As per the report titled ‘Magnetic Sensor Market Share, Size, Trends, Industry Analysis Report By Type; By Technology; By Application; By Regions, Segment Forecast, 2020 - 2026’, available with Market Study Report, global magnetic sensor market is projected to record an appreciable growth rate during 2020-2026, subsequently amassing USD 4.68 billion by the end of the analysis period.
 

Escalating product demand from the automobile sector for contactless and wire-free measurement application of mechanical qualities, along with favorable government initiatives towards eco-friendly vehicles serve as a major growth impetus for global magnetic senor market. Moreover, proliferating sales of consumer electronics is enhancing the revenue flow. Besides, advancement of small scale ‘micro electro mechanical systems’ (MEMS) will present new opportunities for the businesses in the coming years, cites the study.
 

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On the contrary, price erosion of magnetic sensors and stiff competition from substitutes are hindering the industry expansion. In addition, growth in manufacturing capabilities, production of high-quality products, and reduction of overall production costs are the main challenges for manufacturers in global magnetic sensor industry.
 

For the uninitiated, magnetic sensors are widely used by several manufacturing companies in various programs wherein reliability and cost-optimization solutions are essential. It’s main applications consist of measuring magnetic flux & its direction, along with the electricity of a magnetic field, making it suitable for use in android, commercial, navigation, and scientific applications. Moreover, utilization of these skinny film (magnetic senor) layers is vital in applications like clinical devices, weapon detection, and records storage.
 

Geographically, global magnetic sensor market size spans across North America, Latin America, Europe, Asia Pacific, and Middle East and Africa. As per trusted records, in 2019, Asia Pacific accounted for majority market share in terms of value and volume and will showcase strong gains going forward. The surging demand for magnetic sensors in the region is largely attributable to high production of consumer electronics and conventional & electric vehicles.
 

On the other hand, Europe magnetic sensor market is set to record a growth over the projected timeline, primarily driven by integration of hybrid motors in power systems in vehicles. Whereas, North American market is set grow significantly on account of growing demand for connected automobiles across the region.
 

Key players influencing global magnetic sensor market outlook are iC-Haus GmbH, Honeywell International Inc., Elmos Semiconductor SE, Crocus Technology SA, Baumer Ltd., AMS AG., Asahi Kasei Microdevices Corp., Alps Electric Co., Ltd., and Allegro Microsystems LLC among others.