The global magnetic sensors market was valued at 2,112.6 Million in 2017, while the demand was estimated at 3,488-thousand units in the same year. According to Transparency Market Research’s report, “Magnetic Sensors Market" - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018-2026”, the market is expected to register a stable CAGR of over 7% during from 2018 to 2026. Encouragement from the government to use eco-friendly vehicles and growth of consumer electronics and appliances has increased the penetration and growth of the magnetic sensors market globally. The market in North America is expanding at a significant CAGR of 7.3% on the backdrop of growing deployment of autonomous vehicles and presence of large number of market players.
- Growth in Consumer Electronics and Appliances to Drive Market Growth
- Hall Effect Segment to Dominate the Global Magnetic Sensors Market
- Surging demand for magnetic sensors from the automotive sector, driving the market
- Surging demand for smartphones and automobiles and constant growth in automotive industry in the U.S., Germany, China, India, South Africa, and Brazil to create more opportunities in the market
- Key Players such as Asahi Kasei Corporation, Infineon Technologies AG, TE Connectivity Corporation, and Honeywell International Inc. are likely to continue to lead the global magnetic sensors market
Transparency Market Research
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