Future Market Insights’ report titled “Magnetic Sensor Market – Global Industry Analysis 2013-2017 and Forecast 2018-2028”, foresees the global magnetic sensor market expanding at a CAGR of 4.8% during the forecast period. The market was valued at $1,906.1 million in 2018 and is projected to reach $3,053.5 million by 2028.
- By technology, the market is segmented as Hall effect, AMR (anisotropic magneto-resistive), GMR (giant magneto-resistance), and TMR (tunnel magneto-resistance).
- Hall Effect sub-segment is expected to account for a relatively higher CAGR of 5.2% during the forecast period. The Hall Effect sub-segment also accounted for the largest market share of 45.4% in 2017.
- Advancements in vehicle technology, increasing electrifications, and the growing demand for smart products are some of the major factors which are fueling growth.
- Automotive sub-segment accounted for a relative higher CAGR of 5.3% because of an increase in the demand for connected vehicles and advanced driving assistance.
- North America accounted for the largest market share in 2018. The increasing number of vehicles and an increase in the production of automotive parts are important factors which are driving the growth of the magnetic sensor market in North America.
- Magnetic sensor market in SEA & Others of APAC is expected to account for a relatively higher CAGR of 5.9% during the forecast period. Also, the demand for magnetic sensors is increasing in the markets in Western Europe, China, and Japan.
- Vendors in the magnetic sensor market are Texas Instruments Incorporated, Infineon Technologies AG, NXP Semiconductors, STMicroelectronics, TE Connectivity, Analog Devices, Inc., Asahi Kasei Corporation, Honeywell International Inc., and Diodes Incorporated.
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