Global Magnetic Sensors Market - Growth, Trend and Forecasts (2018 - 2023)
The global magnetic sensor market is expected to grow at a CAGR of over 4%, during the forecast period of 2018-2023. The scope of the report includes technology like GMR, AMR, TMR and Hall Effect and limited to end users like consumer electronics, industrial, automotive. While the region considered in the scope of the report include North America, Europe, Asia pacific, Middle East & Africa and Latin America.
The high usage of magnetic sensors in new navigation devices, presence detection (building automation related applications), medical areas and automotive is leading to a paradigm shift in the magnetic sensors market worldwide. As the efficiency and capabilities of these sensors improve over the time and their enhanced ability to measure without physical contact is leading to their crucial application in electronic systems. There merging uses cases are in the field of automotive, used as automotive control systems, braking systems, and engine control systems etc. Whereas in other areas, these are deployed in systems like electronic compass in mobile phones.
Automotive Industry to Have the Highest Market Share during the Forecast Period
Due to the increasing purchasing power of the millennial population, there is a continuous demand for passenger cars. According to OICA, global passenger was estimated to be 72.10 million units in 2016 and the demand is expected to be continue during the forecast period.
For an average consumer, trucks are reliable options, as they have better fuel efficiency and safety features. These factors drive the growth of heavy weight vehicles. Premium vehicles and utilities continue to drive the sales of light vehicles, which cumulatively contribute to an increase in the demand for magnetic sensors during the forecast period.
United States to Hold Major Market Share During the Forecast Period
A significant rise in demand for electric vehicles has been observed in the country, owing to energy and environmental concerns, according to the Electric Vehicle Transportation Center, around 400000 PEVs (plug-in electric vehicles) were sold in the United States in 2017.
The rapid decline in battery costs, rising commitment from major car makers, strong policy support from state and local governments, and low operational costs have put electric vehicles (EVs) on track to overtake gasoline-powered vehicles in the near future.
Considering that the electric motors account for about 40% of the total electricity consumption in the United States, there has been enforcement of stringent industrial norms to regulate energy consumption.
Key Developments in Magnetic Sensor Market
December 2017: Infineon rolled out various design kits at about 20 Euro each for an easy evaluation of its sensors as part of its Product2System approach. It includes evaluation kits such as “3D Magnetic Sensor 2Go”, “Current Sensor 2Go” and “Speed Sensor 2Go”. These kits currently support 3D “TLV493D” magnet sensors for three-dimensional position detection, the “TLI4970” current sensor, and the “TLE4922” speed sensor
Major Players: ALLEGRO MICROSYSTEMS, ANALOG DEVICES, CROCUS TECHNOLOGY, HONEYWELL INTERNATIONAL INC., INFINEON TECHNOLOGIES AG, MURATA MANUFACTURING CO., LTD., NVE CORPORATION, NXP SEMICONDUCTORS, OMRON CORPORATION, ST MICROELECTRONICS, TDK CORPORATION, TE CONNECTIVITY, and TEXAS INSTRUMENTS, amongst others.
Reasons to Purchase Magnetic Sensor Market Report
The growing industrial automation acts as a driver to the global market scenario
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
Regions which is expected to witness fastest growth during the forecast period
Identify the latest developments, market shares and strategies employed by the major market players.
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