DUBLIN , Jan. 30, 2023 /PRNewswire/ -- Research and Markets
The "Magnetic Sensors Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2022 to 2030" report has been added to ResearchAndMarkets.com's offering. Increasing Adoption of Magnetic Sensors Globally To Ensure Rapid Growth for Magnetic Sensors Market Globally, the magnetic sensors market is expected to grow with a CAGR of 7.0% during the forecast period from 2022 to 2030, starting from US$ 2.6 Bn in 2021. Increasing adoption of new and advanced technologies in the automotive sector is expected to fuel the market, as magnetic sensors are used for measuring speed detection, proximity switching, positioning, and current sensing applications. Presently navigation systems are using magnetic sensors for different applications. The increasing utilization of navigation systems in vehicles is also driving the magnetic sensor market. Another factor that is expected to increase the adoption of the magnetic sensor in the near future for of autonomous driving. Similarly, these sensors are also having its applications in consumer electronics and other devices due to their property to withstand harsh environment. Magnetic sensors with Automotive Industry in Its Application Segment Continue Dominating the Market In 2020, the overall magnetic sensors market is led by the automotive industry in its application segment contributing to over 48% of the total revenue generated globally. The continuous development in the automobile sector and electrification in vehicles are some of the major factors for the growth of the segment. Additionally, the growing focus of vendors on automobile safety is also fueling the growth of the market, moreover, the gradually declining prices of sensors has supported product demand in the market. Further, based on technology, the Hall Effect segment holds the largest market share due to their ability of proximity sensing, positioning, speed detection, and current sensing applications. North America Dominates the Market by Region Magnetic sensors market is led by North America due to the presence of various key players present in the region such as Analog Devices Inc., Crocus Technology, Allegro MicroSystems, LLC, Honeywell International Inc., and others. Additionally, presence of various automobile manufacturing companies also fuels the growth of the market in the region.
The increasing demand for sensing devices and components in the electronic devices, healthcare instrument, and in industries is another factor which is contributing to driving the market. The US is holding the largest market share in the North America region followed by Canada and Mexico . However, Asia-Pacific region is expected to be the fastest-growing market due to increasing demand for consumer electronics in the region.
Key questions answered in this report
What are the key micro and macro environmental factors that are impacting the growth of Magnetic Sensors market?
What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
Estimated forecast and market projections up to 2030.
Which segment accounts for the fastest CAGR during the forecast period?
Which market segment holds a larger market share and why?
Are low and middle-income economies investing in the Magnetic Sensors market?
Which is the largest regional market for Magnetic Sensors market?
What are the market trends and dynamics in emerging markets such as Asia Pacific , Latin America , and Middle East & Africa ?
Which are the key trends driving Magnetic Sensors market growth?
Who are the key competitors and what are their key strategies to enhance their market presence in the Magnetic Sensors market worldwide?
For more information about this report visit https://www.researchandmarkets.com/r/ktylq5-sensors?w=5
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