On Board Magnetic Sensor Market to Grow with a CAGR of 8.19% through 2028
Increasing demand for consumer electronics and growing
adoption of advanced technologies are likely to drive the Market in the
forecast period.
According to TechSci Research report, “On Board
Magnetic Sensor Market – Global Industry Size, Share, Trends, Competition
Forecast & Opportunities, 2028”, the Global On Board Magnetic Sensor
Market is experiencing a surge in demand in the forecast period.The
electrification of the automotive industry stands as a prominent driver for the
global On-Board Magnetic Sensor market. With the growing emphasis on cleaner
and more sustainable transportation, electric vehicles (EVs) have gained
substantial market share. On-Board Magnetic Sensors are vital components in
EVs, playing a pivotal role in motor control, battery management, and safety
systems. These sensors assist in monitoring motor speed, position, and torque,
ensuring precise control and efficient energy usage in electric and hybrid
vehicles. The shift toward EVs is
supported by various governments worldwide, offering incentives and setting
emissions reduction targets. Consequently, this surge in electric mobility
drives the demand for On-Board Magnetic Sensors. As automakers invest in EV
technology to meet environmental regulations and consumer demand, the market
for these sensors experiences significant growth. Additionally, the integration
of advanced driver assistance systems (ADAS) in traditional vehicles further
boosts the demand for magnetic sensors, creating additional market
opportunities.
The expansion of the Internet of Things (IoT) and the
flourishing consumer electronics market is another pivotal driver for the
global On-Board Magnetic Sensor market. On-Board Magnetic Sensors find
extensive use in devices such as smartphones, tablets, smartwatches, and
various IoT-connected gadgets. These sensors offer functionalities like compass
orientation, screen rotation, and gaming interactions. Moreover, in IoT
applications, they enable position tracking and motion detection, facilitating
the seamless operation of smart home appliances and wearable devices. The
continuous innovation and consumer demand for more intelligent and versatile
electronic devices fuel the growth of On-Board Magnetic Sensor demand. As IoT
continues to penetrate various industries, from healthcare to industrial
automation, the applications for these sensors expand, driving their adoption.
This driver is reinforced by consumers' ever-growing reliance on technology and
the escalating need for more intuitive and responsive electronic devices. As a
result, the On-Board Magnetic Sensor market enjoys sustained growth, riding the
wave of IoT and consumer electronics proliferation.
Browse over XX Market data Figures spread
through XX Pages and an in-depth TOC on "Global On Board Magnetic Sensor Market.”
The Global On Board Magnetic Sensor Market is
segmented into type, medium density, industry vertical, application and region.
Based on type, The Hall Effect Sensors segment held
the largest Market share in 2022. Hall Effect Sensors are known for their
simplicity, which translates into robust and reliable performance. They are
relatively easy to manufacture and integrate into various applications. This
simplicity reduces the likelihood of sensor failures and ensures consistent
performance, making them a preferred choice for manufacturers. Hall Effect
Sensors are cost-effective, which is crucial in large-scale applications. Their
affordability makes them an attractive choice for manufacturers looking to keep
production costs in check while still benefiting from magnetic sensing
capabilities. These sensors can be used in a wide range of applications. Hall
Effect Sensors are versatile and capable of detecting both linear and
rotational motion. They are widely used for position sensing, speed
measurement, and current sensing in automotive, industrial, and consumer
electronics applications. Hall Effect Sensors operate in a contactless manner,
which means they don't have physical components that wear out over time. This
characteristic enhances their durability and longevity, particularly in
applications where components are subjected to significant wear and tear. Hall
Effect Sensors are known for their high sensitivity to magnetic fields. They
can accurately detect even weak magnetic fields, making them suitable for a
wide array of applications where precise measurements are required.
Manufacturers can customize Hall Effect Sensors to meet specific application
requirements. This adaptability is vital, as different industries and
applications may have unique needs, and Hall Effect Sensors can be tailored to
address them effectively. Many Hall Effect Sensors operate on low power, making
them suitable for battery-powered and energy-efficient devices, such as
portable consumer electronics and battery-operated sensors. Hall Effect Sensors
have a long history of successful use in various industries, and they benefit
from a well-established ecosystem of manufacturers, suppliers, and end-users.
