On-Board Magnetic Sensor Market 2018 Receives a Rapid Boost in Economy due to High Emerging Demands

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.

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.

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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

On-board magnetic sensor market is segmented on the basis of type, magnetic density, application, vertical and region.

By type, the market is segmented into hall effect sensors, magneto resistive sensors, squid sensors, and others.

By magnetic density, the market is segmented into 10 gauss (bias magnetic field sensors).

By application, the market is segmented into speed sensing, detection/NDT, position sensing and navigation & electronic compass.

By vertical, the market is segmented into automotive, consumer electronics, healthcare, aerospace & defense, industrial and others.

By region, the market is segmented into North America, Europe, Asia-Pacific and the rest of the world.

On-Board Magnetic Sensor Market - Regional analysis

The global market for on-board magnetic sensor is estimated to grow at a significant rate during the forecast period from 2018 to 2023. The geographical analysis of on-board magnetic sensor market is done for North America, Europe, Asia-Pacific, and the rest of the world.

Asia-Pacific followed by Europe is dominating the on-board magnetic sensor market owing to their increasing demand from the automotive, consumer electronics, and healthcare industries in this region. Also, it is estimated that Asia-Pacific will be the fastest growing region as the demand for magnetic sensors for use in measuring rotational speed, linear position, and speed in industrial and consumer electronics is increasingly gaining pace.

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.

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