Magnetic Field Sensor Market

The rising adoption of magnetic sensors in advanced applications, such as autonomous cars, is expected to spur the growth of the magnetic market across the globe. Magnetic sensors used in these systems are highly efficient, accurate, reliable, robust, and simple in design. Magnetic sensor manufacturers increasingly invest in different magnetic sensing technologies, such as 3D sensing, tunnel magnetoresistance (TMR), and giant magnetoresistance (GMR), to enhance their domain expertise and strengthen their market position. Moreover, these players are also expanding their magnetic sensor product portfolios by introducing newer products to cater to the needs of various end-use markets.

For instance, in February 2020, Allegro MicroSystems, LLC (US) introduced ATS19580, a fully-integrated, back-biased GMR transmission speed and direction sensor for automotive applications. The sensor helps reduce system size, complexity, and costs, improving fuel economy. This factor drives the market CAGR.

Hybrid and electric vehicles are also gaining traction as they are more digitally connected than conventional vehicles. Also, they reduce the consumption of fossil fuels, such as petrol and diesel, reduce warming and ecological damage, and offer superior fuel efficiency. Additionally, due to COVID-19, the automotive industry has been facing a slowdown in demand for hybrid, electric, and autonomous vehicles. However, the demand for hybrid, electric, and autonomous cars is likely higher than any other vehicle type post-COVID-19.

The surge in demand for these cars can be attributed to changing lifestyles, governments encouraging the adoption of green vehicles to reduce CO2 emissions, and the advent of advanced technologies.

One of the major advantages of using electric cars is that these cars are pollution free. In addition, several giant car manufacturers, such as GM (US), Ford (US), and Renault (France), are expanding their hybrid and electric car businesses. Power electronics is a key technology for hybrids and accounts for ~20% of the total cost of hybrid vehicles. This creates high growth in the Magnetic Field Sensor market revenue.

The Global Magnetic Field Sensor Market Industry experiences a notable surge in demand from the automotive sector, driven by the increasing adoption of advanced driver-assistance systems (ADAS) and electric vehicles (EVs). Magnetic field sensors play a crucial role in applications such as position sensing, navigation, and battery management systems. As the automotive industry transitions towards electrification and automation, the market is projected to reach 6.42 USD Billion in 2024. This growth is indicative of the industry's shift towards integrating sophisticated sensor technologies to enhance vehicle safety and efficiency.

By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American magnetic field sensor market area will dominate this market, owing to the presence of a well-developed automotive sector, increasing use of new technologies, and the strong presence of prominent competitors may contribute to the market growth in this Region.

Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure2:GLOBALMAGNETIC FIELD SENSOR MARKET SHARE BY REGION 2022 (%)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Europe's Magnetic Field Sensor market accounts for the second-largest market share due to the suit client expectations; manufacturers across the country are constantly producing new items. The new product is resistant to moisture and dust and has high sensing accuracy. Such product development by prominent vendors drives this Region's magnetic field sensor market. Further, the German Magnetic Field Sensor market held the largest market share, and the UK Magnetic Field Sensor market was the fastest-growing market in the European Region.

The Asia-Pacific Magnetic Field Sensor Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due torapid consumer electronics, industrial, and automobile growth. Moreover, China’s Magnetic Field Sensor market held the largest market share, and the Indian Magnetic Field Sensor market was the fastest-growing market in the Asia-Pacific region.

Leading market players are investing heavily in research and development to expand their product lines, which will help the Magnetic Field Sensor market grow even more. Market participants are also undertaking various strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. The magnetic field sensor industry must offer cost-effective items to expand and survive in a more competitive and rising market climate.

Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the Magnetic Field Sensor industry to benefit clients and increase the market sector. The Magnetic Field Sensor industry has offered some of the most significant advantages in recent years. Major players in the Magnetic Field Sensor market, including Analog Devises Inc., Texas Instruments Inc.,NXP Semiconductors NV, Sensata Technologies Inc, Honeywell International Inc., Vishay Intertechnology Inc., Microchip Technology Inc., and others, are attempting to increase market demand by investing in research and development operations.

Allegro Microsystems manufactures ultra-modern regulators and magnetic sensors for motion control and energy efficiency. Manchester, Manchester, United Kingdom. Allegro MicroSystems launched the ATS17051, one of the first gear tooth sensor ICs designed to provide an incremental position for electric vehicle traction motors operating up to 30k RPM. The device addresses the engineers' traction motor challenges, which include vibration at startup and running mode, high rotational speed, mechanical space constraints, high operating temperatures, and ISO 26262 safety requirements.

Infineon Technologies AG is Germany's largest semiconductor manufacturer, founded in 1999 when the semiconductor operations of the former parent company Siemens AG were spun off. Infineon has about 50,280 employees and is one of the ten largest semiconductor manufacturers worldwide.Infineon Technologies AG expanded its sensor portfolio with a new AMR-based angle sensor to provide high accuracy in low magnetic fields. The XENSIV TLE109A16 product line addresses the need for precise, fast, and cost-efficient angle measurement at one of the high functional safety levels in automotive and industrial applications.