Onboard Magnetic Sensor Market Size, Share, Industry Trends and Forecast to 2030

1. Market Size & CAGR of Onboard Magnetic Sensor Market in 2021

The global onboard magnetic sensor market is estimated to have reached a value of USD 2.5 billion in 2021. The market is projected to grow at a compound annual growth rate (CAGR) of 6% from 2021 to 2028. This growth is attributed to the increasing demand for onboard magnetic sensors in various industries such as automotive, consumer electronics, and aerospace.

2. COVID-19 Impact on the Onboard Magnetic Sensor Market

The COVID-19 pandemic had a mixed impact on the onboard magnetic sensor market. While the initial lockdowns and supply chain disruptions affected the market negatively, the increased adoption of digital technologies and the growing demand for smart devices boosted the market growth. The market witnessed a slight downturn in 2020 but recovered quickly in 2021.

3. Onboard Magnetic Sensor Dynamics

The onboard magnetic sensor market is driven by factors such as the increasing use of magnetic sensors in automotive safety systems, the growing demand for consumer electronics with advanced features, and the rising adoption of IoT and smart technologies. Additionally, the development of new applications in industries such as healthcare and robotics is fueling the market growth.

4. Segments and Related Analysis

The onboard magnetic sensor market is segmented based on technology, application, and end-user industry. The key technologies include Hall Effect sensors, magnetoresistive sensors, and SQUID sensors. The major applications of onboard magnetic sensors are in automotive systems, industrial automation, consumer electronics, and aerospace. The end-user industries driving the market include automotive, healthcare, aerospace, and defense.

5. By Region Analysis

The onboard magnetic sensor market is analyzed across regions such as North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America holds the largest market share due to the presence of key players and technological advancements in the region. Asia Pacific is expected to witness the highest growth rate due to the increasing adoption of magnetic sensors in automotive and consumer electronics industries.

6. Key Market Players and Competitive Landscape

Some of the key players in the onboard magnetic sensor market include Allegro MicroSystems, Infineon Technologies, AMS AG, NXP Semiconductors, and Honeywell International. These companies focus on product innovation, strategic partnerships, and acquisitions to maintain their competitive position in the market. The market is highly competitive, with the players investing in research and development to launch advanced sensor technologies.

7. Recent Happenings in the Onboard Magnetic Sensor Market

In recent news, Allegro MicroSystems announced the launch of a new high-temperature magnetic sensor for automotive applications. The sensor is designed to withstand extreme temperatures and provide accurate data in harsh environments. This development is expected to drive the adoption of magnetic sensors in the automotive industry. Additionally, AMS AG introduced a new magnetoresistive sensor with enhanced sensitivity and low power consumption, catering to the growing demand for energy-efficient sensors in consumer electronics.