Global Magnetic Sensors Market to Reach US$ 7.8 Billion by 2032, Impelled by Escalating Demand for Vehicles

October 19, 2022 | Electronics and Semiconductors

The latest report by IMARC Group, titled "Magnetic Sensors Market Report by Technology (Hall Effect Sensor, Magnetoresistive Sensor, Squid Sensor, Fluxgate Sensor, and Others), Application (Speed Sensing, Detection, Position Sensing, Navigation, and Others), End Use (Aerospace and Defense, Automotive, Consumer Electronics, Healthcare, and Others), and Region 2024-2032," finds that the global magnetic sensors market size reached US$ 4.2 Billion in 2023. Magnetic sensors refer to advanced devices used to detect the magnitude of magnetism and geomagnetism produced by a magnet or current. These systems ensure increased safety and enhance driver convenience. They are available in several types with unique features that can detect changes in magnetic flux density. Owing to these properties, magnetic sensors are gaining traction across the globe for advanced intelligent measurement and control systems.

Global Magnetic Sensors Market Trends:

The market is primarily driven by the escalating demand for vehicles across the globe. Magnetic sensors offer various advantages, such as allowing contactless and wear-free measurement of mechanical quantities like the angle of rotation and speed. In addition, the growing prevalence of medical conditions is escalating the usage of magnetic field sensors in the biomedical sector for manufacturing point-of-care (POC) devices. Besides this, with the emergence of giant magnetoresistance (GMR) thin-film systems, manufacturers are developing advanced magnetic sensors that provide advantages, including large working distances and precise angular position measurement. This, coupled with the rising crime rates and cross-border security issues, is positively influencing the market growth. Furthermore, magnetoelectric (ME) composites with high coefficients are utilized to make sensitive magnetic field sensors for next-generation multifunctional devices, representing another major factor propelling the market growth. Looking forward, IMARC Group expects the market to reach US$ 7.8 Billion by 2032, exhibiting a CAGR of 6.8% during the forecast period (2024-2032).

Market Summary:

  • Based on technology, the market has been classified into hall effect, magnetoresistive, squid, fluxgate sensor, and other sensors.
  • On the basis of the application, the market has been segmented into speed sensing, detection, position sensing, navigation, and others.
  • Based on the end use, the market has been categorized into aerospace and defense, automotive, consumer electronics, healthcare, and others.
  • Region-wise, the market has been divided into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
  • The competitive landscape of the market has been examined in the report, with some of the key players being Amphenol Corporation, Analog Devices Inc., Asahi Kasei Microdevices Corporation (Asahi Kasei Corporation), Honeywell International Inc., Infineon Technologies AG, NXP Semiconductors N.V., Schneider Electric, ST Microelectronics, TDK Corporation, TE Connectivity, and Texas Instruments Incorporated.

Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Technology, Application, End Use, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Amphenol Corporation, Analog Devices Inc., Asahi Kasei Microdevices Corporation (Asahi Kasei Corporation), Honeywell International Inc., Infineon Technologies AG, NXP semiconductors N.V., Schneider Electric, ST Microelectronics, TDK Corporation, TE Connectivity and Texas Instruments Incorporated
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 3899
Five User License: US$ 4899
Corporate License: US$ 5899
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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Global Magnetic Sensors Market to Reach US$ 7.8 Billion by 2032, Impelled by Escalating Demand for Vehicles
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