On-Board Magnetic Sensor Market

• Growth of the consumer electronics sector is driving the market growth

Market CAGR for on-board magnetic sensors is being driven by the growing consumer electronics sector owing to the growth of laptops, tablets and other electronic gadgets largely for business needs, work-from-home scenarios, online classes, and gaming sectors are accelerating the market growth. Due to the magnetic sensors, smartphones are equipped with geophysical sensor technology for geophysical data acquisition. In addition, smartphones are equipped with multiple integrated sensors such as cameras, global positioning system receivers and others.

According to Intelligence Node, the number of smartphone users in the United States crossed 273 million in 2021, and smartphone shipments reached 169 million units in 2021 globally. In many countries such as UAE, the US and others, consumers are increasingly concerned about long-term growth in personnel wealth. This factor results in low-density living and an increasing volume of households, thereby leading to the demand for consumer electronics as consumers are using smartphones, television, and personal computers.

Furthermore, companies such as Microsoft, Samsung and others have been investing heavily in acquisitions, expansion and R&D for advancements in consumer electronics in these countries such as Mexico and the U.S.

The Global On-Board Magnetic Sensor Market Industry experiences a notable surge in demand driven by the proliferation of consumer electronics. As devices such as smartphones, tablets, and wearables increasingly incorporate advanced sensing technologies, the need for reliable magnetic sensors becomes paramount. In 2024, the market is projected to reach 1.76 USD Billion, reflecting a growing trend towards miniaturization and enhanced functionality in electronic devices. This trend is likely to continue, as manufacturers seek to integrate magnetic sensors for applications like navigation and motion detection, thereby expanding the market's scope and potential.

By region, the study delivers market insights into North America, Europe, Asia-Pacific and the Rest of the World. The North American on-board magnetic sensor market will dominate, due to the increased use of applications, such as anti-braking systems (ABS) and anti-locking systems, where magnetic sensors are widely utilized will boost the market growth in this region. Further, the US on-board magnetic sensor market held the largest market share, and the Canadian on-board magnetic sensor market was the fastest growing market in the North American region.

Further, the key countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: On-Board Magnetic Sensor Market SHARE BY REGION 2022 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe's on-board magnetic sensor market accounts for the second-largest market share due to the growth of the automotive industry in this region. Further, the German on-board magnetic sensor market held the largest market share, and the UK on-board magnetic sensor market was the fastest growing market in the European region.

The Asia-Pacific on-board magnetic sensor market is expected to grow at the fastest CAGR from 2024 to 2032. This is due to the growth of consumer electronics, especially in emerging countries such as India and China, which will boost regional growth. Moreover, China’s on-board magnetic sensor market held the largest market share, and the Indian on-board magnetic sensor market was the fastest growing market in the Asia-Pacific region.

Leading market players are supporting heavily in research and development to extend their product lines, which will help the on-board magnetic Sensor market grow even more. Market participants are also undertaking numerous strategic activities to expand their footprint globally, with important market developments including unique product launches, mergers and acquisitions, higher investments, contractual agreements, and collaboration with other organizations. To enhance and survive in a more competitive and rising market climate, the on-board magnetic sensor industry must offer cost-effective items.

Manufacturing locally to decrease operational costs is one of the major business tactics manufacturers use in the global on-board magnetic sensor industry to benefit clients and increase the market sector. Major players in the on-board magnetic sensor market, including Asahi Kasei Microdevices Corporation (Japan), Austria Mikro Systeme (Austria), HONEYWELL INTERNATIONAL INC. (US), Infineon Technologies AG (Germany), Kohshin Electric (Japan), and others, are attempting to enhance market demand by investing in research and development operations.

Infineon Technologies AG is a semiconductor solutions provider. The company develops, designs, manufactures, and markets application-specific ICs. It offers microcontrollers, radio frequencies, sensors, interfaces, and transistor products. The company's products find application in diverse areas, including automotive, industrial power control, power management, consumer electronics, computing and data storage, switches and routers, sensing solutions, and security in IoT applications. In June 2019, Infineon Technologies AG expanded its sensor portfolio with a new AMR-based angle sensor aimed at providing high accuracy in low magnetic fields.

The XENSIV TLE109A16 product line addresses the need for precise, fast, and cost-efficient angle measurement at one of the high functional safety levels in automotive and industrial applications.

Variohm Holdings Ltd. operates as a holding company. The Company, through its subsidiaries, offers position, pressure, and temperature sensors. Variohm Holdings designs develops, and delivers a broad range of sensor solutions. In November 2020, Variohm Group expanded by acquiring magnetic encoder specialist Phoenix America. Phoenix America is a leading magnetic encoder and magnetic sensor solutions specialist.