | (2024-2031) |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global On-Board Magnetic Sensor Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global On-Board Magnetic Sensor Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global On-Board Magnetic Sensor Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global On-Board Magnetic Sensor Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global On-Board Magnetic Sensor Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global On-Board Magnetic Sensor Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global On-Board Magnetic Sensor Market Report Snapshots
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