The global on-board magnetic sensors market size is likely to be valued at USD 1.2 billion in 2023. FMI projects that the market revenue could surpass USD 2.4 billion by 2033, exhibiting a CAGR of 7.0%.
There is an increasing demand for on-board magnetic sensors in the consumer electronics vertical. These sensors identify device orientation and enable features such as auto-rotate and gesture recognition. Furthermore, the usage of these sensors is also growing in high-precision navigation systems in the automotive industry. Magnetic sensors provide accurate readings of vehicle position and movement. These two key aspects are expected to have a positive impact on the market expansion during the forecast period.
Reed switches, GMR sensors, and Hall Effect sensors are used to adjust the sensitivity and measure the range of magnetic sensors. These sensors are made by the poles of magnetic films. These are used for displacement sensing and rotational preference. There has been an increase in demand for these sensors in consumer electronics in the production of laptops, smartphones, and cameras.
Magnetic sensors are increasingly used in aerospace defense verticals. These sensors detect object position and orientation and provide feedback for control systems. On-board magnetic sensor applications include proximity switching, speed detection, positioning, and current sensing. Demand for consumer electronics products is also expanding, which is driving demand for sensors in various devices.
On-board magnetic sensors react to both positive and negative magnetic fields. They are frequently applied in the automotive sector. The market is also booming given the use of 3D magnetic sensors and optically pumped magneto diodes. These sensors have been applied in the consumer electronics industry, automobile industry, and various industrial verticals.
Government initiatives to promote electric and hybrid vehicles are projected to increase the adoption of on-board magnetic sensors. The demand for these sensors in energy harvesting systems is also contributing to the market growth. These sensors help to enhance energy efficiency in various industries. There is also a rising demand for on-board magnetic sensors in the gaming industry for motion sensing and virtual reality applications.
| Attributes | Details |
|---|---|
| Base Year Value (2022) | USD 1.1 billion |
| Current Year Value (2023) | USD 1.2 billion |
| Expected Forecast Value (2033) | USD 2.4 billion |
| Historical CAGR (2018 to 2022) | 7.7% |
| Projected CAGR (2023 to 2033) | 7.0% |
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The market size is projected to grow by USD 1.2 billion between 2023 and 2033, surpassing the growth of USD 280 million observed between 2018 and 2022.
Given the rising demand from the automobile sector for accurate navigation and positioning systems, the market has expanded substantially during the historical period. The sensors are also used for different safety applications such as airbag deployment, parking assistance, and lane departure warning systems.
Automobile manufacturers are incorporating more advanced driver assistance systems (ADAS) in their vehicles. This is anticipated to increase the demand for on-board magnetic sensors. The growing popularity of EVs is expected to create demand for on-board magnetic sensors, particularly for battery monitoring applications.
There has also been an increased usage of wearables that monitor heart rate and activity level. These devices contain integrated magnetic sensors. Therefore, the growing adoption of wearable devices along with the increasing use of magnetic sensors is likely to fuel market growth.
The market is currently benefiting from the increase in the number of autonomous cars. These cars need many on-board magnetic sensors to identify obstacles and drive safely. The increasing demand for hybrid vehicles and electric vehicles (EVs) is expected to drive the market growth. These vehicles require magnetic sensors for position sensing.
New applications are emerging in healthcare, where magnetic sensors are used in MRI machines. These sensors enable accurate readings of magnetic fields. This is essential for high-quality MRI imaging. Furthermore, in the aerospace and defense industries, on-board magnetic sensors are used for navigation and guidance systems. These factors are expected to increase demand for advanced on-board magnetic sensors in the long run.
The market may face several restraints that could impede its growth. The expansion of the market is primarily hampered by changeable and inconsistent magnetic fields. Magnetic sensors can be expensive to manufacture, which limits their adoption in price-sensitive markets.
Integrating on-board magnetic sensors into existing systems can be complex. It requires specialized knowledge and expertise. Certain on-board magnetic sensors have limited functionality and a limited range. Magnetic sensors can also be prone to failure over time. This is particularly true if they are exposed to harsh environments or subjected to excessive stress or vibration.
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Demand for ADAS and electrification of vehicles is growing. One key market trend is the increasing adoption of Hall Effect sensors. These sensors are widely used in automotive applications given their high accuracy and low sensitivity to temperature variations. Magnetic sensors are used in various components of EVs. The growing demand for electric vehicles is likely to open up huge revenue potential for market players.
