Industry Outlook and Trend Analysis
The Magnetic Sensor Market was worth USD 1.67 billion in 2014 and is expected to reach approximately USD 2.98 billion by 2023, while registering itself at a compound annual growth rate (CAGR) of 6.65% during the forecast period. Suitable government regulations relating to establishment of magnetic sensors in cars and their security gear are additionally foreseen to give an up thrust to the market in the coming years. Magnetic sensors frame a fundamental segment of route frameworks utilized as a part of vehicles and smartphones. The interest for magnetic sensors is expected to grow more in the coming years as the manufacturers are trying to make it compatible with the smartphones. Attractive detecting gadgets are likewise utilized widely in the field of medical R&D and Non-Destructive Testing (NDT).
Drivers & Restrains
With the surging interest for magnetic sensors from the automotive divisions, the market is evaluated to tread along a solid development track over the coming years. Sensor merchants are underscoring on giving proficient gadgets, which can serve an extensive variety of uses. These gadgets help in contactless wear and operations - free estimations of edge of turn and rakish speed. Sensor producers are putting forcefully in Research and development exercises to create imaginative tactile parts that give improved highlights, for example, nearness, speed, and movement recognition for expanded proficiency and pertinence crosswise over different end users. Appropriation of electronic control system in traveller and business vehicles is becoming around the world. These systems give different highlights, for example, improved wellbeing and driver comfort, all of which require the reconciliation of cutting edge sensors.
Regional Outlook and Trend Analysis
North American region ruled the global magnetic sensors market over the forecast period. In North America, improvement and commercialization of associated car idea is a rising pattern. Smaller than usual magnetic sensor are by and large progressively incorporated into vehicles to give improved correspondence capacities, without meddling with the fundamental functionalities of the auto. Besides, the district is encountering an expanding interest for detecting segments in different mechanical utilize - cases, including position detecting, stream rate identification and detecting, and speed detecting.
The leading players in the market are Alps Electric Co. Ltd, Asahi Kasei Baumer Ltd., Elmos Semiconductor AG, Memsic Corporation, MultiDimension Technology Co. Ltd and others. The major players in the market are profiled in detail in view of qualities, for example, company portfolio, business strategies, financial overview, recent developments, and share of the overall industry.
The Magnetic Sensor Market is segmented as follows-
Rest of Europe
Rest of Asia-Pacific
Rest of South America
Middle East and Africa
Rest of MEA
Some of the key questions answered by the report are:
What was the market size in 2014 and forecast from 2015 to 2023?
What will be the industry market growth from 2015 to 2023?
What are the major drivers, restraints, opportunities, challenges, and industry trends and their impact on the market forecast?
What are the major segments leading the market growth and why?
Which are the leading players in the market and what are the major strategies adopted by them to sustain the market competition?