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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Adoption of E-Compass in Consumer Electronics Augmenting the Market Growth
The consumer electronics application segment is expected to hold a significant share in the e-compass industry, followed by automotive application, which is expected to grow at a rapid pace. The increasing adoption of e-compass in consumer electronics like smartphones, tablets, and wearable devices, growing disposable income, rapid urbanisation, and changing consumer lifestyles across the globe are the major driving factors behind the growth of the e-compass industry.
E-compass sensors are used in portable electronic devices primarily as a navigational tool. The adoption of these sensors has also been aided by the development of newer compact and low-power e-compass sensors with a higher degree of freedom. For more reliability, some applications, such as surveying and aerospace, have relied on higher-grade e-compass sensors. Additionally, the growing usage of e-compasses in autonomous underwater vehicles and unmanned aerial vehicle systems is projected to open new growth opportunities in the market. This rapid adoption of e-compass sensors in the critical sectors can be credited to the extensive research and development and constant need for upgrades to better equipment. Thus, the need for better access to technology and increasing demand for a simple user interface is propelling the growth of the e-compass industry.
E-Compass Market Report Snapshots
E-Compass Market Regional Analysis
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the market attained a value of approximately USD 2.44 billion.
The market is projected to grow at a CAGR of 15% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 8.55 billion by 2032.
The major drivers of the market include rising disposable income, rapid urbanisation, low cost of manufacturing, changing consumer lifestyles, and rising access to technology.
The rising adoption of consumer electronics and growing usage of e-compasses in autonomous underwater vehicles and unmanned aerial vehicle systems are the key trends propelling the growth of the market.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The leading technologies in the market include fluxgate, hall-effect, and magnetoresistive, among others.
The significant applications of e-compass in the market are consumer electronics, aerospace and defence, automotive, marine, and surveying, among others.
The leading sensor types in the market are 1 and 2- axis, 3-axis, 6-Axis, and 9-Axis.
The key players in the global e-compass market are Asahi Kasei Microdevices Corporation, Robert Bosch GmbH, NXP Semiconductors N.V, Honeywell International Inc., Garmin Ltd., and STMicroelectronics N.V., among others.
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