On-Board Magnetic Sensor Market

The global on-board magnetic sensor market was USD 1.9 billion in 2023 and is projected to grow at a CAGR of 9.4% during the forecast period. These magnetic sensors find wide applications in consumer electronics. Rising demand for automotive safety and ADAS for applications like position sensing, speed detection, and angle measurement. Rising demand for electric vehicles and hybrid vehicles further fuels demand for these sensors.

Increasing adoption of smartphones, wearables, gaming consoles, and VR/AR devices has boosted the need for on-board magnetic sensors for orientation and motion detection. Magnetic sensors play a crucial role in robotics, motor control, and factory automation, aligning with the trend of smart manufacturing and predictive maintenance.

Growth Drivers

Magnetic sensors are increasingly used in medical devices such as MRI machines, prosthetics, and diagnostic equipment, supporting market expansion. In wind turbines and solar panels, magnetic sensors help with positioning, alignment, and efficiency optimization, further driving the market growth significantly. Developments in Hall-effect and magneto resistive sensor technologies have led to improved sensitivity, miniaturization, and power efficiency. Increasing investment in the magnetic sensor ecosystem is driving growth in the market.

Magnetic sensors are widely used in IoT-enabled devices for security, tracking, and energy-efficient operations, increasing their demand across various applications. Increasing demand for magnetic sensors in robotics, motor control, and factory automation is driving growth in the market.

Segmentation

Based on type

·         Hall Effect Sensors (Hall ICs, Hall element)

·         Magneto resistive Sensors (anisotropic magneto resistive (AMR) sensors, giant magneto resistive (GMR) sensors, tunnel magneto resistive (TMR) sensors)

·         SQUID Sensors (high–temperature SQUID, low–temperature SQUID)

·         Fluxgate Sensors

·         Others (optically pumped, magneto diode, magneto-optical, search coil, magneto inductive, Over Hauser, reed)

Based on range

·         <1 micro gauss

·         1 micro gauss–10 gauss

·         >10 gauss

Based on application

·         Speed Sensing

·         Proximity Detection/NDT

·         Position Sensing

·         Navigation and Electronic compass

·         Flow rate Sensing

·         Others (magnetoencephalography (MEG), magnetic resonance imaging (MRI), magnetocardiography (MCG), magnetomyography, and magneto neurography as well as rotational reference detection)

Based on end-user industry

·         Transportation

·         Consumer Electronics

·         Healthcare

·         Aerospace & Defense

·         Industrial

·         BFSI

·         Others (energy & power, food & beverages (F&B), and research)

By Region

·         Asia-Pacific

·         North America

·         Latin America

·         Middle East and Africa

·         Europe

The On-Board Magnetic Sensor Market by End-User Industry

On the basis of the end-user, the on-board magnetic sensor market is segmented into automotive, transportation, consumer electronics, healthcare, aerospace & defense, industrial, BFSI, and others (energy & power, food & beverages (F&B), and research). The automotive sector is the leading end-user segment in the on-board magnetic sensors market, accounting for approximately 40% of the share.

This dominance is primarily due to increasing integration of sensors for ADAS and autonomous vehicle technology, driven by growing demand for safety features, and innovations in the automotive industry. The rapid adoption of electric vehicles and autonomous driving technologies has further accelerated the demand for magnetic sensors in the automotive sector. These sensors are essential for functionalities such as wheel speed measurement and electric motor position sensing, which are critical for the performance and safety of EVs and self-driving cars.

Automotive sector mainly emphasizes on efficiency, safety, and technological advancements and is solidifying its position as the leading end-user segment. The healthcare segment is expected to dominate the market during the forecast period due to increasing use of sensors in MRI machines and diagnostic equipment. Increasing industrialization and ongoing technological advancement all over the world are significantly driving the market growth. These sensors are vital in applications such as magnetic resonance imaging (MRI) machines, where they measure magnetic fields to ensure high-quality imaging. Additionally, they are used in devices like pacemakers and implantable cardioverter defibrillators (ICDs) to detect variations in a patient’s cardiac rhythm, enabling real-time adjustments or interventions.

The aerospace and defense sector relies heavily on onboard magnetic sensors for navigation, guidance, and control systems. These sensors are critical in applications like aircraft navigation, where they provide data for electronic compasses and position sensing, ensuring accurate orientation and movement tracking. In defense, magnetic sensors are used in surveillance systems, missile guidance, and unmanned aerial vehicles (UAVs) for detecting magnetic field changes and enabling precise targeting or positioning.

 In the BFSI sector, on-board magnetic sensors find niche but growing applications, particularly in security and authentication systems. They are used in devices like ATMs and point-of-sale (POS) terminals to detect magnetic strips on cards, ensuring secure transactions. Additionally, their integration into IoT-enabled smart locks and access control systems enhances physical security in banking facilities.

 The healthcare and industrial sectors are seeing rapid adoption due to IoT integration and automation trends, while aerospace and defense benefit from their precision in mission-critical applications. BFSI, though a smaller segment, is expanding as security needs evolve.

Regional Outlook

On the basis of the regions, the on-board magnetic sensor market is segmented into 5 regions: Asia-Pacific, North America, Latin America, the Middle East and Africa, and Europe. The Asia-Pacific region is the leading segment in the onboard magnetic sensors market because the region has seen a surge in the production of consumer electronics, including smartphones, tablets, and wearables, which heavily rely on magnetic sensors. Significant growth in the automotive industry, particularly in countries like China and India, has increased the demand for sensors used in systems such as anti-lock braking systems and airbags.

Policymakers in the region actively promote the development and adoption of advanced technologies, including those used in magnetic sensors. A strong emphasis on research and development has propelled advancements in magnetic sensor technology, contributing to the region’s market dominance. In contrast, North America holds the significant share of the market, driven by its strong automotive sector and demand for high-precision magnetic sensors in advanced technologies like autonomous vehicles and robotics.

Rapid industrialization and expansion of the electronics manufacturing sector in Asia-Pacific have positioned it as the leading region in the onboard magnetic sensor market. Countries like China, India, South Korea, and Japan are the leading markets due to rapid industrialization and urbanization. Growth in the automotive sector is the key factor behind the surge in the industry.

 Key Players

·         Asahi Kasei Corporation

·         Allegro MicroSystems, LLC

·         Infineon Technologies AG.

·         TDK Corporation

·         Melexis

·         Honeywell International Inc.

·         TE Connectivity

·         Ams AG

·         Kohshin Electric

·         NXP Semiconductors

·         Other Players