Published Date: 30-Aug-2023
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According to a new report, published by KBV research, The Global Magnetoresistive Element Market size is expected to reach $3.3 billion by 2030, rising at a market growth of 5.5% CAGR during the forecast period.
The Consumer Electronics segment is leading the Global Magnetoresistive Element Market by Vertical in 2022; thereby, achieving a market value of $1.8 billion by 2030. The industry is driven by an abundance of factors, some of which include rising consumer disposable incomes, an increase in automation and digitization, and an increase in the use of personal electronic devices like smartphones, laptops, and other such devices. The COVID-19 pandemic has also had an impact on the industry since it has increased demand for gadgets that can be used for at-home remote working, entertainment, and learning, as well as for health and fitness.
The Low Magnetic Field Application segment is exhibiting a CAGR of 7% during (2023 - 2030). In some situations, reducing the magnetic field that is applied might result in less energy being used. This is significant in systems that use batteries or are energy-efficient when reducing power consumption is essential. In certain settings, high magnetic fields from outside sources might obstruct the operation of magnetoresistive elements and result in false readings.
The Asia Pacific region dominated the Global Magnetoresistive Element Market by Region in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $1.5 billion by 2030. The Europe region is estimated to grow at a CAGR of 5.3% during (2023 - 2030). Additionally, The North America region would showcase a CAGR of 5% during (2023 - 2030).
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 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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