On-Board Magnetics Market Application Estimates and Trend Analysis by 2018-2023
The On-Board Magnetic Sensor Market was valued at USD 1.16 Billion in 2017 and is estimated to reach USD 1.89 Billion by 2023, at a CAGR of 8.4% during the forecast period. The base year considered for the study is 2017, and the forecast period is between 2018 and 2023. The objective of the report is to provide a detailed analysis of the on-board magnetic sensor market on the basis of type, vertical, magnetic density, and geography. The report provides detailed information regarding the major factors influencing the growth of the on-board magnetic sensor market. The report also provides a detailed overview of the value chain of the on-board magnetic sensor market.
The research methodology used to estimate and forecast the on-board magnetic sensor market begins with obtaining data through secondary research from the International Frequency Sensor Association (IFSA), the European Magnetism Association, and the Nanotechnology World Association. The offerings of the on-board magnetic sensor providers have also been considered to determine the market segmentation. The bottom-up procedure has been employed to arrive at the overall size of the on-board magnetic sensor market from the revenue of key players. After arriving at the overall market size, the overall market has been split into several segments and subsegments, which then has been verified through primary research by conducting extensive interviews with officials such as CEOs, VPs, directors, and executives, holding key positions in the industry. The market breakdown and data triangulation procedures have been employed to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments. The breakdown of the profiles of primaries has been depicted in the following figure.
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Automotive vertical expected to hold major share of on-board magnetic sensor market during forecast period
The on-board magnetic sensor market for automotive is expected to hold the largest share by 2023. The aim of the automobile manufacturers to enhance the convenience and safety of drivers and passengers is expected to propel the demand for on-board magnetic sensors in the automotive vertical. In this vertical, on-board magnetic sensors are used in engine positioning, displacement, rotary positioning, linear positioning, timing, and angle sensing application. Moreover, the development of advanced vehicles, such as hybrid vehicles, and the increased production of passenger vehicles are the major factors fueling the demand for on-board magnetic sensors in the automotive vertical.
>10 gauss (BIAS magnetic field sensor) magnetic density expected to hold major share of on-board magnetic sensor market between 2018 and 2023
>10 gauss magnetic density is expected to dominate the overall on-board magnetic sensor market during the forecast period. The automotive segment is the major revenue pocket for the on-board magnetic sensor market. The BIAS magnetic field sensor technology, mainly comprising Hall and GMR sensors, is widely used in automotive applications. The BIAS magnetic field sensor technology also finds applications in the industrial and infrastructure segment in automation equipment, conveyors, packaging equipment, and other applications incorporating motor latches.
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On-board magnetic sensor market in APAC expected to grow at highest CAGR during forecast period
On-board magnetic sensors are in high demand in APAC owing to the increasing focus of the region to automotive, consumer electronics, and healthcare verticals. In this study, the on-board magnetic sensor market in APAC has been divided into India, China, Japan, South Korea, and Rest of APAC. China is the largest automotive and consumer electronics manufacturing country in the world. Thus, the fastest growth in APAC will be seen in China mainly due to the applications such as antilock braking systems and central locking systems wherein on-board magnetic sensors are largely used. Moreover, the gaming industry is also booming at a fast rate, which will add to the consumption of on-board magnetic sensors in consumer electronics in the country.
Major companies involved in the development of on-board magnetic sensors include Asahi Kasei Microdevices (Japan), Sanken Electric (Allegro Subsidiary) (Japan), Infineon Technologies (Germany), TDK Corporation (Japan), and Melexis NV (Belgium), Murata Manufacturing (Japan), Honeywell International (US), TE Connectivity (Switzerland), AMS (Austria), and NXP Semiconductors N.V. (Netherlands), among others.
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