Another trend in the market is the integration of multiple sensors into a single package. The total cost and complexity of the system are decreased by this approach. The integration of multiple sensors is also gaining popularity in the automotive sector. This is because it offers better performance and reliability compared to traditional sensor systems.
The increasing demand for autonomous vehicles across the globe is expected to create growth opportunities for the market. This is because these vehicles require a high degree of accuracy and reliability in their sensing systems. The growing trend of connected vehicles and the Internet of Things (IoT) is also expected to construct new market opportunities.
| Country | United States |
|---|---|
| Historical CAGR (2018 to 2022) | 6.2% |
| Forecasted CAGR (2023 to 2033) | 5.9% |
| Projected Market Value (2033) | 743.1 million |
| Country | United Kingdom |
|---|---|
| Historical CAGR (2018 to 2022) | 6.6% |
| Forecasted CAGR (2023 to 2033) | 6.2% |
| Projected Market Value (2033) | 110.1 million |
| Country | China |
|---|---|
| Historical CAGR (2018 to 2022) | 9.2% |
| Forecasted CAGR (2023 to 2033) | 7.9% |
| Projected Market Value (2033) | 202.9 million |
| Country | Japan |
|---|---|
| Historical CAGR (2018 to 2022) | 7.0% |
| Forecasted CAGR (2023 to 2033) | 6.5% |
| Projected Market Value (2033) | 171.4 million |
| Country | South Korea |
|---|---|
| Historical CAGR (2018 to 2022) | 8.5% |
| Forecasted CAGR (2023 to 2033) | 7.4% |
| Projected Market Value (2033) | 95.6 million |
The United States on-board magnetic sensors market is expected to grow significantly throughout the forecast period. The market is primarily driven by the increasing demand for magnetic sensors in various applications.
The rising adoption of electric, hybrid, and autonomous vehicles is expected to drive market growth. The third-leading producer of electric vehicles is the United States. As the nation develops and implements more measures to speed up growth in EVs, the shift to EVs has maintained its pace. Moreover, autonomous cars have already been tested and operated across the country. In terms of connection and automation, self-driving cars have taken the lead in the United States.
Manufacturers operating in the market in the United States are focusing on product innovation and strategic partnerships to retain their market position. For instance, In June 2021, Honeywell revealed a new rate sensor. The sensor is designed to assist tiny satellites traverse the increasingly congested orbits above the surface of the Earth. The sensor is a micro-electromechanical system (MEMS)-based product. The MEMS-based sensor is perfect for customers creating smaller, less expensive satellites.
The increasing adoption of ADAS in vehicles and the government's initiatives to promote electric vehicles are driving the United Kingdom on-board magnetic sensors market growth. By 2050, the government intends to accomplish net-zero carbon emissions. To achieve this target, the government is promoting the adoption of electric and hybrid vehicles.
The government has firmly placed the nation on the road to electric and autonomous cars when it comes to future transportation. The sale of vehicles and vans with internal combustion engines is going to be prohibited beginning in 2040, the government declared in 2018.
Companies are investing in research and development to improve the performance of magnetic sensors and expand their applications. For instance, Infineon introduced the XENSIVTM-connected sensor kit in October 2022. The kit is a new IoT sensors platform. It is designed for quick prototyping. It allows the creation of unique IoT applications.
The China on-board magnetic sensors market is poised for significant growth. The increasing demand for on-board magnetic sensors is primarily driven by the automotive sector. These sensors are particularly in demand in electric vehicles. They are used for position sensing, speed sensing, and direction sensing. The growing adoption of smartphones in China is expected to further drive demand for on-board magnetic sensors.
China is committed to lowering car exhaust emissions. This is in response to rising vehicle sales and fast urbanization. The country also aims to reduce its reliance on oil imports. This is expected to increase sales of electric cars in China. Currently, one in every four new automobiles sold in China is an EV. Hence, the rising adoption of electric vehicles in China is expected to drive market growth.
Japan on-board magnetic sensors market is likely to witness steady growth. The growth is anticipated to be supported by the rising demand for cutting-edge technology and revolutionary products in the automotive sector. The adoption of pioneering technology in the automotive sector has received strong support from the Japanese government. In terms of the adoption of electric vehicles, Japan is one of the world leaders.
South Korea is witnessing an increasing adoption of electric vehicles. Demand for safety features in vehicles is also growing and these sensors are used to construct safety features. Additionally, the government offers tax credits and subsidies to promote the adoption of electric vehicles. Therefore, the South Korea on-board magnetic sensors market is projected to grow considerably in the upcoming years.
