Global On-Board Magnetic Sensors Market to Reach $3.2 Billion by 2030
The global market for On-Board Magnetic Sensors estimated at US$2 Billion in the year 2023, is expected to reach US$3.2 Billion by 2030, growing at a CAGR of 6.8% over the analysis period 2023-2030. Hall Effect Sensors, one of the segments analyzed in the report, is expected to record a 6.9% CAGR and reach US$1.3 Billion by the end of the analysis period. Growth in the Magnetoresistive Sensors segment is estimated at 7.8% CAGR for the next 7-year period.
The U.S. Market is Estimated at $535.2 Million, While China is Forecast to Grow at 10.4% CAGR
The On-Board Magnetic Sensors market in the U.S. is estimated at US$535.2 Million in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$780 Million by the year 2030 trailing a CAGR of 10.4% over the analysis period 2023 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.3% and 6.1% respectively over the 2023-2030 period. Within Europe, Germany is forecast to grow at approximately 4% CAGR. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$464.4 Million by the year 2030.
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