According to a new report, published by KBV research, The Global Magnetic Sensor Market size is expected to reach $5.9 billion by 2030, rising at a market growth of 5.8% CAGR during the forecast period. In the year 2022, the market attained a volume of 1,514.9 million Units experiencing a growth of 5.9% (2019-2022).
The Consumer Electronics segment is experiencing a CAGR of 6.2% during (2023 - 2030). Magnetic sensors, particularly magnetometers, are widely used in smartphones and tablet devices to enable compass functionality. This functionality is essential for various applications, including navigation, mapping, and augmented reality, enhancing the overall user experience. The rise of the Internet of Things (IoT) and the popularity of wearable devices have further propelled the growth of magnetic sensors in consumer electronics. Magnetic sensors contribute to features such as step counting, gesture recognition, and compass applications in devices like smartwatches and fitness trackers. As a result, there will be increased demand in the segment.
The Hall Effect segment is generating the highest revenue in the Global Magnetic Sensor Market by Technology in 2022; thereby, achieving a market value of $3.4 billion by 2030. Hall effect sensors are widely used in vehicles for speed sensing, position detection, and gear position sensing applications. The transition from traditional mechanical systems to electronic automobile components has significantly increased the demand for Hall Effect sensors. The growth of hybrid and electric vehicles has further propelled the growth of the hall effect segment. Hall effect sensors play a crucial role in electric motor control, providing precise feedback on the position and speed of the motor. These factors will boost the demand in the segment.
The Speed Sensing segment would exhibit a CAGR of 5.6% during (2023 - 2030). In consumer electronics and IoT devices, magnetic sensors are used for speed sensing in applications such as computer fans, hard disk drives, and gaming peripherals where monitoring rotational speed is essential for performance and safety. Magnetic speed sensors are utilized in the energy sector, including monitoring the speed of rotating parts in turbines, generators, and other machinery in power plants, contributing to efficient energy production. The demand for speed sensing applications using magnetic sensors is expected to grow further as industries increasingly emphasize accuracy, reliability, and cost-efficiency in their speed detection systems for various applications.
The Asia Pacific region dominated the Global Magnetic Sensor Market by Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $2.3 billion by 2030. The Europe market is anticipated to grow a CAGR of 5.4% during (2023 - 2030). Additionally, The North America market would witness a CAGR of 5.1% during (2023 - 2030).
Full Report: https://www.kbvresearch.com/magnetic-sensor-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Honeywell International, Inc., Microsemi Corporation (Microchip Technology), NVE Corporation, NXP Semiconductors N.V., Robert Bosch GmbH, TDK Corporation, MEMSIC Semiconductor Co., Ltd. (IDG Capital Investment Consultant Beijing Co Ltd.), Infineon Technologies AG, Magnetic Sensors Corporation and MultiDimension Technology Co., Ltd.
By End-use (Volume, Million Units, USD Billion/Million, 2019-2030)
By Technology (Volume, Million Units, USD Billion/Million, 2019-2030)
By Application (Volume, Million Units, USD Billion/Million, 2019-2030)
By Geography (Volume, Million Units, USD Billion/Million, 2019-2030)
Companies Profiled
Unique Offerings 
