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

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.