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Global magnetic angle sensor market is estimated to witness a rise in revenue from US$ 890.5 Mn in 2022 to US$ 1,616.1 Mn by 2031. The market is expected to register a CAGR of 6.8% over the forecast period 2023-2031. In terms of volume, the market is registering a CAGR of 5.8% during the same period.
The magnetic angle sensor market is expected to witness significant growth in the coming years, driven by various factors such as the increasing demand for these sensors in multiple end-use applications, rising demand from the automation and robotics industry, and growing digitalization trends in manufacturing processes. The transportation, aerospace & defense, healthcare, and consumer electronics sectors are among the key industries that are driving the market growth.
One of the primary applications of magnetic angle sensors is in proximity detection, position sensing, flow rate sensing, and speed sensing. These sensors are highly specialized and standardized for use in the industrial, automotive, and consumer electronics fields. In the automotive industry, magnetic angle sensors are widely used for measuring the steering angle, throttle position, headlamp leveling, and vehicle level measurement.
Furthermore, the increasing trend of automation and robotics in manufacturing processes is expected to foster the overall growth of the magnetic angle sensor market over the forecast period. The demand for these sensors is likely to increase with the growing adoption of automation technologies in industries such as automotive, aerospace & defense, and healthcare, among others.
However, the availability of alternative products and limited product portfolios may hinder the market growth in the longer run. As a result, companies operating in the magnetic angle sensor market need to focus on expanding their product portfolios and developing innovative solutions to stay competitive and meet the evolving needs of their customers.
Increasing demand for advanced safety features in automobiles
One of the key drivers of the magnetic angle sensor market is the increasing demand for advanced safety features in automobiles. Magnetic angle sensors play a crucial role in the implementation of various safety features, such as anti-lock braking systems (ABS), electronic stability control (ESC), and collision avoidance systems. These systems rely on magnetic sensors to accurately measure the position, speed, and direction of a vehicle, and provide real-time feedback to the vehicle's control system. The growing concern for road safety and the increasing number of road accidents worldwide are driving the demand for these safety features. Moreover, the stringent regulations imposed by governments worldwide to enhance road safety are further boosting the demand for magnetic angle sensors in the automotive sector.
Growing adoption of IoT and smart devices
The increasing adoption of the Internet of Things (IoT) and smart devices is another key driver of the magnetic angle sensor market. These devices require accurate and reliable sensors to measure various parameters, such as position, motion, and orientation. Magnetic angle sensors are used in a wide range of applications in IoT and smart devices, such as in smart homes, wearable devices, and augmented reality/virtual reality (AR/VR) devices. The growing demand for these devices, coupled with the increasing investment in IoT infrastructure by governments and private organizations worldwide, is expected to drive the growth of the magnetic angle sensor market in the coming years.
Limited Accuracy in Extreme Environments
One of the core restraints of the magnetic angle sensor market is the limited accuracy of magnetic sensors in extreme environments, such as high temperatures, high humidity, and high electromagnetic interference (EMI) environments. Magnetic sensors are sensitive to external magnetic fields and can be affected by interference from other electronic devices. The accuracy of these sensors can also be impacted by temperature changes, which can cause drift in the sensor's output. These limitations can restrict the adoption of magnetic angle sensors in applications that require high accuracy and reliability in extreme environments, such as aerospace and defense applications. The development of advanced magnetic sensors that can operate in extreme environments with high accuracy and reliability is essential to overcome this restraint and expand the application areas of magnetic angle sensors.
Segmental Analysis of Global Magnetic Angle Sensor Market
Magneto resistive sensors are expected to witness significant growth during the forecast period owing to their high sensitivity, accuracy, and reliability. In addition, their ability to operate in harsh environments and immunity to electromagnetic interference (EMI) makes them ideal for use in a wide range of applications. Within the magneto resistive sensors segment, the Tunnel Magneto resistive Sensors (TMR) sub-segment is projected to experience the highest growth rate due to their excellent performance in commercial applications such as automated parking systems, robotics, and medical devices.
