The global magnetic sensor market is projected to reach $3.1 billion by 2028, at a CAGR of 7.1% during 2023-2028. The growth of magnetic sensor market is driven by increasing usage of magnetic sensors in transportation and consumer electronics industries along with growing demand for IOT technologies in various applications.
Some of the Key Questions answered in this exclusive report are:
Q.1 What are some of the most promising, high-growth opportunities for the magnetic sensor market by product type (hall effect, anisotropic magnetoresistance, and others), range (10 gauss), application (speed sensing, proximity detection/NDT, position sensing, and others), end use industry (transportation, consumer electronics, healthcare, aerospace & defense, and others), and region?
Q.2 Which segments will grow at a faster pace and why?
Q.3 What are the business risks and threats to the magnetic sensor market?
Q.4 What are some changing demands of customers in the magnetic sensor market?
Q.5 What are the new developments in the magnetic sensor market? Which companies are leading these developments?
Q.6 What strategic initiatives are being implemented by key players for business growth?
Q.7 What are some of the competitive products and processes in this magnetic sensor area and how big of a threat do they pose for loss of market share via product substitution?
Q.8 What M&A activity has occurred in the last 5 years in this magnetic sensor market?
Market Segmentation:
Based on product type, the magnetic sensor market is segmented into hall effect, anisotropic magnetoresistance, and others. The hall effect segment accounted for the largest share of the market in 2023 and is expected to register the highest CAGR during the forecast period, due to the growing application of these sensors in ADAS and hybrid electric vehicles for speed as well as position measurement.
APAC will remain the largest region due to the increasing demand for improved vehicles and smartphones with integrated sensors in the region and presence of key manufacturer in China and Japan.
Key Players in the magnetic sensor market are Alps Electric, Asahi Kasei, Baumer, Elmos Semiconductor, Honeywell, iC – Haus, and Allegro Microsystems.
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The report helps stakeholders understand the pulse of the market and provides them with information on key drivers, restraints, challenges, and opportunities for market growth. It would also help to understand the competitors better and gain more insights to improve their position in the business.
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