The On-Board Magnetic Sensor Market, which was valued at USD 1.16 billion in 2017, is expected to expand rapidly and reach USD 1.89 billion by 2023, with a compound yearly growth rate (CAGR) of 8.4% from 2018 to 2023.
This increase is explained by the growing use of magnetic sensors in a variety of applications, from industrial machinery to consumer and automobile electronics. Due to their critical function in safety applications, navigation systems, and position detection, these sensors are in high demand and are expected to continue growing in the years to come.
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The steady increase of on-board magnetic sensor applications in consumer electronics is driving a substantial growth in the on-board magnetic sensor market. This rise is further fueled by the crucial role that on-board magnetic sensors play in navigation systems. Due to the wide range of areas in which these sensors find useful applications, there is a constant increase in demand for them, which supports the market's general upward trend.
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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.
Asahi Kasei Microdevices continuously realigns its business portfolio, exhibiting a proactive attitude to responding to changing market demands. The company's strategy focuses on the integration of technology, business models, and human resources while launching new products on a constant basis. It has released about three magnetic sensor-based devices in recent years. Asahi Kasei Microdevices, with a broad customer base that includes businesses in the chemical, medical, and electronics sectors, is a major player in the on-board magnetic sensor market. The company is well-positioned to take advantage of the growth prospects brought about by ongoing technical advancements in this dynamic market because to its considerable presence in the Asia-Pacific (APAC) region.
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Renowned Japanese semiconductor manufacturer Sanken Electric has operations throughout the world via Allegro MicroSystems, a US-based subsidiary. Under Sanken Electric, Allegro MicroSystems strengthens its position in the On-Board Magnetic Sensor Market by focusing on new product introductions and organic growth initiatives. Among the magnetic sensor integrated circuits (ICs) that the business has lately introduced are Hall effect-based ICs and dual-output differential speed and direction sensor ICs. These developments serve a variety of uses in the consumer electronics, automotive, and industrial sectors. The introduction of the ACS772 and ACS773 current sensor ICs in March 2018, which are well-known for their remarkable response time of 2.5 microseconds, is one such example.
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.co.uk/news-releases/on-board-magnetic-sensor-market-worth-189-billion-usd-by-2023-682550241.html
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