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| Segment | Type |
|---|---|
| Top Sub-segment | Magnetoresistive Sensors |
| Historical CAGR (2018 to 2022) | 7.6% |
| Forecasted CAGR (2023 to 2033) | 6.9% |
| Segment | Vertical |
|---|---|
| Top Sub-segment | Automotive |
| Historical CAGR (2018 to 2022) | 7.5% |
| Forecasted CAGR (2023 to 2033) | 6.8% |
The magnetoresistive sensors sub-segment is expected to dominate the type segment of the market during the forecast period. These sensors have a wider working range and offer characteristics and functions that Hall Effect sensors don't. These characteristics include intrinsically low hysteresis, low power consumption, and good linearity.
These sensors can detect and measure magnetic fields accurately. This accuracy makes them an ideal choice for various applications. Moreover, these types of sensors are highly sensitive and can detect small changes in magnetic fields.
Magnetoresistive sensors are gaining popularity due to their low power consumption, small size, and cost-effectiveness. They are easy to integrate into electronic devices. Over time, the price of magnetoresistive sensors is decreasing. This trend in falling prices is expected to drive the demand for these sensors across various industries.
The automotive vertical dominates the global market since it has a huge demand for these sensors. The industry has been focusing on enhancing safety features in vehicles to reduce accidents. The automotive industry is experiencing a shift toward electric vehicles in the last few years. Electric vehicle operation depends heavily on the on-board magnetic sensors. They are used for tasks such as motor speed sensing, position sensing, and current sensing.
Consumers are increasingly demanding comfort and convenience features in vehicles. These include automatic parking assistance, adaptive cruise control, and blind spot detection. On-board magnetic sensors are integral to the operation of these features. Governments across the world are implementing stringent regulations to enhance vehicle safety and reduce emissions. On-board magnetic sensors are an essential component in meeting these regulations. These aspects are driving their adoption in the automotive industry.
The on-board magnetic sensors industry is highly competitive. There are numerous market players involved in offering different types of on-board magnetic sensors for different applications. Market players are investing in research and development activities to develop advanced on-board magnetic sensors with enhanced features. Many market players are collaborating with other companies to expand their market reach and enhance their product offerings.
Recent Developments by Key Market Players
The market is valued at USD 1.2 billion in 2023.
The market’s CAGR from 2023 to 2033 will be 7.0%.
Infineon Technologies, and Melexis NV are key market players.
Technological advancements to boost the market prospects.
From 2018 to 2022, the market registered a CAGR of 7.7%.
1. Executive Summary 2. Market Overview 3. Market Dynamics 4. Global Market Analysis 2018 to 2023 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2023 and Forecast 2023 to 2033, By Type 5.1. Squid Sensors 5.2. Magnetoresistive Sensors 5.3. Hall Effect Sensors 5.4. Others 6. Global Market Analysis 2018 to 2023 and Forecast 2023 to 2033, By Magnetic Density 6.1. >10 Gauss (Bias Magnetic Field Sensors) 6.2. 1 Microgauss to 10 Gauss (Earth Field Sensors) 6.3. <1 Microgauss (Low-Field Sensors) 7. Global Market Analysis 2018 to 2023 and Forecast 2023 to 2033, By Vertical 7.1. Automotive 7.2. Consumer Electronics 7.3. Healthcare 7.4. Others 8. Global Market Analysis 2018 to 2023 and Forecast 2023 to 2033, By Region 8.1. North America 8.2. Latin America 8.3. Europe 8.4. Asia Pacific 8.5. MEA 9. North America Market Analysis 2018 to 2023 and Forecast 2023 to 2033, By Country 10. Latin America Market Analysis 2018 to 2023 and Forecast 2023 to 2033, By Country 11. Europe Market Analysis 2018 to 2023 and Forecast 2023 to 2033, By Country 12. Asia Pacific Market Analysis 2018 to 2023 and Forecast 2023 to 2033, By Country 13. MEA Market Analysis 2018 to 2023 and Forecast 2023 to 2033, By Country 14. Key Countries Market Analysis 15. Market Structure Analysis 16. Competition Analysis 16.1. Infineon Technologies 16.2. Melexis NV 16.3. Honeywell International 16.4. Murata Manufacturing 16.5. NXP Semiconductors N.V. 16.6. TE Connectivity 16.7. Asahi Kasei Microdevices 16.8. TDK Corporation 16.9. Sanken Electric 16.10. Austria MikroSystem (AMS) AG 16.11. ST Microelectronics 16.12. Sensitec 17. Assumptions & Acronyms Used 18. Research Methodology
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On-board Magnetic Sensors Market
