Magnetic Field Sensor Market Size was valued at USD 5.5 billion in 2022. The Magnetic Field Sensor market industry is projected to grow from USD5.94 Billion in 2023 to USD 10.9945 billion by 2032, exhibiting Compound annual growth rate (CAGR) of 8.00% during the forecast period (2023 - 2032). The increased role of magnetic flux sensors in the application and increasing investments in the magnetic sensor ecosystem are the key market drivers enhancing market growth.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
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 Magnetic Field Sensor market segmentation, based on type, includes hall effect sensors. Hall effect sensors held the largest share of the magnetic sensor market and are expected to continue to account for the largest share over the forecast period. The segment's growth can be attributed to the rising demand for hall effect sensors from the automotive and consumer electronics industries. The automotive industry is among the major consumers of hall effect sensors; they are used in ADAS and hybrid and electric vehicles for position and speed measurement.
Based on Range, the Magnetic Field Sensor market segmentation includes 1 micro gauss, 1 micro gauss-10 Gauss. 1 Micro gauss segment dominated the market due to its wide use in the automotive industry. These are also used in the infrastructure and industrial segments in packaging equipment, automation equipment, conveyors, and other applications comprising motor latches.
Based on applications, the Magnetic Field Sensor market segmentation includes speed sensing and flow rate sensing. The speed-sensing segment dominated the market. This is due to the rising demand for highly accurate, small-size, simple design, reliable, and pocket-friendly magnetic speed sensors in the automotive industry. In the automotive industry, speed sensors are found in anti-lock braking systems (ABS), engine camshafts/crankshafts, speedometers, and automatic transmissions.
Figure1: Magnetic Field Sensor Market, by Applications, 2022 & 2032 (USD billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
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.
Texas Instruments Inc.
NXP Semiconductors NV
Sensata Technologies Inc.
Vishay Intertechnology Inc.
Microchip Technology Inc.
November 2019: 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.
June 2019: Infineon Technologies AG expanded its sensor portfolio with a new AMR-based angle sensor aimed at providing 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.
Hall Effect Sensors
1 Micro gauss
1 Micro gauss-10 Gauss
Speed Sensing
Flow Rate Sensing
North America
US
Canada
Europe
Germany
France
UK
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Australia
Rest of Asia-Pacific
Rest of the World
Middle East
Africa
Latin America
| Report Attribute/Metric | Details |
| Market Size2022 | USD 5.5 billion |
| Market Size 2023 | USD 5.94 billion |
| Market Size2032 | USD 10.9945 billion |
| Compound Annual Growth Rate (CAGR) | 8.00% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Range , Applications, and Region |
| Geographies Covered | North America, Europe, AsiaPacific, and the Rest of the World |
| Countries Covered | The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Analog Devises Inc.,Texas Instruments Inc.,NXP Semiconductors NV,Sensata Technologies Inc,Honeywell International Inc.,Vishay Intertechnology Inc.,Microchip Technology Inc |
| Key Market Opportunities | The emergence of wearable technologies |
| Key Market Dynamics | The increasing role of magnetic flux sensors in the application |
Magnetic Field Sensor Market Highlights:
Frequently Asked Questions (FAQ) :
The Magnetic Field Sensor market size was valued at USD 5.5 Billion in 2022.
The market is projected to grow at a CAGR of 8.00% during the forecast period, 2023-2032.
North America had the largest share of the market
The key players in the market areAnalog Devises Inc.,Texas Instruments Inc., NXP Semiconductors NV, Sensata Technologies Inc, Honeywell International Inc., Vishay InterTechnology Inc., and Microchip Technology Inc.
The Hall Effect Sensors Magnetic Field Sensor category dominated the market in 2022.
Speed Sensing had the largest share of the market.
Research Analyst Level II With a technical background in information technology & semiconductors, shubham has 4.5+ years of experience in market research and analytics with the tasks of data mining, analysis, and project execution. he is the poc for our clients, for their consulting projects running under the ict/semiconductor domain. shubham holds a bachelor’s in information and technology and a master of business administration (mba). shubham has executed over 150 research projects for our clients under the brand name market research future in the last 2 years. his core skill is building the research respondent relation for gathering the primary information from industry and market estimation for niche markets. he is having expertise in conducting secondary & primary research, market estimations, market projections, competitive analysis, analysing current market trends and market dynamics, deep-dive analysis on market scenarios, consumer behaviour, technological impact analysis, consulting, analytics, etc. he has worked on fortune 500 companies' syndicate and consulting projects along with several government projects. he has worked on the projects of top tech brands such as ibm, google, microsoft, aws, meta, oracle, cisco systems, samsung, accenture, vmware, schneider electric, dell, hp, ericsson, and so many others. he has worked on metaverse, web 3.0, zero-trust security, cyber-security, blockchain, quantum computing, robotics, 5g technology, high-performance computing, data centers, ai, automation, it equipment, sensors, semiconductors, consumer electronics and so many tech domain projects.
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