The global magnetic sensors market size was US$ 2,476.2 million in 2021. The global magnetic sensors market is forecast to grow to US$ 4,467.2 million by 2030 by growing at a compound annual growth rate (CAGR) of 7.1% during the forecast period from 2022 to 2030.
Factors Influencing the Market
Magnetic sensor finds wide applications in navigation devices, presence detection (building automation-related applications), medical areas, and the automotive sector. All of these sectors are growing steeply, which will drive the global magnetic sensors market forward.
The evolution in the applications of medical sensors is expected to benefit the overall market. Magnetic sensors are used as automotive control systems, braking systems, engine control systems, etc. Thus, such advancements will boost the growth of the market.
The rising demand for clean energy resources and favorable government initiatives will also contribute to the growth of the market. On the contrary, declining Average Selling Prices (ASPS) of semiconductors and sensors may limit the growth of the market.
Growing demand for consumer electronics and escalating range of innovations in the industry will be opportunistic for the magnetic sensors market. Furthermore, growing disposable income and employment rate will surge the demand for luxury items like automobiles and smart devices. Therefore, it will propel the magnetic sensors market forward.
COVID-19 Impact Analysis
The wake of the COVID-19 pandemic has impeded the growth of the automotive segment, which is one of the prominent end-users of magnetic sensors. As a result, the magnetic sensor industry witnessed significant challenges. Furthermore, the consumer electronics segment also recorded a substantial downfall, which hampered the growth of the magnetic sensor market. Apart from that, challenges associated with the manufacturing activities negatively affected the overall magnetic sensor market.
The pandemic has highlighted the demand to lower carbon emissions. Post-pandemic, the market is forecast to recover at a significant pace, owing to the growing adoption of sustainable solutions. In addition, rising healthcare expenditure will also benefit the global magnetic sensors market during the study period.
Regional Analysis
The global magnetic sensors market is forecast to grow at a significant growth rate, owing to the rising demand for consumer electronics in the region. Furthermore, the market may observe numerous opportunities in the automotive industry due to the presence of prominent automotive manufacturers, such as Toyota. Furthermore, the demand for hybrid and electric vehicles, UAVs, is also witnessed an increase in the region. Governments are also promoting the use of these vehicles in order to lower carbon emissions. As a result, it will fuel the growth of the global magnetic sensor market.
Competitors in the Market
Market Segmentation
The global magnetic sensors market segmentation focuses on Technology, Application, and Region.
By Technology Outlook
By Application Outlook
By Regional Outlook
