on-Board Magnetic Sensor Global Market Report 2024

The on-board magnetic sensor market size has grown strongly in recent years. It will grow from $1.45 billion in 2023 to $1.59 billion in 2024 at a compound annual growth rate (CAGR) of 9.5%. The expansion observed during the historical period can be attributed to increased demand in consumer electronics, advancements in industrial automation, the trend toward miniaturization and cost reduction, substantial investments in research and development (R&D), and the growing emphasis on renewable energy sources.

The on-board magnetic sensor market size is expected to see strong growth in the next few years. It will grow to $2.2 billion in 2028 at a compound annual growth rate (CAGR) of 8.4%. The anticipated growth in the forecast period can be ascribed to the rising adoption of 5G and connectivity solutions, the development of smart infrastructure, the integration of artificial intelligence (AI) and machine learning, and the expanding applications of augmented reality (AR) and virtual reality (VR). Key drivers during this period include notable technological advancements, the utilization of MEMS-based magnetic sensors, enhancements in automotive safety systems, seamless integration with other sensor technologies, and a focus on energy-efficient sensor solutions. These trends are poised to shape and drive the growth trajectory in the forecasted period.

The onboard magnetic sensors market is poised for growth, driven by the increasing demand for consumer electronic devices. Consumer electronic devices, designed for regular use by end-users, utilize onboard magnetic sensors for tasks such as resolving speed, direction, alignment, and rotational positions. The demand for consumer electronic devices is evident in the UK, where smartphone numbers reached 71.8 million in 2022, reflecting a 3.8% increase over 2021, according to Uswitch Limited. Projections suggest that by 2025, around 95% of the UK's population, or approximately 65 million people, will own smartphones. This surge in consumer electronic device adoption fuels the growth of the onboard magnetic sensors market.

The expansion of the automotive industry plays a pivotal role in driving the onboard magnetic sensor market forward. Onboard magnetic sensors find applications in the automotive sector for tasks such as detecting the position, speed, and direction of components due to their accuracy and reliability in measuring magnetic fields. The Society of Motor Manufacturers and Traders Limited projects a significant growth in total car manufacturing, reaching 751,422 units in 2023, a 16.70% increase from 2022's 643,755 units. This robust growth in the automotive industry contributes to the overall expansion of the onboard magnetic sensor market.

Technological advancements stand out as a key trend in the onboard magnetic sensor market, with major companies embracing new technologies to maintain their market positions. Allegro MicroSystems Inc., a US-based technology company, exemplifies this trend by launching A33110 and A33115, magnetic position sensors utilizing vertical Hall Technology (VHT) and cutting-edge tunneling magnetoresistance (TMR) technology. This innovative technology combines precision with redundancy for safety-critical systems, using TMR and vertical Hall components.

Next-generation solutions like tunnel-magnetoresistance (TMR) angle sensors are a focal point for major companies in the onboard magnetic sensor market. These sensors provide higher precision, reliability, and efficiency in sensor technology. TDK Corporation, a US-based provider of electronic solutions, introduced the TAS4240 TMR-based angle sensor for automotive and industrial applications in July 2022. The TAS4240, in a compact TSSOP8 package, offers two redundant analog single-ended SIN or COS outputs, enabling precise angle measurements for applications demanding high performance and limited space.

In November 2023, Allegro MicroSystems Inc. acquired Crocus Technology for $420 million. This acquisition accelerates Allegro's TMR roadmap, strengthening its position in the magnetic sensing market. Allegro anticipates becoming a leading TMR semiconductor company, expanding TMR technology utilization across key growth sectors such as e-mobility, clean energy, and automation. Crocus Technology, a US-based provider of advanced magnetic sensor products with TMR technology, complements Allegro's commitment to innovation in magnetic sensing.

Major companies operating in the on-board magnetic sensor market report are Honeywell International Inc., Asahi Kasei Microdevices Corporation, Texas Instruments Incorporated, Infineon Technologies AG, TE Connectivity Ltd., STMicroelectronics NV, TDK Corporation, Murata Manufacturing Co. Ltd., NXP Semiconductors N.V., Analog Devices Inc., Alps Electric Co Ltd., ams OSRAM AG, Littelfuse Inc., Diodes Incorporated, Sanken Electric Co Ltd., Melexis NV, Mouser Electronics Inc., Allegro Microsystems Inc., Pepperl+Fuchs GmbH, MTS Systems Corporation, Macome Corporation, ABLIC Inc., MEMSIC Semiconductor Co. Ltd., MikroElektronika spol. S r. o, SparkFun Electronics Inc., Senseonics Holdings Inc., Sensitec GmbH.

Asia-Pacific was the largest region in the on-board magnetic sensors market in 2023. The regions covered in the on-board magnetic sensor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the on-board magnetic sensor market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The on-board magnetic sensors market consists of sales of fluxgate magnetometers and magnetometer arrays. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.