On-Board Magnetic Sensor Market Highlights —
Global on-board magnetic sensor market is expected to grow from USD 1.11 billion in 2017 to USD 1.80 billion by 2023, at a compound annual growth rate (CAGR) of 8.4% during the forecast period. Some of the major factors driving the on-board magnetic sensor market are continuous growth in the use of on-board magnetic sensors in consumer electronic devices and the role of on-board magnetic sensors in navigation. However, inconsistent strength of magnetic field is one the major restraints for the growth of on-board magnetic sensor market. On-Board Magnetic Sensors Market in the hybrid & electric vehicles and increasing adoption of on-board magnetic sensors Market in IoT devices can create a number of market opportunities in the forecast period. The most significant challenge for on-board magnetic sensor market is product differentiation and innovation to meet end-user requirement. Key players such as Asahi Kasei Microdevices, Infineon Technologies, TDK Corporation are continuously focusing on expanding their product portfolio and come up with new and advanced versions in order to expand their geographic reach and broaden their customer base.
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Magnetic sensor is a transducer that detects and measures magnetic field and converts it into an electric signal. Magnetic sensors are used for proximity switching, speed detection, positioning and current sensing applications. As the number of sensor suppliers are increasing, the competition among them is also increasing considerably, which leads to reduction in average selling prices of sensors. Thus, reduction in price of sensors is estimated to continue in forecast period, thereby widening the range of applications of magnetic sensors. Onboard magnetic sensor market study aims at estimating the market size and future growth potential of the market across different segments such as type, magnetic density, application, vertical and region.
On-Board Magnetic Sensor Market - Key players
The prominent players in the on-board magnetic sensor market are Asahi Kasei Microdevices (Japan), Sanken Electric (Allegro Subsidiary) (Japan), Infineon Technologies (Germany), TDK Corporation (Japan), Melexis NV (Belgium), Murata Manufacturing (Japan), Honeywell International (US), TE Connectivity (Switzerland), AMS (Austria), and NXP Semiconductors N.V. (Netherlands) among others.
On-Board Magnetic Sensor Market – Segmentation
By . The magnetoresistive sensor is expected to be the fastest growing segment during the forecast period. This sensor have a wide operating range and is commonly used to detect magnetic field strength. Also, the cost of magnetoresistive sensors is expected to decrease over a period of time, which will boost the market for this sensor in various verticals during the forecast period.
Based on magnetic density, the market is segmented into 10 gauss (bias magnetic field sensors). Among these, >10 gauss segment is expected to dominate the on-board magnetic sensor market during the forecast period. The >10 gauss magnetic field sensor technology finds applications in the industrial and infrastructure segment in automation equipment, conveyors, packaging equipment, and other applications incorporating motor latches.
On the basis of vertical, the market is segmented into automotive, consumer electronics, healthcare, aerospace & defense, industrial, and others. Among these, the market for industrial segment is expected to grow at the highest CAGR during the forecast period. This growth is attributed to the growing applications of control systems and automation equipment in industries, creating the need for current measurement in applications such as AC-DC converters, overcurrent fault detection, and battery monitoring.
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On-Board Magnetic Sensor Market - Regional analysis
According to the analysis of MRFR, the major applications in the market that are segmented into speed sensing, detection/NDT, position sensing and navigation & electronic compass. Among these, detection/NDT is expected to show the highest CAGR as magnetic sensors are extensively used in NDT. The demand for advanced sensing has increased significantly over the past few years, primarily owing to the influx of sophisticated smartphones. The trend is expected to continue to influence the market positively over the coming years.
On-Board Magnetic Sensor Market - Competitive Analysis
The on-board magnetic sensor market has witnessed the trend of new product development across the world. Many key players have adopted new product development as their chief organic strategy to gain significant market share in the market. Product development accounted for a significant percentage of the total business growth strategy in the years 2016 and 2017.
• Magnetic sensor manufacturers
• Automotive and consumer electronics companies
• Semiconductor component suppliers
• Magnetic sensor distributors, sales firms
• Electronic system assemblers
• Technology solution providers, design contractors
• Electronics and semiconductor companies
• Magnetic sensor material suppliers
• Technology standards organizations, forums, alliances, and associations
• Universities and research organizations
• Government bodies
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