According to a MarketsandMarkets’ report, "On-Board Magnetic Sensor Market by Type, Magnetic Density, Vertical, Geography - Global Forecast to 2023”, the overall market is estimated to be worth $1.26 Billion in 2018 and expected to reach $1.89 Billion by 2023, growing at a CAGR of 8.4% between 2018 and 2023. Factors driving growth are the increasing use of on-board magnetic sensors for consumer electronics applications and their role in navigation.
- Automotive vertical expected to hold major share of on-board magnetic sensor market during forecast period
- >10 gauss (BIAS magnetic field sensor) magnetic density expected to hold major share of on-board magnetic sensor market between 2018 and 2023
- On-board magnetic sensor market in APAC expected to grow at highest CAGR during forecast period
- Major companies involved in the development of on-board magnetic sensors include Asahi Kasei Microdevices (Japan), Sanken Electric (Allegro Subsidiary) (Japan), Infineon Technologies (Germany), TDK Corporation (Japan), and Melexis NV (Belgium), Murata Manufacturing (Japan), Honeywell International (US), TE Connectivity (Switzerland), AMS (Austria), and NXP Semiconductors N.V. (Netherlands), among others.
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