Magnetic Sensors Market Strategies, Top Players, Growth Opportunities, Analysis and Forecast by 2031

The magnetic sensors market size is projected to reach US$ 9.89 billion by 2031 from US$ 5.58 billion in 2023. The market is expected to register a CAGR of 7.40% during 2023–2031. Increasing demand for hybrid and electrical vehicles is likely to remain a key trend in the market.

Magnetic Sensors Market Analysis

The market has witnessed significant growth in recent years, driven by rising automotive industries, growing government initiatives for the adoption of electric vehicles, and a rise in the demand for consumer electronics. Due to the mounting demand in the automotive sector, the magnetic sensors market is projected to exhibit a robust growth rate throughout the forecast period. Magnetic sensor manufacturers are constantly engaged to provide efficient devices that can be integrated across the automotive industry. For example, in September 2022, ALPS ALPINE CO. LTD unveiled two new products to its product portfolio to support the ongoing electrification of vehicles. These high-precision and high-output magnetic angle sensors were built for automotive applications such as steering angle detection and electronic shifters automotive motors. Thus, magnetic sensor devices for contactless operations and enhanced angular speed and rotation angle measurements drive its demand in the automotive industry. In addition, the increasing investment and R&D activities for developing advanced sensory devices by the manufacturers are one of the prominent factors fueling the market. The manufacturers are focused on building sensors that can be incorporated into the devices with features such as speed, motion detection, and proximity to cater to the automotive industry's demand, propelling the demand for magnetic sensors.

Magnetic Sensors Market Overview

Magnetic sensors are the devices used to detect speed, distance, rotation, position, and angle by converting magnetic data into electrical signals. Electrical circuits process the converted signals. Magnetic sensors became prevalent and used in various applications because of their easy operation and enhanced vibrations, water, and dust tolerance. These are high-frequency magnetic sensors, and the electric resistance and the external load can limit the frequency usage. The built-in magnetic sensors identify iron and create a digital or analog output signal. Hall switches, reed switches, and other magnetic sensors sense the magnetic field of a magnet or electric coil

Magnetic sensors are widely used in various industries such as aerospace, automotive, electronics, medical devices, and others, driving the market. High penetration of advanced, feature-rich smartphones and tablets has augmented the need for advanced sensing components estimated to impact the magnetic sensors market over the forecasted period positively.

With introducing the Industry 4.0 concept in manufacturing facilities, adopting automation for mass customizations is vital in large-scale production in a shorter time. The use of advanced machinery to reduce the downtime of the production process and provide accurate results is propelling the demand for magnetic sensors and fueling the market size.

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Magnetic Sensors Market: Strategic Insights

Magnetic Sensors Market

• Market Size 2023
  US$ 5.58 Billion
• Market Size 2031
  US$ 9.89 Billion

Market Dynamics

GROWTH DRIVERS

• The rise in the demand for consumer electronics

FUTURE TRENDS

• Increasing demand for hybrid and electrical vehicles

OPPORTUNITIES

• Growing Technological Advancement

Regional Overview

• North America
• Europe
• Asia-Pacific
• South and Central America
• Middle East and Africa

Market Segmentation

Type

• Hall Effect Sensors
• Magnetoresistive Sensors
• SQUID Sensors
• Fluxgate Sensors

Applications

• Speed Sensing
• Detection/NDT
• Position Sensing
• Navigation and Electronic Compass
• Flow Rate Sensing

End-User

• RF FEM
• Transportation
• Consumer Electronics
• Healthcare
• Aerospace and Defense
• Industrial
• BFSI

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Magnetic Sensors Market Drivers and Opportunities

Rise in the Demand for Consumer Electronics

The magnetic sensors market growth is directly associated with the growth of the electronic industry. Growing urbanization and rising disposable income worldwide contribute to the consumer electronics market growth. For instance, according to the US Bureau of Economic Analysis, disposable personal income (DPI) in the US increased by 0.5% in February 2023 compared to January 2023. The growth in an individual’s disposable income increases the standard of living and contributes to the strong purchasing power of consumer electronics such as smartphones, refrigerators, and microwaves. This factor propels the country's electronic industry, further driving the market for advanced sensing applications.

