Magnetic Sensors Market is Projected to Expand at a CAGR of 7.2% during the Forecast Period 2018-2026
Magnetic Sensors Market – Snapshot
According to a new market report published by Transparency Market Research entitled “Magnetic Sensors Market–Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026,” the global magnetic sensors market is projected to expand at a CAGR of 7.2% during the forecast period 2018-2026. The global magnetic sensors market was valued at US$ 2,112.6 Mn in 2017, whereas the demand was estimated at 3,488.0 thousand units in the same year. According to the report, the global market will continue to be influenced by a range of macroeconomic and industry-specific factors.
Encouragement from governments to use eco-friendly vehicles and growth of consumer electronics and appliances has increased the penetration and growth of the magnetic sensors market globally.
Automotive Segment to Remain Most Lucrative
Automotive segment is expected to continue to be the leading segment globally during the forecast period due to increasing use of hybrid and electric cars in order to reduce environmental pollution. The automotive segment is projected to expand at the highest CAGR of 7.6% over the forecast period from 2018 to 2026.Sensing devices are being increasingly used in the automotive sector to improve vehicles’ fuel efficiency, convenience, and safety. With the surging demand for magnetic sensors from the automotive sector, the market is expected to witness healthy growth in the coming years. Sensor vendors are emphasizing on providing efficient devices, which can serve a wide range of automotive applications.
Consumer electronics segment is projected to expand at a significant CAGR over the forecast period owing to the growing use of smartphones and consumer wearable devices such as smart watches and health monitoring devices.
North America and Asia Pacific to Continue to Hold Significant Share in the Overall Market
North America accounted for the highest revenue share in 2017 due to numerous technological advancements and emerging trend of development and commercialization of connected cars in the region. In North America, many automotive manufacturers are increasingly integrating miniature magnetic sensing devices into vehicles to provide enhanced communication capabilities. Furthermore, the region is experiencing an increasing demand for sensing components in various industrial uses. This is helping the North America market to generate significant revenues. The market in the U.S. held the highest share in 2017 in North America and is estimated to expand at the highest CAGR during the forecast period. The market in North America is expected to expand at a significant CAGR of 7.3% during the forecast period. Countries across the European Union are now focusing on adoption of hybrid cars that require Hall Effect current sensing in the vehicle’s power systems in order to enhance the performance at low costs. The market in Europe is likely to witness significant CAGR growth over the forecast period. The U.K. contributed highest share in the Europe magnetic sensors market in 2017.