Pune, India, Oct. 27, 2023 (GLOBE NEWSWIRE) -- The automotive industry is growing rapidly with significant transformation in the design and development of various components, such as infotainment, anti-lock braking systems (ABS), and electronic displays. The ongoing transformation across the automotive industry has triggered the demand for advanced driver-assistance systems (ADAS). With the increasing emphasis on requirements for high levels of accuracy and heterogeneous signal redundancy in ADAS applications, the demand for magnetic sensors is rising.
Magnetic Sensors Market in terms of revenue was estimated to be worth $5.2 billion in 2022 and is poised to reach $9.2 billion by 2030, growing at a CAGR of 7.40% from 2022 to 2030 according to a new report published by The Insight Partners.
The growth of the magnetic sensors market is attributed to factors such as mounting demand for consumer electronics, the growing automotive industry, and IoT applications. In addition, growing electrification and increasing demand for smart products fuel the demand for magnetic sensors, fostering the growth of the magnetic sensors market.
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Global Magnetic Sensors Market Scope:
| Report Coverage | Details |
| Market Size Value in | USD 5.2 Billion in 2022 |
| Market Size Value by | USD 9.2 Billion by 2030 |
| Growth rate | CAGR of 7.40% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
| Segments covered | Type, Applications, End-User, and Geography |
| Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, South & Central America. |
| Country scope | Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States |
| Report coverage | Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends |
With the advent of Industry 4.0, there are constant practices to establish automation mass customization according to customer-changing demand or need and improve operational efficiency. Increasing investment in the manufacturing sector helps boost economic growth and job creation, which acts as a global competitive advantage. Manufacturing sectors are shifting to more automated and process-driven manufacturing processes. For example, initiatives like the National Manufacturing Policy by the Indian government project to expand the share of manufacturing in GDP to 25% by 2025. Thus, such government practices to automate the manufacturing facilities drive the market to fulfill the requirement of advanced sensing applications.
The change in the modern warfare system has been urging governments across the globe to allocate higher funds toward respective military forces to procure advanced technologies and equipment. With the demand to strengthen military forces with advanced technologies, machinery, and vehicles, defense forces across the globe are investing substantial amounts in the products described above. For example, according to the Stockholm International Peace Research Institute (SIPRI), global military expenditure will increase 3.7 percent in 2022 to reach a new high of US$ 2240 billion. The continuous urge for new technologies for combat and non-combat operations by the defense forces is further boosting the defense spending to the demand for applications such as measuring the rotation speed of helicopter blades, tracking runout or change in position of rotating shafts, monitoring engine speed, and more. Thus, rising government spending on military expenditure and the wide application of magnetic sensors in the military drive the magnetic sensors market.
The prominent industries worldwide are consumer electronics, automotive, and telecommunications. The rise in the global automotive industry propels the demand and fuels the magnetic sensors market growth. For instance, according to the Managing Director of Nissan Middle East in March 2022, Nissan Middle East experienced a 9.9 percent sales increase in the Gulf in the first three quarters of 2021 compared to 2020. Thus, rising sales of automotive demand its vehicle production where magnetic sensors are used for enhanced vehicle convenience and fuel efficiency, leading to market growth.
Increasing Vehicle Demand Provides Driving Force for Market Growth.
The various automotive manufacturing giants are focusing on ADAS technology. In October 2022, Volkswagen (a German automaker) partnered with Horizon Robotics (a Chinese software company) to develop ADAS and autonomous driving (AD) systems to cater to the rising demand for ADAS systems in the Chinese market. Thus, automakers' adoption of ADAS technology generates the demand for magnetic sensors to enhance the reliability required for advanced vehicle automation levels, further fueling market growth.
The electronic mode of transportation is remarked as a solution to benefit the environment and reduce fuel consumption. Many governments worldwide have embraced the Electric Vehicles Initiative (EVI), a multi-government policy forum coordinated by the International Energy Agency (IEA) to accelerate the introduction and adoption electric vehicles globally. According to the IEA, 16 countries are the current participants of this program: Canada, Chile, China, Finland, France, Germany, India, Japan, the Netherlands, New Zealand, Norway, Poland, Portugal, Sweden, the UK, and the US. Thus, such initiative by the government of various countries fosters the demand for magnetic sensors and propel the market size.
Asia Pacific region has strong vehicle sales and production. For instance, according to the International Trade Administration (ITA), China is the world's largest vehicle market by annual sales and manufacturing output. It's with domestic production projected to reach 35 million vehicles by 2025. Such a rise in the automotive sector propels the magnetic sensors market. In addition, the rise in government initiatives to boost the electric vehicle market drives the demand for magnetic sensors. Various countries' governments, such as China and India, imposed policies and provided generous subsidies for EV purchases, encouraging the adoption of electric vehicles, which further propels the region's market size.
Magnetic Sensors Market: Segmental Overview
The magnetic sensors market is segmented based on type into hall effect sensors, magnetoresistive sensors, squid sensors, fluxgate sensors, and others. The Hall effect segment held the largest market share in 2022 and is anticipated to grow with the highest CAGR in the market. The demand for this type of magnetic sensor is attributed to the growing demand for ADAS systems in the growing automotive market, as the automotive industry is the major consumer of the Hall effect magnetic sensors. In addition, the rise in the demand for consumer electronics owing to factors such as growing population, augmenting consumer buying power, and increasing urbanization further fuels the market.
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Magnetic Sensors Market Analysis: Competitive Landscape and Key Developments
Allegro MicroSystems, LL, ams AG, Asahi Kasei Microdevices Corporation, HONEYWELL INTERNATIONAL INC., Infineon Technologies AG, Melexis, Murata Manufacturing Co., Ltd., NVE Corporation, NXP Semiconductors, and TE Connectivity are a few of the key companies operating in the market. The market leaders focus on new product launches, expansion and diversification, and acquisition strategies, which allow them to access prevailing business opportunities.
Recent Developments:
- In June 2022, Allegro MicroSystems, Inc. ("Allegro") unveiled A33110 and A33115 magnetic position sensors developed for advanced driver assistance systems (ADAS) applications that need elevated levels of accuracy and heterogeneous signal redundancy.
- In August 2023, NXP Semiconductors launched the NMH1000 Magnetic Switch, a rare magnetic sensor that substitutes traditional bulky mechanical switches that cannot withstand difficult environmental conditions. It has distinctive features, flexible application, and the ability to easily onboard.
- In March 2021, ABLIC Inc. unveiled the S-5701 B Series magnetic sensor IC with ultra-low current consumption, superior magnetic sensitivity, long life, and an operating current consumption.
- In January 2019, Melexis launched a third-generation magnetic sensors family, the MLX90378, with robust 3D position sensing for automotive applications such as transmission sensors and gear shifters.
Go through further research published by The Insight Partners:
3D Magnetic Sensor Market - Global Analysis and Forecast to 2030.
On-Board Magnetic Sensor Market - Global Analysis and Forecast to 2028.
Military Sensors Market - Global Analysis and Forecast to 2030.
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