On-Board Magnetic Sensor Market Updates

Global On-Board Magnetic Sensor Market size was valued at USD 1.32 billion in 2023 and is poised to grow from USD 1.43 billion in 2024 to USD 2.73 billion by 2032, growing at a CAGR of 8.4% during the forecast period (2025-2032).

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. 'Asahi Kasei Microdevices (Japan) ', 'Sanken Electric (Japan) ', 'Infineon Technologies (Germany) ', 'TDK Corporation (Japan) ', 'Melexis NV (Belgium) ', 'Murata Manufacturing (Japan) ', 'Honeywell International (US) ', 'TE Connectivity (Switzerland) ', 'ams-OSRAM AG (Austria) ', 'NXP Semiconductors (Netherlands) ', 'Sensitec GmbH (Germany) ', 'Allegro MicroSystems (US) ', 'Analog Devices, Inc. (US) ', 'Diodes Incorporated (US) ', 'ROHM Semiconductor (Japan) ', 'Texas Instruments (US) ', 'STMicroelectronics (Switzerland) ', 'Magnetic Sensors Corporation (US) ', 'MEMSIC, Inc. (US) ', 'Kohshin Electric (Japan)'

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 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 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.