Magnetic Sensor Market Report

The adoption of magnetic sensors is expanding rapidly and is a key component of numerous industrial and biomedical applications. The market is anticipated to increase at a healthy rate during the forecast period due to the rising demand for magnetic sensors in the automotive industry. It is anticipated that the rising demand for electric cars and the quick conversion of conventional cars to electric vehicles will increase the need and consumption of high-end magnetic sensors in automotive applications. The employment of magnetic sensors in the automobile sector is also spurred by the rising need for navigation systems in vehicles, the rising popularity of linked vehicles, and sophisticated driver assistance. Furthermore, hybrid and electric cars are becoming more and more popular as they are more digitally connected than traditional cars.

Additionally, they offer better fuel efficiency, lessen environmental harm, and the usage of fossil fuels like petrol and diesel. This rise in demand can be ascribed to lifestyle changes, government initiatives to promote the use of eco-friendly automobiles and cut CO2 emissions, and the development of cutting-edge technologies. One of the most important benefits of electric vehicles is their ability to operate without producing any pollution. Additionally, a number of the major manufacturers in the world, including General Motors Ford, and Renault are growing their operations for hybrid and electric vehicles. It also opens a number of significant growth opportunities in applications involving position, velocity, and angular detection and measurement.

Global market growth for magnetic products is anticipated to be boosted by the increasing use of magnetic sensors in high-tech applications like autonomous vehicles. These systems rely on magnetic sensors, which are highly reliable, highly accurate, robust, and simple to construct. Manufacturers of magnetic sensors are rapidly making investments in various magnetic sensing technologies, including 3D sensing, tunnel magnetoresistance (TMR), and giant magnetoresistance (GMR), in order to expand their knowledge of the industry and solidify their position in the market. Furthermore, a significant increase in the integration of magnetic sensors across numerous business verticals and significant technological improvements in sensing methods are expected to drive market growth. It has become necessary to use advanced sensing components due to the widespread adoption of sophisticated, feature-rich smartphones and tablets, a development that is projected to positively affect the market in the upcoming years. Magnetic sensors are also extensively used in non-destructive testing (NDT) and medical research and development.

• Use of magnetic sensors in consumer electronics for applications such as smartphones, wearables, and gaming devices.
• Technological advancements in magnetic sensor technology, like the development of Giant Magnetoresistance (GMR) sensors and Tunnel Magnetoresistance (TMR).
• Magnetic sensors in industrial automation for automation processes in manufacturing and robotics.

While there is an increase in the supply of magnetic sensors due to their extensive use in automated vehicles, consumer electronics, and healthcare equipment, price erosion has a substantial negative impact on the rate of growth in sales. A portion of this is due to the fierce competition amongst the growing number of sensor manufacturers. Many businesses are concentrating their R&D efforts on developing affordable alternatives to current magnetic sensing technologies, such as position, speed, and angle sensors made with MEMS and 3D sensing technology. Rapid innovation in new portable, consumer, and loT applications is a result of competitive R&D initiatives, which in turn increases pricing pressure, particularly for applications with high volume. As a result, manufacturers are compelled to reduce the potential cost of magnetic sensors. The extremely competitive market for magnetic sensors is hampered by this price decline, which also lowers supplier profit margins. The primary challenges facing businesses in this sector are to improve their manufacturing capabilities, deliver items of higher quality, and lower their overall production costs.

To increase their market share globally, major market players are constantly pursuing competitive marketing strategies, such as alliances, technological advancements, investments, acquisitions, and R&D initiatives.  For instance, in January 2023, Texas Instruments in collaboration with TDK developed the world's first sensor module, the i3 Micro Module with embedded edge AI and wireless mesh networking. The i3 Micro Module combines the TI SimpleLinkTM platform, which uses the CC2652R7, an Arm® Cortex®-M4F multiprotocol 2.4-GHz wireless 32-bit microcontroller (MCU) for real-time monitoring.

Earlier, in July 2020, Texas Instruments (TI) unveiled the first zero-drift Hall-effect current sensors in the market. The TMCS1100 and TMCS1101 offer robust 3-kVrms isolation and enable the lowest drift and highest accuracy throughout time and temperature, which is essential for AC or DC high-voltage systems such as industrial motor drives, solar inverters, energy-storage devices, and power supplies. In addition, to improve its portfolio for power semiconductors, automotive microcontrollers, sensors, and security solutions, Infineon Technologies AG acquired Cypress Semiconductor Corporation, a US-based semiconductor engineering and manufacturing firm, in April 2020. Additionally, the business emphasizes meeting the requirements of ADAS/AD, IoT, and 5G mobile infrastructures.

The Asia-Pacific Region is anticipated to experience significant growth in the magnetic sensor market over the forecast period. This growth can be attributed to the region's thriving consumer electronics and automotive production sectors as well as the presence of major sensor manufacturers in China and Japan. Additionally, the need for magnetic sensors in the region has increased along with the demand for high-tech smartphones and automobiles. Furthermore, in North America, connected automobiles have become very popular as the purchasing decisions of consumers have begun to depend on the connectivity features provided by different automakers. While maintaining the fundamental functions of the car, miniature magnetic sensors help to impart these capabilities.

Additionally, the region is experiencing increased demand for sensing components for use in a variety of applications, including position sensing, flow rate detection, and speed sensing. Besides this, the Europe region is expected to increase steadily in the magnetic sensors market throughout the forecast period. Hybrid vehicles are becoming more and more popular in Europe as they are incorporating Hall Effect current sensing into their power systems, which has considerably contributed to market expansion.

The report provides a detailed overview of the magnetic sensor market insights in regions including North America, Latin America, Europe, Asia-Pacific, Oceania, and the Middle East and Africa. The country-specific assessment for the magnetic sensor market has been offered for all regional market shares, along with forecasts, market scope estimates, price point assessment, and impact analysis of prominent countries and regions. Throughout this market research report, Y-o-Y growth and CAGR estimates are also incorporated for every country and region, to provide a detailed view of the magnetic sensor market. These Y-o-Y projections on regional and country-level markets brighten the political, economic, and business environment outlook, which is anticipated to have a substantial impact on the growth of the magnetic sensor market. Some key countries and regions included in the magnetic sensor market report are as follows:

• Magnetic sensor market detailed segments and segment-wise market breakdown
• Magnetic sensor market dynamics (Recent industry trends, drivers, restraints, growth potential, opportunities in magnetic sensor industry)
• Current, historical, and forthcoming 10 years market valuation in terms of magnetic sensor market size (US$ Mn), volume (Units), share (%), Y-o-Y growth rate, CAGR (%) analysis
• Magnetic sensor market demand analysis
• Magnetic sensor market pricing analysis over the forecast period (by key segment and by region)
• Magnetic sensor market regional insights with the region-wise market breakdown
• Competitive analysis – key companies profiling including their market share, product offerings, and competitive strategies.
• Latest developments and innovations in the magnetic sensor market
• Regulatory landscape by key regions and key countries
• Supply chain and value chain analysis in the magnetic sensor market
• Magnetic sensor market sales and distribution strategies
• A comprehensive overview of the parent market
• A detailed viewpoint on the magnetic sensor market forecast by countries
• Mergers and acquisitions in the magnetic sensor market
• Essential information to enhance market position
• Robust research methodology