The on-board magnetic sensor market was valued at USD 1.16 Billion in 2017 and is estimated to reach USD 1.89 Billion by 2023, at a CAGR of 8.4% during the forecast period. The base year considered for the study is 2017, and the forecast period is between 2018 and 2023. The objective of the report is to provide a detailed analysis of the on-board magnetic sensor market on the basis of type, vertical, magnetic density, and geography. The report provides detailed information regarding the major factors influencing the growth of the on-board magnetic sensor market. The report also provides a detailed overview of the value chain of the on-board magnetic sensor market.
Automotive vertical expected to hold major share of on-board magnetic sensor market during forecast period
The on-board magnetic sensor market for automotive is expected to hold the largest share by 2023. The aim of the automobile manufacturers to enhance the convenience and safety of drivers and passengers is expected to propel the demand for on-board magnetic sensors in the automotive vertical. In this vertical, on-board magnetic sensors are used in engine positioning, displacement, rotary positioning, linear positioning, timing, and angle sensing application. Moreover, the development of advanced vehicles, such as hybrid vehicles, and the increased production of passenger vehicles are the major factors fueling the demand for on-board magnetic sensors in the automotive vertical.
On-board magnetic sensor market in APAC expected to grow at highest CAGR during forecast period
On-board magnetic sensors are in high demand in APAC owing to the increasing focus of the region to automotive, consumer electronics, and healthcare verticals. In this study, the on-board magnetic sensor market in APAC has been divided into India, China, Japan, South Korea, and Rest of APAC. China is the largest automotive and consumer electronics manufacturing country in the world. Thus, the fastest growth in APAC will be seen in China mainly due to the applications such as antilock braking systems and central locking systems wherein on-board magnetic sensors are largely used. Moreover, the gaming industry is also booming at a fast rate, which will add to the consumption of on-board magnetic sensors in consumer electronics in the country.
Major companies involved in the development of on-board magnetic sensors include Asahi Kasei Microdevices (Japan), Sanken Electric (Allegro Subsidiary) (Japan), Infineon Technologies (Germany), TDK Corporation (Japan), and Melexis NV (Belgium), Murata Manufacturing (Japan), Honeywell International (US), TE Connectivity (Switzerland), AMS (Austria), and NXP Semiconductors N.V. (Netherlands), among others.
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