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Global E-Compass Market to Grow at a CAGR of about 15% in the Forecast Period of 2022-2027, Aided by the Rising Adoption of Consumer Electronics

According to a new report by EMR titled, ‘Global E-compass Market Report and Forecast 2022-2027’, the global e-compass industry reached a value of about USD 1.6 billion in 2020. The industry is further expected to grow at a CAGR of about 15% in the forecast period of 2022-2027.

The global e-compass market has witnessed significant growth with the rising adoption of consumer electronics applications in the consumers. Increasing adoption of the e-compass in consumer electronics like smartphones, tablets, and wearable devices, growing disposable income, rapid urbanisation, and changing consumer’s lifestyles across the globe are responsible driving factors behind the e-compass market growth. The Asia Pacific has been a major regional market for e-compass and is likely to continue its presence in the market in the forecast period. The growth is because a large number of consumer electronics manufactures are located in the Asia Pacific region. Since the demand for portable electronic products increases, the e-compass industry in the Asia Pacific region is expected to see significant growth. In addition, the mobile electronics products deploying the e-compass sensors are in demand. Therefore, the demand is increasing, resulting in the growth of the Asia Pacific economies in the digital e-compass market. Additionally, the rising usage of e-compasses in autonomous underwater vehicles and unmanned aerial vehicle systems is expected to open new growth opportunities for the market.

The market for technology-based e-compass sensors is growing at a high rate. E-compass sensors are used in portable electronic devices primarily as navigational tools. For example, in August 2021, Garmin International Inc. (NASDAQ: GRMN) announced a free software update for its Tread powersport navigator that offers hunters and dog handlers embedded technology to help track sporting dogs after pairing Tread with select Garmin GPS dog systems.

Market Analysis by Technology, Application, Sensor-Type, and Regions:

  • Based on technology, that market is categorised into fluxgate, hall-effect, and magnetoresistive, among others.
  • The various applications for the e-compass are consumer electronics, aerospace and defence, automotive, marine, and surveying, among others.
  • Based on sensor types, the market is classified into 1 and 2-Axis, 3-Axis, 6-Axis, and 9-Axis.
  • The regional markets for e-compass include North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • E-compass for autonomous cars coordination and usage in augmented reality and gaming applications provides a lucrative market growth opportunity.
  • Increasing FDI and huge demand potential for e-compass sensors in the region will boost the market's growth.
  • The adoption of the e-compass sensors has also been aided by the development of newer compact and low-power e-compass sensors with a higher degree of freedom.
  • The rapid adoption of e-compass sensors in the critical sectors can be credited to the extensive research and development and constant need for upgrades to better equipment.
  • The low cost of manufacturing and cheap labour also contributes to the market's growth.

Key Offerings of the report:

  • The EMR report gives an overview of the e-compass market for the periods (2017-2021) and (2022-2027).
  • The report also offers the historical (2017-2021) and forecasted (2022-2027) markets for technology, applications, sensor-types, and major regions of e-compass.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global e-compass industry are Asahi Kasei Microdevices Corporation, Robert Bosch GmbH, NXP Semiconductors N.V, Honeywell International Inc., Garmin Ltd., and STMicroelectronics N.V., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium-sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always strive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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