The Europe Magnetoresistive Element Market would witness market growth of 5.3% CAGR during the forecast period (2023-2030).
The magnetoresistive element (MRE) sensor can be used in a variety of applications where the ECU system collects data based on physical events. This may include the rotational position and velocity of the steering shaft, the rotational velocity of the wheels, the rotational position and velocity of the transmission shaft, and the rotational position and velocity of the crankshaft and camshaft.
It is possible to determine the rotating direction by adding a Wheatstone bridge to the MRE sensor's circuit. The ECU can use this information for braking for hill-holding, steering-wheel rotation for stability control, and crankshaft and camshaft reversal for engine auto-stop and start. The magnetoresistive element in each of these sensing criteria will be built into a circuit most suited to the data collected for system control by the microprocessor.
There is a growing need for advanced sensing components like magnetoresistive elements due to the widespread use of advanced, feature-rich smartphones as well as tablets. Medical R&D and non-destructive testing (NDT) have also made substantial use of these components. The average selling prices (ASPs) of elements that are magnetoresistive are continually falling. Although it is anticipated that the ASPs will continue to decline, market growth is anticipated to be boosted in the coming years by expanding applications of these components.
Europe, comprised of several top-performing automotive nations, is one of the major producers of automobiles. The automotive industry, particularly in Italy, significantly affects the nation's economy. The European market has benefited the UK auto industry with its wide range of products, which include luxury, niche, and volume vehicles, as well as its highly integrated supply chains and the substantial demand for cars made in the UK across the continent. Notably, Germany has the most OEM factories per capita in Europe. Additionally, in 2021, the German automotive industry produced 15.6 million vehicles. A significant 20% of the top 75 automotive suppliers worldwide are also German companies. The surrounding nations' increasing automobile industries offer tremendous opportunities for this region's market.
The Germany market dominated the Europe Magnetoresistive Element Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $181.4 million by 2030. The UK market is estimated to grow at a CAGR of 4.4% during (2023 - 2030). Additionally, The France market would showcase a CAGR of 6% during (2023 - 2030).
Based on Vertical, the market is segmented into Consumer Electronics, Automotive, Industrial, Aerospace & Defense, and Others. Based on Application, the market is segmented into High Magnetic Field Application, and Low Magnetic Field Application. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Worldwide Magnetoresistive Element Market is Projected to reach USD 3.3 Billion by 2030, at a CAGR of 5.5%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Robert Bosch GmbH, TDK Corporation, TE Connectivity Ltd., Cubic Sensor and Instrument Co., Ltd., Alps Alpine Co., Ltd., Honeywell International, Inc., Analog Devices, Inc., Crocus Technology, Inc., Avalanche Technology Inc., Micron Technology, Inc.
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