Moreover, the rise in government initiatives to boost domestic production output is crucial in driving the electronic industry. According to the Ministry of Electronics & IT in March 2023, the Indian electronics manufacturing industry is expected to reach US$ 300 billion by 2031–2031. Under the National Policy on Electronics 2021 (NPE 2021), special schemes are introduced for large-scale electronics manufacturing. The" Production Linked Incentive Scheme (PLI) for Largescale Electronics Manufacturing," introduced in April 2021, provides a 4–6% incentive to eligible electronic manufacturing companies over their incremental sales year-on-year. In addition, the" Modified Electronics Manufacturing Clusters (EMC 2.0) Scheme" was introduced in April 2021 to provide financial assistance and support to companies planning to open manufacturing facilities in the country. Such initiatives by the government attract global electronic manufacturers to set up units in the country, which leads to increased electronic production and the launch of advanced manufacturing facilities, driving the demand for magnetic sensors. Magnetic sensors are used in consumer electronics, such as exercise equipment, household appliances, digital cameras, and others, further fueling the market growth.

Growing Technological Advancement

Technological advancements play a fundamental role in the growth of the market. The adoption of magnetic sensors to develop advanced sensing devices for electronic control systems in various end-user verticals is driving the demand for magnetic sensors. These systems guarantee enhanced safety, resulting from which magnetic sensors' adoption has observed a huge surge. The advanced sensing elements ensure high reliability and efficiency, enhancing electronic systems' performance in various end-user industries and fostering the market.

Magnetic Sensors Market Report Segmentation Analysis

Key segments that contributed to the derivation of the magnetic sensors market analysis are type, applications, and end-user.

• Based on the type, the magnetic sensors market is segmented into hall effect sensors, magnetoresistive sensors, SQUID sensors, fluxgate sensors, and others. The hall effect sensors segment is anticipated to witness significant growth in the forecasted period.
• Based on application, the market is segmented into speed sensing, detection/NDT, Position sensing, navigation and electronic compass, flow rate sensing, and others. The speed sensing segment is anticipated to witness significant growth in the forecasted period.
• Based on end-user, the market is segmented into RF FEM, transportation, consumer electronics, healthcare, aerospace and defense, industrial, BFSI, and others. The transportation segment is anticipated to witness significant growth in the forecasted period.

Magnetic Sensors Market Share Analysis by Geography

The geographic scope of the magnetic sensors market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.

Asia Pacific is anticipated to witness significant growth in the forecasted period. APAC region is one of the fastest growing economies, rapidly adopting magnetic sensors due to their low cost and ruggedness. China and Japan led the market. India and China, with a huge population, generate the demand for magnetic sensors due to the rise in demand for consumer electronics. The ability of magnetic sensors to detect current and angular positions generates demand for various sensing applications in end-user industries such as automotive, industrial, healthcare, and others, further fostering the APAC market growth.

Magnetic Sensors Market Market Report Scope

Magnetic Sensors Market News and Recent Developments

The magnetic sensors market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the magnetic sensors market are listed below:

• Infineon Technologies AG announced that they have combined its proven expertise in magnetic position sensors with its established linearized tunnel magnetoresistance (TMR) technology to launch the XENSIV™ TLI5590-A6W magnetic position sensor. The sensor comes in a wafer-level package and is well-suited for linear and angular incremental position detection. The device is qualified for industrial and consumer applications according to the JEDEC standard JESD47K and can be used as a replacement for optical encoders and resolvers. It is well suited for positioning lenses for zoom and focus adjustment in cameras. (Source: Infineon Technologies AG, Press Release, 2023)
• Melexis announced that they have expanded its popular MLX9042x series of 3D magnetic position sensing solutions with the MLX90423. This new device blends high accuracy for long strokes (up to 30mm), stray field immunity (SFI) and ISO26262 (supports up to ASIL D system integration). This cost-effective solution is ideal for automotive ADAS applications with space constraints such as braking systems (brake rod). (Source: Melexis, Press Release, 2023)

Magnetic Sensors Market Report Coverage and Deliverables

The “Magnetic Sensors Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• Magnetic sensors market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Magnetic sensors market trends as well as market dynamics such as drivers, restraints, and key opportunities
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• Magnetic sensors market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the magnetic sensors market
• Detailed company profiles