June 03, 2019
Global magnetic sensors market is projected to amass around US $4,680.3 million by the year 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2017-2026.
According to the report, the increasing adoption of e-compasses owing to their ability to enhance the navigation experience for users is presumed to increase the application of magnetic sensors in the automobiles sector in the upcoming years. The growing implementation of these sensors in consumer electronics applications including smart phones and tablets, is anticipated to boost the growth prospects of the magnetic sensors market throughout the forecast period. As claimed by market researchers, the worldwide magnetic sensors market is predicted to grow at a CAGR of over 8.2 percent during 2018-2026.
Speaking of the various magnetic sensor types, the global magnetic sensors market is fragmented into GMR (Giant Magneto Resistance) Magnetometer, AMR (Anisotropic Magneto-Resistive) Magnetometer, TMR (Tunnel Magneto Resistance) Magnetometer, and Hall Effect. Based on technology, the global market is bifurcated into low field sensor, bias magnetic field sensor, and earth field sensor.
The end-user landscape of the global magnetic sensors market can be divided into aerospace & defense, automotive, healthcare, consumer electronics, industrial, energy & power, and others. Based on the report, the consumer electronics end-user segment is foreseen to expand at the highest CAGR throughout the predicted period. This can be attributed to the extensive usage of magnetic sensors for navigation purposes on smart phones.
The latest report provides a deep-dive analysis of the global magnetic sensors market drivers, restraints, and opportunities which would possibly influence the commercialization scope of this business sphere over the forecast period. The industry analysis included in the report takes into account Porter's five forces which are the bargaining power of the supplier, bargaining power of the buyer, degree of competition, the threat of substitute, and the threat of new entrant.
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According to the data compiled by market researchers, the magnetic sensors market across Asia Pacific and Europe have jointly contributed to the highest market share. The presence of a huge automotive sector in the European region, plus a multitude of consumer electronics manufacturers in Asia Pacific, are impelling the market growth. The developing economies of the APAC region including India, China, and other Southeast Asian countries are supporting market growth, owing to the growing spending capacity of the population, which further boosts the demand for cars, consumer electronics, gaming devices, etc.
According to the study, the automotive as well as consumer electronics segments would grow at the fastest pace. Burgeoning integration of magnetic sensors in various consumer electronics products like smart phones, coupled with the amplifying demand for smart watches & fitness bands, is stimulating market growth in the APAC region. The APAC region is slated to be the fastest growing market, registering a CAGR of over 38 percent throughout the forecast timeline.
The global magnetic sensors market is endowed with a highly competitive market scenario, with the key market players being Robert Bosch GmbH, Elmos Semiconductor AG, Infineon Technologies AG, Honeywell International Inc., Baumer Ltd., Melexis Corporation, Allegro Microsystems Inc., austriamicrosystems AG (AMS), NXP Semiconductors, and NVE Corporation. The report concludes that the continuous decline in the average selling prices of magnetic sensor components is restricting the entry of new players into the market.