Magnetic Sensor Market Size By Technology (Hall Effect, Anisotropic Magneto-Resistive (AMR), Giant Magnetoresistance (GMR), Tunnel Magnetoresistance (TMR)), By Application (Speed Sensing, Position Sensing, Detection/ Non-Destructive Testing (NDT), Navigat

Magnetic Sensor Market Size By Technology (Hall Effect, Anisotropic Magneto-Resistive (AMR), Giant Magnetoresistance (GMR), Tunnel Magnetoresistance (TMR)), By Application (Speed Sensing, Position Sensing, Detection/ Non-Destructive Testing (NDT), Navigation & Electronic Compass), By End-Use (Aerospace, Automotive, Consumer Electronics, Industrial), COVID19 Impact Analysis, Application Potential, Competitive Market Share & Forecast, 2023 - 2032

Magnetic Sensors Market is set to experience robust growth through 2032 owing to the increasing demand for smart home devices in developing nations. The market growth is further credited to the rising demand for smart home devices such as service robots, smart door locks, wireless security systems, and other home appliances. Besides, the rising vehicle electrification with high-quality sensors and demand for safety equipment will support the market growth during the forecast period.

Furthermore, the current key competitors in the market are focusing on product innovation and expanding their portfolio, which is expected to drive the demand through the stipulated timeframe. For instance, in December 2022, Melexis, the global semiconductor manufacturing firm unveiled the MLX90376, a magnetic position sensor capable of handling 360° rotary automotive applications. It can also be integrated up to ASIL D level functional safety, for valve and steering applications.

Overall, the magnetic sensors market has been bifurcated in terms of technology, application, end-use, and region.

In terms of technology, the market is likely to be characterized by the hall-effect segment, which held a market share of more than 50% in 2021 in North America. Since hall-effect magnetic sensors are ideal for automotive applications, their demand is anticipated to rise between 2023 and 2032 for detecting speed, position, and distance.

In terms of application, the speed sensing segment was valued at over USD 1 billion in 2022. The segment is expected to grow significantly through the estimated timespan, owing to the rising adoption of virtual reality, hall-effect, and proximity magnetic sensors, which are used for the measurement of speed sensing. While hall-effect sensors are mainly used in automotive applications, VR sensors are increasingly adopted in military, aerospace, and railroad applications, which will also fuel the market demand.

In the context of end-use, the magnetic sensors market has been defined through the consumer electronics segment, which was valued at more than USD 500 million in 2022. Within the consumer electronics segment, there is an increasing adoption of magnetic sensors in a range of devices including smartphones, VR and AR, and gaming consoles, which will drive the market demand. In addition, with the rising trend for ‘work-from-home’, there is an increased consumption of laptops and smartphones, which will also impact the market positively.

In the regional landscape, the magnetic sensors market will witness exponential growth in the Asia Pacific region. The growth in the demand for magnetic sensors in this region can be attributed to the favorable government initiatives, which are aimed at accelerating the safety and protection of the development of the semiconductor and electronics industry and environmental issues in the region.