New York, March 30, 2023 (GLOBE NEWSWIRE) -- The global E-Compass Market value reached US$ 1.8 billion in 2022. Overall sales of e-compasses will increase at 11.3% CAGR between 2023 and 2032. By 2032, the market size for e-compasses is set to reach US$ 5.2 billion, reveals Persistence Market Research’s latest report.
Most of the e-compass demand is likely to arise from consumer electronics sector. This is due to increasing usage of e-compasses in consumer electronic products. The target segment will expand at a CAGR of 11.1 % from 2023 to 2032.
Rising applications of e-compass in consumer electronics and automobiles is providing impetus to the global market.
An e-compass, also known as an electronic compass, is a device that determines the direction and orientation of an object or a person using electronic sensors and magnetic sensors. It works on the same principles as a magnetometer, which uses the magnetic fields of the earth to determine the direction.
For determining the direction and location, e-compass technology is widely used in electronic devices such as smartphones, cameras, and navigation systems. It is frequently used in UAV drones to determine direction and movement.
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E-compasses are also utilized in aerospace, automotive, and defense sectors for the precise positioning and navigation of machinery and vehicles.
Growing usage of drones is likely to elevate e-compass demand. Drones are frequently used for a variety of tasks. This includes aerial photography and videography, mining, agriculture, rescue, and security and surveillance.
In 2020, there were around 5 million drones sold worldwide. By 2022, around 9.6 million drones will be sold worldwide. This will generate high demand for e-compasses as they find applications in drones.
The automotive sector makes extensive use of e-compass technology to provide precise navigation. It is also used in automated driving technologies. Rising adoption of e-compasses in the automotive industry will boost the global e-compass market.
Key Takeaways from E-Compass Market Report:
- Global e-compass sales will soar at 11.3% CAGR during the assessment period.
- By technology, hall effect segment will thrive at 11.2% CAGR through 2032.
- By application, consumer electronics segment is set to expand at 11.1% CAGR.
- The United States e-compass market will register a growth rate of 10.1% CAGR through 2032.
- E-compass demand in the United Kingdom is forecast to surge at 9.5% CAGR.
- China e-compass market size will exceed 1.4 billion by 2032.
- Sales of e-compasses in South Korea are likely to increase at 11.8% CAGR.
“Rising popularity of autonomous vehicles globally will propel e-compass demand. Hence, key manufacturers are looking to expand their portfolios to gain profits.” Says a Persistence Market Research analyst.
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Who is Winning?
Magnachip Semiconductor, Aichi Steel Corporation, NXP Semiconductors, Bosch Sensortec GmbH, Asahi Kasei Microdevices Corporation, Invensense Inc., Honeywell International Inc., STMicroelectronics N.V., L3 Technologies, and Memsic Inc., and are few of the leading e-compass manufacturers.
These companies are using various organic and inorganic strategies to gain a competitive edge in the market. New product launches and acquisitions are key strategies witnessed in this marketplace.
More Insights Available:
Persistence Market Research (PMR), in its new offering, presents an unbiased analysis of the e-compass presenting historical data (2017 to 2021) and forecast statistics for the period from 2023 to 2032.
The study reveals extensive growth in terms of
- Technology (fluxgate, hall effect, and magnetoresistive)
- Application (consumer electronics, aerospace & defense, automotive, marine, and surveying)
- Across several regions.
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About the Semiconductor and Electronics Division at Persistence Market Research (PMR)
Persistence Market Research's highly experienced semiconductor and electronics team aids companies from all over the world with their specific business intelligence needs through professional research, actionable insights, and strategic recommendations. With a library of over a thousand research and 1 million+ data points, the team has spent over a decade analyzing the technology business across 50+ countries. From start to end, the company provides unrivaled research and consulting services. Please get in touch with us to see how we can help.
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