Global Magnetic Sensor Market to Grow at a CAGR of 7.2% During 2024-2032, Aided by Rapid Technological Advancements

Magnetic sensors serve diverse purposes, facilitating contactless and wear-free measurement of mechanical and electrical parameters such as rotation angle, angular velocity, linear position, linear velocity, and current. They play a pivotal role in providing essential directional data for drones. These sensors find applications in various devices including cars, smartphones, and refrigerators. In automotive use, they contribute to functions like identifying the gap between vehicles and adjusting speed accordingly. MEMS-based magnetic field sensors, being compact, offer higher spatial resolution in vehicle measurements compared to other magnetic field sensors.

Technological advancements fuel the global magnetic sensor market, with a surging demand for dependable, cost-effective, and high-performance sensors. The Asia Pacific is poised to take the lead, fuelled by a growing emphasis on automotive, consumer electronics, and healthcare sectors. Notably, China, a key player in automotive and consumer electronics production, benefits from the rapid expansion of the gaming sector in the region. Innovative applications like motion gaming and navigation further contribute to the demand for magnetic sensors in the consumer electronics sector.

In November 2022, Allegro MicroSystems, Inc. (NASDAQ: ALGM) revealed the A31316 3D Hall-effect position sensor, expanding its 3DMAG™ sensor line. Designed in an industry-smallest 4 × 4 mm body PCB-less package, it excels in automotive safety and advanced driver assistance systems (ADAS), enduring harsh conditions in powertrain and chassis applications. The sensor addresses challenges in powertrain and chassis setups, mitigating issues related to environmental vibrations and contaminants, ensuring reliable performance.

In August 2023, NXP Semiconductors N.V. (NASDAQ: NXPI) unveiled the NMH1000 Magnetic Switch, a groundbreaking sensor replacing traditional mechanical switches in challenging environmental conditions. Recognised for its distinctive features, versatile applications, and easy onboarding, the NMH1000 excelled in sensitivity to magnetic fields passing through top-to-bottom surfaces. Its input processing, incorporating a configurable state machine and analog-to-voltage conversion, made it a noteworthy addition.

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Market Breakup by Technology, End Use, and Region:

• Based on technology, the market is divided into Hall Effect, Anisotropic Magneto Resistance (AMR), Giant Magneto Resistance (GMR), Tunneling Magneto Resistance (TMR), and others.

• On the basis of end use, the market is categorised into transportation, consumer electronics, healthcare, aerospace and defense, BFSI, and others.

• Region-wise, the global market for magnetic sensors can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The magnetic sensor market is witnessing significant growth, propelled by a substantial increase in demand within the consumer electronics sector.

• The market is expected to benefit from a notable increase in demand from the automotive sector.

• The robust expansion of the healthcare sector, and a surge in adoption of magnetic sensors in medical applications are expected to favour the growth of the market.

Key Offerings of the Report:

• The EMR report gives an overview of the global magnetic sensor market for the periods (2018-2023) and (2024-2032).

• The report also offers historical (2018-2023) and forecast (2024-2032) market information for the technology, end use, and major regions of magnetic sensor.

• 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 magnetic sensors market are Asahi Kasei Microdevices Corporation, Allegro MicroSystems, Inc., Infineon Technologies AG, TDK Corporation, TE connectivity Corporation, Melexis NV, and NXP Semiconductors 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.

Key Highlights of the Report

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