This familiarity and the availability of expertise contribute to their
continued dominance in the market.
Based on application, The Position Sensing segment
held the largest Market share in 2022. Position sensing has a wide range of
applications across various industries. On-Board Magnetic Sensors are used in
applications such as automotive throttle position sensing, gear position
sensing, steering angle sensing, and industrial automation for monitoring the
positions of robotic arms and conveyors. This versatility makes position
sensing a cornerstone of the magnetic sensor market. The automotive sector is a
significant driver of position sensing applications. In modern vehicles,
On-Board Magnetic Sensors are critical for various functions, including
detecting the position of the accelerator pedal, gear shifter, and steering
wheel. With the increasing demand for electric vehicles (EVs) and advanced
driver assistance systems (ADAS), the automotive industry's reliance on
position sensing is expected to continue growing. Position sensing is integral
to consumer electronics, where it enables features like screen rotation,
gesture recognition, and location-based services. Smartphones, tablets, and
wearable devices use On-Board Magnetic Sensors to detect the device's
orientation and movement, enhancing user experiences. In the industrial
automation sector, position sensing is vital for monitoring the positions of
moving parts and machinery. Magnetic sensors are used in robotic arms, conveyor
systems, and automated manufacturing processes to ensure precise control and
optimize operational efficiency. The aerospace and defense industries rely on
position sensing for various applications, including missile guidance, aircraft
control, and navigation. On-Board Magnetic Sensors play a crucial role in
determining the precise positioning and orientation of aerospace and defense systems.
Magnetic sensors offer high accuracy and reliability in position sensing
applications. They provide precise measurements, ensuring that the monitored
positions are reported accurately. This is essential in safety-critical
applications, such as automotive and aerospace. The field of position sensing
with magnetic sensors has seen ongoing innovation.
Major companies operating in the Global On Board
Magnetic Sensor Market are:
- Infineon Technologies AG
- TDK Corporation
- Allegro MicroSystems, Inc.
- Melexis NV
- STMicroelectronics N.V.
- NXP Semiconductors N.V.
- Robert Bosch GmbH
- Asahi Kasei Microdevices Corporation
- Murata Manufacturing Co., Ltd.
- ROHM Semiconductor Co., Ltd.
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“The Global On Board Magnetic Sensor Market is
expected to rise in the upcoming years and register a significant CAGR during
the forecast period. The increasing demand for electronic devices in various
end-use industries is driving the growth of the global on-board magnetic sensor
market. Additionally, the growing adoption of advanced technologies such as
electric vehicles, autonomous vehicles, and the Internet of Things (IoT) is
further fueling the market growth. The
increasing demand for consumer electronics such as smartphones, tablets,
laptops, and wearable devices is driving the growth of the on-board magnetic
sensor market in all regions. These sensors are used in a variety of
applications in consumer electronics devices, such as compass navigation,
proximity sensing, and gesture recognition. Also, The growing adoption of
advanced technologies such as electric vehicles, autonomous vehicles, and the
Internet of Things (IoT) is further fueling the growth of the on-board magnetic
sensor market in all regions. These sensors are used in a variety of
applications in these technologies, such as position sensing, speed sensing,
and object detection. Therefore, the Market of On Board Magnetic Sensor is
expected to boost in the upcoming years.,” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based management consulting firm.
“On Board Magnetic Sensor Market - Global Industry
Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Type
(Hall Effect Sensors, Magneto-resistive Sensors, SQUID Sensors, Others), By
Magnetic Density (Less than 1microgauss, 1microgauss-10gauss, Above 10gauss),
By Application (Speed Sensing, Detection, Position Sensing, Navigation,
Electric Compass), By Industry Vertical (Consumer Electronics, Automotive,
Industrial, Aerospace and Defense, Healthcare, Others), By Region, By
Competition”, has evaluated the future growth potential of Global On Board Magnetic
Sensor Market and provides statistics & information on Market size,
structure and future Market growth. The report intends to provide cutting-edge
Market intelligence and help decision-makers make sound investment decisions.,
The report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in the Global On Board
Magnetic Sensor Market.
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