Between 2017 and 2023, the On-Board Magnetic Sensor Market experienced rapid expansion, with its global market value rising from USD 1.16 billion to an anticipated USD 1.89 billion. The Compound Annual Growth Rate (CAGR) for this remarkable growth trajectory is 8.4%.
This expansion has been significantly fueled by the increasing demand for magnetic sensors across a range of markets, including automotive, consumer electronics, and industrial applications. Magnetic sensors are essential for enabling new capabilities and better performance in a variety of devices and systems as technology develops, which will further support the market's expansion over the course of the forecast period.
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Two major causes are driving the market for on-board magnetic sensors, which is expanding significantly. They are being used more and more in consumer electronics applications, where they help improve the performance and functionality of devices like smartphones and tablets. Second, magnetic sensors on board are crucial to navigation systems because they provide accurate information for orientation and location monitoring. On-board magnetic sensors are in higher demand and are being used more frequently as a result of these combined reasons, which is driving the market's expansion and broadening their use across numerous sectors.
Asahi Kasei Microdevices (Japan), Sanken Electric (Allegro Subsidiary) (Japan), Infineon Technologies (Germany), TDK Corporation (Japan), and Melexis NV (Belgium) are the leading players in the On-Board Magnetic Sensor Market. Product launches, agreements, partnerships, collaborations, mergers and acquisitions, and expansions are some of the key strategies adopted by the major players to gain a competitive edge in this market.
By consistently modifying its business portfolio, Asahi Kasei Microdevices has shown that it takes a proactive approach to addressing the changing needs of the market. Through the introduction of new products and initiatives to integrate technologies, business models, and human resources, the company has demonstrated its dedication to encouraging innovation. Asahi Kasei Microdevices has established itself as a major participant in the on-board magnetic sensor market with a wide range of applications in the chemicals, healthcare, and electronics industries. Given the region's continual technical improvements and the enormous growth potential for magnetic sensors, its strong presence in APAC is especially encouraging.
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Sanken Electric, a Japanese manufacturer of semiconductors, sells its goods through its subsidiary Allegro MicroSystems. To strengthen its position in the market for on-board magnetic sensors, Allegro MicroSystems focuses on organic growth tactics including product introductions. A variety of magnetic sensors ICs, including dual-output differential speed and direction sensor ICs and Hall effect-based ICs, have recently been released by the business for use in a variety of industries, including automotive, industrial, and consumer electronics. Notably, their most recent sensor ICs, the ACS772 and ACS773, had the quickest response time of 2.5 uS when they were introduced in March 2018. With its cutting-edge sensor solutions, Allegro MicroSystems serves a variety of industries, including the automotive, medical, consumer electronics, telecommunications, and utility.
Other major companies involved in the development of On-Board Magnetic Sensors include Murata Manufacturing (Japan), Honeywell International (US), TE Connectivity (Switzerland), AMS (Austria), NXP Semiconductors N.V. (Netherlands), Sensoronix (US), Macome (Japan), Sensitec (Germany), MEMSIC (US), and Kohshin Electric (Japan).
News Covered:
https://www.prnewswire.com/in/news-releases/on-board-magnetic-sensor-market-worth-189-billion-usd-by-2023-682550241.html
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