News

The global magnetic sensor market size is expected to be worth around US$ 6.2 billion by 2030, according to a new report by Vision Research Reports.

The global magnetic sensor market size was valued at US$ 4.8 billion in 2020 and is anticipated to grow at a CAGR of 7.8% during forecast period 2021 to 2030.

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Report Coverage

Report Scope	Details
Market Size	USD 6.2 billion by 2030
Growth Rate	CAGR of 7.8% From 2021 to 2030
Base Year	2021
Forecast Period	2021 to 2030
Segments Covered	Technology, Application
Regional Scope	North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Companies Mentioned	Alps Electric Co. Ltd; Asahi Kasei Baumer Ltd.; Elmos Semiconductor AG; Honeywell International, Inc.; iC – Haus; Allegro Microsystems, Inc.; Memsic Corporation; MultiDimension Technology Co. Ltd; Microdevices Corporation; NVE Corporation; Magnetic Sensors Corporation; and NXP Semiconductors

Growth Factors

Growing emphasis on automobile safety, coupled with steadily declining prices of sensors, has supported product demand. Integration of sophisticated technology in consumer electronics is also expected to drive the magnetic sensor market.

In addition to smartphones, magnetic sensors are being increasingly integrated into wearables such as fitness bands and smartwatches. The trend of embedding these components with giant magnetoresistance (GMR) films has gained a lot of importance. This procedure aids in detecting and reading data from microelectromechanical systems (MEMS), such as MRAMs, temporary memory processing units, and hard drives.

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Key Players

Alps Electric Co. Ltd; Asahi Kasei Baumer Ltd.; Elmos Semiconductor AG; Honeywell International, Inc.; iC – Haus; Allegro Microsystems, Inc.; Memsic Corporation; MultiDimension Technology Co. Ltd; Microdevices Corporation; NVE Corporation; Magnetic Sensors Corporation; and NXP Semiconductors

Market Segmentation

• Technology
  • Hall Effect
  • Anisotropic Magnetoresistance (AMR)
  • Giant Magnetoresistance (GMR)
  • Tunnel Magnetoresistance (TMR)
  • Others
• Application
  • Automotive
  • Consumer Electronics
  • Industrial
  • Others
• Regional
  • North America
    • The U.S.
    • Canada
  • Europe
    • Germany
    • The U.K.
  • Asia Pacific
    • China
    • India
    • Japan
  • Latin America
    • Brazil
    • Mexico
  • Middle East & Africa (MEA)

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Research Methodology:

In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.

This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.

The study objectives of this report are:

• To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2030);
• Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
• Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
• To define, describe and forecast the market by type, application and region.
• To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
• To identify significant trends and factors driving or inhibiting the market growth.
• To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
• To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
• To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
• To strategically profile the key players and comprehensively analyze their growth strategies

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