The global magnetic sensor market was valued at USD 2.38 billion in 2020 and is expected to grow at a CAGR of 6.7% over the forecast period. Magnetic sensors are primarily used to cater to notice disturbances and strength, direction, and flux in the magnetic field. Also, it is used as detection sensors, which further applied to estimate and calculate the total magnetic field and vector components of the field.
The increase in the integration of magnetic sensors in the end-use application sector such as automobiles, consumer electronics, and healthcare along with stringent government norms are primarily influencing the demand and consumption of the product in the global market during the forecast period. The growth in awareness and need for navigation systems primarily in vehicles and smartphones are further expected to drive the industry growth rate in the future.
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The growth in the demand and sales of electric vehicles and growth in demand for premium smartphones in the global market is expected to create opportunities for the manufacturers over the forecast period. Moreover, the manufacturers are mainly focused on product development to meet the demand for advanced sensory components. These players are aiming to develop sensors in order to meet the consumer demand for motion detection, speed, and proximity in end-use applications.
It is predicted that the increase in penetration of cumbersome and sophisticated smart devices is raising the need for advanced sensing capabilities in the components, which further expected to impact the demand and production of magnetic sensors in the market in the coming years. Considering the current industry trend, magnetic sensors are widely adopted across non-destructive testing (NDT) and medical R&D components.
The market is primarily segmented on the basis of types, technology, application, and region.
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On the basis of Type, the global magnetic sensor market has been segmented into Hall Effect, AMR (anisotropic magneto-resistive), GMR (giant magneto-resistance), and TMR (tunnel magneto-resistance). In 2020, the hall effect segment is expected to dominate the industry and anticipated to lead the market during the forecast period growing at a CAGR of 7.2% during the forecast period. The growth of the industry is primarily due to the rise in technological advancements across the automobile sector.
Considering the current market trend, the AMR (anisotropic magneto-resistive) segment accounted for the highest CAGR of 6.9% in the magnetic sensors in the global industry during the forecast period owing to the growth in consumption of consumer electronics and growing demand for smart devices are the main driving factors in the near future.
Based on application, the market has been segmented into automotive, consumer electronics, industrial, aerospace and defense, healthcare, energy & power, and others. In 2020, the automotive segment accounted for the highest market share in terms of value and volume globally growing at a significant CAGR from 2021 to 2028.
The growth in demand for electric vehicles and the high conversion of conventional vehicles into electric vehicles is expected to enhance the demand and consumption of advanced magnetic sensors across automotive applications. Moreover, the increase in demand for the navigation system in vehicles as well as growth in use for connected vehicles and advanced driving assistance further lead to the adoption of magnetic sensors in the automotive sector.
Furthermore, the healthcare segment accounted for the highest CAGR of 8.5% in the global industry during the forecast period. The rapid growth in the demand and consumption of healthcare devices along with the rise in advancement across x-ray detectors, health monitoring devices, and lab-on-chip devices are expected to enhance the demand for magnetic sensors in the market in the coming years.
In 2020, Asia Pacific dominated the global industry owing to growth in the production and expansion of the automotive aftermarket. Moreover, China, India, and Japan are a few of the major automotive markets globally, which primarily influences the consumption and demand of the product in the region over the coming years.
It is expected that the growth in demand for electric vehicles in the region is further expected to create opportunities in the market for the manufacturers in the near future. In addition, China is one of the leading manufacturers of consumer electronics globally, which creates growth opportunities in the industry in the future.
Considering the current market scenario, the growth in the production of motor vehicles and growth in the industrial and Type manufacturing sectors are further strengthening the consumption of magnetic sensors across the automotive, consumer electronics, and industrial applications during the forecast period.
Innovation and development are expected to play an important role in the development of the demand and consumption of magnetic sensors in the global market in the coming years. In the global magnetic sensor market, it is predicted that product launches, product developments, and partnerships are the key strategies in order to enhance the market position across the globe.
Moreover, the key players involved in the market are Allegro Microsystems, Inc., Alps Electric Co., Ltd, Asahi Kasei Microdevices Corporation, AMS AG, Baumer Ltd., Crocus Technology, Elmos Semiconductor AG, Honeywell International, Inc., iC-Haus, Infineon Technologies AG, Magnetic Sensors Corporation, Melexis Corporation, Memsic Corporation, Micronas Semiconductor Holding AG, Microsemi Corporation, MultiDimension Technology Co. Ltd, NVE Corporation, NXP Semiconductors, Robert Bosch GmbH, Rotary and Linear Motion Sensor (RLS), Sensitec GmbH, TDK Corporation among others.