Surging demand across the automotive industry is expected to be a key factor driving magnetic field sensors market growth over the forecast period. Automotive is expected to be a high growth application segment due to increasing need to integrate safety function in vehicles. Magnetic field sensors are used extensively across numerous safety systems such as Electronic Stability Control (ESC) and Anti-Lock Braking Systems (ABS), force and torque sensing, steering angle sensing among others. Electronic compasses or E-compasses are gaining popularity due to their ability to enhance user navigation, and is also expected to fuel market growth.
Growing demand in consumer electronics owing to smartphone proliferation is also expected to drive magnetic field sensors market growth over the forecast period. However, increased demand for low-cost magnetic field sensors may pose a challenge to market growth. Additionally, increased demand across several application areas including homeland security, consumer electronics industry, healthcare and military & defense is expected favorably impact market growth. Magnetic field sensors offer better efficiency and sensing performance due to which the market is expected to witness substantial growth over the next few years. Technological advancements and increased of magnetic field sensors adoption in electric vehicles offer avenues for market growth over the next few years. Furthermore, increased adoption of magnetic field sensors in medical applications and high market potential in emerging economies also provide market growth opportunities.
Key players in the market include Honeywell, Robert Bosch GmbH, NXP Semiconductors, Infineon and Micronas Semiconductors. Innovation and product differentiation are key growth strategies adopted by several market players.
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