New York,
NY 8 Jan 2020: According to a new study published by Polaris Market Research the
global magnetic sensors
market is anticipated to reach USD 4,680.3 million by 2026.
The growing acceptance of e-compasses owing to their competence to improve the
navigation experience of the users’ is anticipated to mount the application of
magnetic sensors in automobiles during the coming years. Moreover, the
implementation of these sensors is rising in consumer electronics application
such as smart phones, and tablets, which is expected to propel the
opportunities of magnetic sensors in the consumer electronics segments during
the forecast period
In the end-user segment, for consumer
electronics market for magnetic sensors is anticipated to grow at the highest
CAGR during the forecast period. This growth is attributed to its wide usage
for navigation purpose in smartphones as in the modern day, almost every
smartphone is integrated with e-compass. In smartphones, e-compass acts as a
digital compass providing positioning of the smartphone concerning Earth’s
magnetic field thus, facilitating the smartphone to sense the precise
direction.
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The market in Asia Pacific and
Europe together contributed the highest share. The presence of large automotive
sector in European countries and consumer electronics manufacturers in Asia
Pacific is bolstering the market growth. The emerging economies of Asia Pacific
region such as China, India and other Southeast countries are contributing to
the market growth with the increasing spending capability of population
resulting in increased demand for consumer electronics, cars, gaming devices
and others. For instance, sale of cars in China surpassed the sales of US.
Also, the semiconductor industry of Asia Pacific region is growing at a high
pace thus, propelling the market growth for magnetic sensors.
Major companies profiled in the
report include Elmos Semiconductor AG, Baumer Ltd., Honeywell International,
Inc., Robert Bosch GmbH, NVE Corporation, Allegro Microsystems, Inc., Infineon
Technologies AG, Melexis Corporation, austriamicrosystems AG (AMS), and NXP
Semiconductors among others. However, the constant decrease in the average
selling price of magnetic sensors components is restricting the entry of new
players in the market.
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Key Findings from the study suggest
Asia Pacific and European region is expected to command the market over the
forecast years. APAC is presumed to be the fastest growing market, developing
at a CAGR of more than 38% over the forecast period. The magnetic sensors
market is presumed to develop at a CAGR of over 8.2% from 2018 to 2026. The
consumer electronics and automotive segment is presumed to display the
speediest development. The increasing implantation of magnetic sensors in
several consumer electronics including budget smartphones, as well as growing
demand for smart watches and fitness bands is driving the growth in APAC
region.
About Polaris Market Research
Polaris
Market Research is a global market research and consulting company. The company
specializes in providing exceptional market intelligence and in-depth business
research services for our clientele spread across different enterprises.
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