LONDON, March 28, 2024 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Electronic Device Magnets Global Market Report 2024, the electronic device magnets market has experienced remarkable growth in recent years, driven by various factors such as the proliferation of personal and mobile computing, the emergence of hybrid work models, and the increasing demand for consumer electronics.
Market Growth and Projections
According to recent electronic device magnets market analysis, the electronic device magnets market size surged from $24.68 billion in 2023 to an estimated $27.33 billion in 2024, representing a robust compound annual growth rate (CAGR) of 10.8%. Looking ahead, the electronic device magnets market is poised for further expansion, with projected revenues reaching $39.04 billion by 2028, growing at a CAGR of 9.3%.
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Drivers of Growth
Forecast Period (Upcoming Trends)
In the forecast period, the electronic device magnets market is expected to thrive due to:
- Hybrid work models
- Advancements in artificial intelligence (AI) and machine learning (ML)
- Focus on employee wellbeing
- Integration of virtual and augmented reality
- Cybersecurity challenges and solutions
Major Trends
The electronic device magnets market is characterized by several notable trends that are shaping its future trajectory:
- Technological convergence and integration
- Data privacy and governance
- Enterprise digital transformation
- Shift towards cloud-based end-user computing (EUC) solutions
- Adoption of unified endpoint management
Impact of Consumer Electronics
One significant driver of electronic device magnets market growth is the escalating demand for consumer electronics. These devices, including smartphones and laptops, rely on electronic device magnets for various functionalities such as speaker audio, sensor operation, and secure device closures. For instance, the resurgence in global sales of smartphones in Q1 2021 indicates a substantial market opportunity for electronic device magnets.
Major Players and Innovation
Several prominent companies are at the forefront of driving innovation in the electronic device magnets market. These include:
- Shin-Etsu Chemical Co. Ltd.
- TDK Corporation
- Hitachi Metals Ltd.
- Niron Magnetics (pioneering clean earth magnet technology)
- And many others
Segment Analysis
The electronic device magnets market is segmented based on product type, material type, and end-user industry. Key segments include:
- Product Type: Ferrite Magnets, Neodymium Magnets, Samarium Cobalt Magnets, Alnico Magnets
- Material Type: Permanent Magnets, Electromagnets
- End User: Consumer Electronics, Aerospace and Defense, Industrial and Automation, Healthcare, Automotive, Energy, Consumer Goods, Others
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The electronic device magnets market is witnessing robust growth, driven by a confluence of technological advancements, shifting consumer preferences, and evolving industry landscapes. With the proliferation of consumer electronics and the emergence of innovative magnet technologies, the market presents significant opportunities for companies to innovate and capitalize on emerging trends. As the market continues to evolve, proactive adaptation to changing dynamics will be crucial for companies aiming to maintain a competitive edge in this dynamic industry landscape.
Electronic Device Magnets Global Market Report 2024 by The Business Research Company provides insights on the electronic device magnets market size, electronic device magnets market segments, electronic device magnets market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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