With an anticipated value of USD 1.26 billion in 2018 and a projected value of USD 1.89 billion by 2023, the On-Board Magnetic Sensor Market has shown exceptional growth. Between 2018 and 2023, this expansion offers a noteworthy compound annual growth rate (CAGR) of 8.4%. The constant growth of on-board magnetic sensors in consumer electronics applications is the main driver of the market's upward trajectory. Additionally, this progress has been greatly aided by the critical function that on-board magnetic sensors have in navigation. The on-board magnetic sensor market has a bright future because of the growing use of these sensors in a variety of technological applications, which highlights their critical role and ability to transform how people interact with technology and move around the digital world.

Key Players:

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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Automotive vertical expected to hold major share of On-Board Magnetic Sensor Market during forecast period

By 2023, it is anticipated that the automotive industry would control the On-Board Magnetic Sensor Market and hold the greatest share. Increased demand for on-board magnetic sensors in the vehicle industry is largely due to automakers' unrelenting quest to increase convenience and safety for both drivers and passengers. Within this industry, these sensors are crucial for engine location, displacement, rotational and linear positioning, timing, and angle sensing. On-board magnetic sensors are increasingly in demand in the automotive industry due to ongoing developments in vehicle technology, such as the advent of hybrid vehicles, as well as increased manufacturing of passenger cars. The sector's anticipated expansion emphasises the crucial role that these sensors play in developing automotive technology and highlights the market's strong potential.

>10 gauss (BIAS magnetic field sensor) magnetic density expected to hold major share of On-Board Magnetic Sensor Market between 2018 and 2023

A magnetic density of >10 gauss is anticipated to command a sizable proportion in the On-Board Magnetic Sensor Market between 2018 and 2023. The automotive industry, which is a major source of revenue for the market for on-board magnetic sensors, is expected to drive demand for this degree of magnetic density to dominate the market. Due to its higher sensitivity and accuracy, the BIAS (Bias in Silicon) magnetic field sensor technology, which includes Hall and GMR sensors, is widely used in automotive applications. The BIAS magnetic field sensor technology can also be used in the infrastructural and industrial sectors, specifically in conveyors, packaging equipment, automation equipment, and numerous applications integrating motor locks. This highlights the significant impact and widespread use of >10 gauss magnetic density in the on-board magnetic sensor market, illuminating a bright future for the sector during the projection period.

On-Board Magnetic Sensor Market in APAC expected to grow at highest CAGR during forecast period

The Asia-Pacific (APAC) region is anticipated to have the highest Compound Annual Growth Rate (CAGR) for the On-Board Magnetic Sensor Market during the forecast period. On-board magnetic sensor demand has increased dramatically in APAC as a result of the region's growing focus on the automotive, consumer electronics, and healthcare sectors. India, China, Japan, South Korea, and the rest of APAC are among the important nations that make up the APAC market segments. Due to the widespread use of on-board magnetic sensors, particularly in antilock braking systems and central locking systems, China, which is known as a worldwide manufacturing hub for automotive and consumer electronics, is anticipated to have the quickest development among these. Further boosting the need for on-board magnetic sensors in the consumer electronics market will be China's expanding gaming market. Together, these variables point to a market with a strong growth trajectory for on-board magnetic sensors in the APAC region over the projection period.

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