On-Board Magnetic Sensor is Expected to Reach a Staggering Value by 2032

Market Research Future (MRFR) announces the publication of its half-cooked research report – on-board magnetic sensor market 2024–2032

On-Board Magnetic Sensor Market Highlights 

According to Market Research Future, the market for on-board magnetic sensor is segmented on the basis of type, magnetic density, application, vertical, and region.

Some of the prominent trends that the market is witnessing include the adoption of on-board magnetic sensors for IoT connected devices and the increasing demand for on-board magnetic sensors in hybrid and electric vehicles. Also, rapid developments in magnetic sensors are supporting their adoption in the growing automotive and IoT industries. Moreover, advances in vehicle technology, increasing electrification, and growing demand for smart consumer electronics  are some of the major factors that are fueling the growth of on-board magnetic sensor market.

By . The magnetoresistive sensor is expected to be the fastest growing segment during the forecast period. This sensor have a wide operating range and is commonly used to detect magnetic field strength. Also, the cost of magnetoresistive sensors is expected to decrease over a period of time, which will boost the market for this sensor in various verticals during the forecast period. 

Based on magnetic density, the market is segmented into <1 microgauss (low-field sensors), 1 microgauss to 10 gauss (earth field sensors) and >10 gauss (bias magnetic field sensors). Among these, >10 gauss segment is expected to dominate the on-board magnetic sensor market during the forecast period. The >10 gauss magnetic field sensor technology finds applications in the industrial and infrastructure segment in automation equipment, conveyors, packaging equipment, and other applications incorporating motor latches.

According to the analysis of MRFR, the major applications in the market that are segmented into speed sensing, detection/NDT, position sensing and navigation & electronic compass. Among these, detection/NDT is expected to show the highest CAGR as magnetic sensors are extensively used in NDT. The demand for advanced sensing has increased significantly over the past few years, primarily owing to the influx of sophisticated smartphones. The trend is expected to continue to influence the market positively over the coming years.

On the basis of vertical, the market is segmented into automotive, consumer electronics, healthcare, aerospace & defense, industrial, and others. Among these, the market for industrial segment is expected to grow at the highest CAGR during the forecast period. This growth is attributed to the growing applications of control systems and automation equipment in industries, creating the need for current measurement in applications such as AC-DC converters, overcurrent fault detection, and battery monitoring.

Key Players

The prominent players in the on-board magnetic sensor market are Asahi Kasei Microdevices (Japan), Sanken Electric (Allegro Subsidiary) (Japan), Infineon Technologies (Germany), TDK Corporation (Japan), Melexis NV (Belgium), Murata Manufacturing (Japan), Honeywell International (US), TE Connectivity (Switzerland), AMS (Austria), and NXP Semiconductors N.V. (Netherlands) among others.