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

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.