Portland, OR, July 10, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report titled, “Magnetoresistive Element Market, By Application (High Magnetic Field Application and Low Magnetic Field Application), Vertical (Consumer Electronics, Aerospace and Defense, Automotive, Industrial, and Healthcare), Global Opportunity Analysis, and Industry Forecast, 2022-2032.” According to the report, the global magnetoresistive element market was valued at $2.2 billion in 2022, and is projected to reach $3.6 billion by 2032, registering a CAGR of 5.5% from 2023 to 2032.
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Driver, Restraint, and Opportunities:
The global magnetoresistive element market is driven by several factors, such as the surge in demand for magnetoresistive elements in consumer electronics, and the growing demand for magnetoresistive elements in the automotive industry. However, the limited range and integration of magnetoresistive elements in electronics systems may hamper market growth. On the contrary, the growth trend of the Internet of Things (IoT) provides lucrative opportunities for market growth.
Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $2.2 Billion |
| Market Size in 2032 | $3.6 Billion |
| CAGR | 5.5% |
| No. of Pages in Report | 219 |
| Segments Covered | Application, Vertical and Region. |
| Drivers | The surge in demand for magnetoresistive elements in consumer electronics |
| The growing demand for magnetoresistive elements in the automotive industry | |
| Opportunities | Growth in the trend of the Internet of Things (IoT) |
| Restraints | Limited range and integration of magnetoresistive elements in electronics systems |
COVID-19 Scenario:
- The COVID-19 pandemic had a significant impact on the global magnetoresistive element market. Due to the change in dynamics of the supply chain, there was increased demand for e-commerce packaging, which brought attention to health and safety precautions, all of which influence the magnetoresistive element market.
- Many businesses had to swiftly adjust to the growth in e-commerce by developing packaging that could endure the rigours of shipping and handling.
- The pandemic had intensified attention on sustainable magnetoresistive element solutions as people looked for eco-friendly choices. This resulted in the growth of the global magnetoresistive element market.
The high magnetic field application segment to maintain its leadership status throughout the forecast period-
Based on application, the high magnetic field application segment held the highest market share in 2022, accounting for nearly three-fifths of the global magnetoresistive element market revenue and is estimated to maintain its leadership status throughout the forecast period. The same segment would also display the fastest CAGR of 5.91% during the forecast period. The magnetoresistive elements have been influenced by the prevailing trend towards miniaturization and compact designs. Manufacturers have been dedicated to reducing the size and footprint of these elements while ensuring their performance remains intact.
The consumer electronics segment to maintain its lead position during the forecast period-
Based on vertical, the consumer electronics segment held the highest market share in 2022, accounting for nearly three-fifths of the global magnetoresistive element market, and is estimated to maintain its lead position during the forecast period. The same segment would also portray the fastest CAGR of 5.99% during the forecast period. This is due to the increase in penetration of magnetoresistive elements in consumer electronic products, which is fueled by a highly competitive consumer electronics market where players focus on upgrading their products such as smartphones, laptops, and digital recorders.
Asia-Pacific to maintain its dominance by 2032-
Based on region, Asia-Pacific held the highest market share in 2022, accounting for nearly half of the global magnetoresistive element market revenue, and is likely to dominate the market during the forecast period. The booming e-commerce and logistics industries in the Asia-Pacific region have fueled the demand for magnetoresistive elements. On the other hand, the LAMEA region is expected to witness the fastest CAGR of 6.77% during the forecast period. Owing to the growing inclination of companies towards research and development and expanding manufacturing units across this region, this will boost market growth.
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Leading Market Players: -
- Crocus Technology, Inc.
- Avalanche Technology
- Micron Technology, Inc.
- TDK Corp.
- Honeywell International Inc.
- ALPS ALPINE CO., LTD.
- Robert Bosch GmbH
- Cubic Sensor and Instrument Co., Ltd.
- Analog Devices, Inc.
- TE Connectivity
The report provides a detailed analysis of these key players in the global magnetoresistive element market. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others, to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolios, and strategic moves of market players to showcase the competitive scenario.
Key Benefits for Stakeholders
- This study comprises analytical depiction of the global magnetoresistive element market size along with the current trends and future estimations to depict the imminent investment pockets.
- The overall global magnetoresistive element analysis is determined to understand the profitable trends to gain a stronger foothold.
- The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
- The current global magnetoresistive element instruments market forecast is quantitatively analyzed from 2022 to 2032 to benchmark financial competency.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the magnetoresistive element.
- The report includes the market share of key vendors and global magnetoresistive element trends.
Magnetoresistive Element Market Key Segments:
By Application
- High Magnetic Field Application
- Low Magnetic Field Application
By Vertical
- Consumer Electronics
- Automotive
- Industrial
- Aerospace and Defense
- Healthcare
By Region
- North America (U.S., Canada, Mexico)
- Europe (UK, Germany, France, Rest of Europe)
- Asia-Pacific (China, Japan, India, South Korea, Rest of Asia-Pacific)
- LAMEA (Latin America, Middle East, Africa)
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