New York, United States, Oct. 26, 2023 (GLOBE NEWSWIRE) -- Electronic control systems in both commercial and passenger vehicles are composed of magnetic sensors. As a result of the fact that these systems increase safety and improve driver comfort, their adoption has increased dramatically. “The global magnetic sensor market size is projected to reach USD 5.17 billion by 2030 at a CAGR of 6.68% from 2022 to 2030,” quoted by the Research Manager at Straits Research P. Ltd.
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KEY DRIVERS
The increasing adoption of magnetic sensors in advanced applications, such as autonomous vehicles, is anticipated to stimulate the global magnetic market's expansion. Magnetic sensor manufacturers are increasing their investments in various magnetic sensing technologies, such as 3D sensing, tunnel magnetoresistance (TMR), and giant magnetoresistance (GMR), in order to strengthen their domain expertise and market position. Significant technological advancements in sensing techniques, coupled with the increased integration of magnetic sensors across multiple industry verticals, are anticipated to stimulate market expansion. High penetration of sophisticated, feature-rich smartphones and tablets has necessitated the need for advanced sensing components, a development that is anticipated to have a positive impact on the market in the coming years.
GROWTH OPPORTUNITIES
As hybrid and electric vehicles are more digitally connected than conventional vehicles, they are gaining popularity. In addition, they reduce the consumption of fossil fuels like gasoline and diesel, mitigate global warming and environmental damage, and provide superior fuel economy. In the post-COVID-19 era, demand for hybrid, electric, and autonomous vehicles is likely to exceed that of all other vehicle types. This increase in demand can be attributed to changing lifestyles, governments encouraging the adoption of green vehicles to reduce CO2 emissions, and the introduction of innovative technologies. In addition, several of the world's largest automakers, including General Motors (USA), Ford (USA), and Renault (France), are expanding their hybrid and electric car operations. Power electronics is a crucial hybrid technology that accounts for 20% of the total cost of hybrid vehicles.
REGIONAL ANALYSIS:
Asia-Pacific led the market in terms of revenue and volume in 2021, which can be attributed to the region's thriving automotive and consumer electronics industries, as well as the presence of prominent sensor manufacturers in China and Japan. The region's demand for magnetic sensors has increased due to the increased demand for automobiles and high-tech smartphones.
Connected cars have risen to prominence in North America as customer purchasing decisions have become increasingly dependent on the communication capabilities provided by various automakers. The miniature magnetic sensors aid in providing these capabilities while preserving the vehicle's fundamental functionality. Sensing components for a variety of use cases, including position sensing, flow rate detection, and speed sensing, are gaining popularity in the region.
The European market was valued at more than $420.0 million in 2021 and is anticipated to maintain a steady growth rate throughout the forecast period. Incorporating Hall Effect current sensing into their power systems, hybrid vehicles are gaining popularity in Europe, which has aided market expansion significantly.
KEY HIGHLIGHTS
- By 2030, the Asia Pacific is anticipated to have the largest market share, with North America emerging as the fastest-growing market.
- Factors like increasing investments and technological advancements are driving the market for magnetic sensors.
- This market is segmented on the basis of technologies, applications, regions and competitors.
COMPETITORS ANALYSIS
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 are some of the prominent players in the market.
RECENT DEVELOPMENTS:
- In June of 2020, Asahi Kasei Corporation introduced the AK8781, an ultra-small package latch-type Hall IC that is suitable for small DC brushless (BL) motors. It is a compact device with a quick response time that is suited for high-temperature operations. It is anticipated that the release of this product will contribute to the micro miniaturisation and high efficiency of DCBL motors.
- In April 2020, TDK Corporation partnered with Genetesis, a United States-based magnetocardiography (MCG) technology company and global leader in non-invasive biomagnetic imaging solutions, to develop advanced medical imaging solutions for cardiac diagnostics. Genetesis is anticipated to leverage TDK Corporation's global reach and expertise in biomagnetic sensors, piezoelectric actuators, magnetic noise suppression systems, MEMS technologies, etc., as part of this development.
MARKET SEGMENTATION:
Technology Outlook:
- Hall Effect
- Anisotropic Magnetoresistance (AMR)
- Giant Magnetoresistance (GMR)
- Tunnel Magnetoresistance (TMR)
- Others
Application Outlook:
- Automotive
- Consumer Electronics
- Industrial
- Others
Regional Outlook:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
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