Increase in incorporation of magnetic sensors in consumer electronics, growth in adoption of magnetic sensors for automotive applications, and increasing investments in magnetic sensor ecosystem to drive the growth of magnetic sensor market.
New York, Sept. 16, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Magnetic Sensor Market with COVID-19 Impact Analysis by Type, Range, Application, End-user Industry, Geography - Global Forecast to 2025" - https://www.reportlinker.com/p05144554/?utm_source=GNW
The magnetic sensor market is projected to grow from USD 4.3 billion in 2020 to USD 6.2 billion by 2025, recording a CAGR of 7.7% between 2020 and 2025. Major factors driving the growth of the magnetic sensor market include unceasing growth of consumer electronics industry and intensifying focus of manufacturers towards producing 3D magnetic sensors.
Based on type, Hall effect sensor segment held the largest share of the magnetic sensor market in 2019
In the magnetic sensor market, the demand for Hall ICs is higher than the demand for Hall elements, due to the simplicity of Hall ICs compared with Hall elements.The demand stems majorly from the automotive and consumer electronics industries.
Gallium arsenide is the core material used in Hall elements, which produces low-level signals.
Based on range, >10 gauss segment held the largest share of the magnetic sensor market in 2019
Based on range, the >10 gauss segment held the largest share of the magnetic sensor market in 2019 and is expected to continue to grow with the same momentum in the future. The growth of the segment can be attributed to the major use of >10 gauss (Bias magnetic field sensor) technology in the automotive industry.
Based on application, position sensing application held the largest market share in 2019
The position sensing segment held the majority share of the magnetic sensor market in 2019. The growth of this segment can be attributed to the increase in the deployment of position sensors in automotive, consumer electronics, robotics, and healthcare industries.
Based on end-user industry, transportation segment held the major share of magnetic sensor market
The transportation industry held the major share of the magnetic sensor market in 2019.The surge in demand for safety and navigation features in the automotive industry has propelled the usage of magnetic sensors in this industry.
Safety-related mandates in regions such as North America and Europe are acting as drivers for towering demand for magnetic sensors in the transportation industry.
In-depth interviews have been conducted with chief executive officers (CEOs), marketing managers, and other executives from various key organizations operating in the magnetic sensor marketplace.
• By Company Type: Tier 1 – 25%, Tier 2 – 35%, and Tier 3 – 40%
• By Designation: C-Level Executives – 35%, Managers – 25%, and Others – 40%
• By Region: North America – 25%, Europe – 42%, APAC – 21%, and RoW – 12%
Asahi Kasei Corporation (Japan), Allegro MicroSystems, LLC (US), Infineon Technologies AG (Germany), TDK Corporation (Japan), Melexis (Belgium), Honeywell International Inc. (US), TE Connectivity (Switzerland), ams AG (Austria) are some of the key players in the magnetic sensor market.
The study includes an in-depth competitive analysis of these key players in the magnetic sensor market, with their company profiles, recent developments, and key market strategies.
The report defines, describes, and forecasts the magnetic sensor market based on type, range, application, end-user industry, and region.It provides detailed information regarding factors such as drivers, restraints, opportunities, and challenges influencing the growth of the magnetic sensor market.
It also analyzes product launches and developments, expansions, partnerships, joint ventures, collaborations, agreements, and mergers and acquisitions carried out by the key players to grow in the market.
Key Benefits of Buying the Report
This report will help market leaders/new entrants in this industry with information on the closest approximations of the revenue numbers for the overall magnetic sensor market and the subsegments.The report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
The report will also help stakeholders to understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.
Read the full report: https://www.reportlinker.com/p05144554/?utm_source=GNW
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