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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:
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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.
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