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Report Overview
The global magnetic sensor market attained a value of USD 2.68 billion in 2023. The industry is further expected to grow at a CAGR of 7.2% in the forecast period of 2024-2032 to reach a value of USD 5.00 billion by 2032.
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Magnetic Sensor Market Analysis
The global magnetic sensor market is being driven by technological advancements. The rising demand for reliable, high-performance, and low-cost sensor is further propelling the growth of the industry. The Asia Pacific is expected to lead the industry as a result of an increasing focus on the automotive, consumer electronics, and healthcare industries, with China being the largest producer for automotive and consumer electronics due to the speedy growth of gaming industry in the region. The consumer electronics magnetic sensor market is anticipated to grow at the fastest rate due to the introduction of new apps like movement gaming and navigation.
Magnetic Sensor Market Report Snapshots
Magnetic Sensor Market 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 global magnetic sensor market attained a value of nearly USD 2.68 billion.
The market is projected to grow at a CAGR of 7.2% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach about USD 5.00 billion by 2032.
The major drivers for the market include the rising demand for consumer electronics, electric and hybrid vehicles, and high-quality sensing devices, and the growing technological advancements, are expected to aid the market growth.
The key trend guiding the market growth includes the introduction of new apps like movement gaming and navigation.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
Hall effect, anisotropic magneto resistance (AMR), giant magneto resistance (GMR), and tunnelling magneto resistance (TMR), among others, are the significant technology segments of the product in the market.
Transportation, consumer electronics, healthcare, aerospace and defence, and BFSI, among others, are the major end use sectors of magnetic sensor in the market.
The major players in the market include Asahi Kasei Microdevices Corporation, Allegro MicroSystems, Inc., Infineon Technologies AG, TDK Corporation, TE connectivity Corporation., Melexis NV, NXP Semiconductors N.V., Others.
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