The magnetic angle sensor market is segmented based on range into three categories: <1 microgauss, 1 microgauss-10 gauss, and >10 gauss. The high growth rate of the >10 gauss segment can be attributed to the increasing adoption of these sensors in the automotive industry for various applications such as engine management, ABS, and transmission control. These sensors can withstand high temperatures and harsh operating conditions, making them ideal for use in the automotive industry.
Position sensing is the leading application segment in the magnetic angle sensor market, accounting for the largest share in 2022. Position sensors are widely used in the automotive industry for applications such as throttle position sensing, accelerator pedal position sensing, and transmission position sensing. The use of magnetic sensors in consumer electronics, such as smartphones and wearables, for applications such as gaming, navigation, and augmented reality, is also contributing to the growth of this segment.
By End User:
The transportation industry, particularly the automotive sector, dominates the magnetic angle sensor market. The increasing demand for advanced safety and navigation features in vehicles, coupled with the growing adoption of electric and hybrid vehicles, is expected to drive the growth of magnetic sensors in the automotive industry. Additionally, the use of magnetic angle sensors in aviation and aerospace for applications such as flight control and navigation is also contributing to the growth of this segment.
The Asia Pacific region is a key market for magnetic angle sensors, and it is expected to maintain its dominant position in the global market over the forecast period. The region's high market share can be attributed to the rapid expansion of the automotive industry, particularly in emerging economies such as China, India, and South Korea. Additionally, the increasing demand for consumer electronics, such as smartphones and wearables, is also contributing to the growth of the magnetic angle sensor market in the region.
China, in particular, is the largest shareholder country in the APAC magnetic angle sensor market. The country's strong market position can be attributed to its large automotive industry, which is the world's largest. The Chinese government's emphasis on developing electric and hybrid vehicles has also fueled the demand for magnetic angle sensors in the country.
Furthermore, the Asia Pacific region is home to several leading manufacturers of magnetic angle sensors. These manufacturers are investing in research and development activities to introduce new and advanced sensors that meet the growing demand for high-performance and reliable sensors in the region. The favorable government policies promoting the use of advanced technologies in the automotive and electronics industries are also driving the growth of the magnetic angle sensor market in the region.
List of Key Companies Profiled:
Strategies Adopted by Key Market Players
The following are the different segments of the Global Magnetic Angle Sensor Market.
By Type segment of the Global Magnetic Angle Sensor Market is sub-segmented into:
By End User:
|Market Size Value in 2022||US$ 890.5 Mn|
|Expected Revenue in 2031||US$ 1616.1 Mn|
|Unit||Value (USD Mn)|
|Segments covered||By Type, By Range, By Application, By End-User, By Region|
|Key Companies||Allegro MicroSystems, Alps Alpine, AMS AG, Crocus Technology, Mouser Electronics , Honeywell International, Infineon Technologies AG, Littelfuse Inc., MultiDimension Technology(MDT), Melexis, NVE Corporation, Renesas Electronics Corporation, Robert Bosch GmbH, Sensitec GmbH, TDK Corporation, Texas Instruments Incorporated, Sensor Solutions , Other Prominent Players|
|Customization Scope||Get your customized report as per your preference. Ask for customization|
Global Magnetic Angle Sensor Market is projected to grow at a CAGR of 6.8% during the forecast period 2023-2031.
Magnetic angle sensor is a mechatronic device that measures and converts mechanical rotation into a scaled electrical signal. The signal can be used in a motion control system to enable angular movement and positioning of a moving machine component.
Increasing demand for magnetic angle sensors in various end-use applications and growing demand from automation and robotics industry are some crucial growth factors of the global magnetic angle sensor market.
Tunnel Magnetoresistive Sensors (TMR) segment is growing at the highest CAGR in the global magnetic angle sensor market during the forecast period.
Position Sensing segment has the highest share in the magnetic angle sensor market.
The market has been classified into North America, Europe, Asia Pacific, Middle East & Africa (MEA) and South America.
Asia-Pacificis growing with the highest CAGR during the forecast period.
Magnetic Sensors are used in different systems because they are highly efficient, highly accurate, reliable, robust and simple in design.
Availability of various substitutes to magnetic angle sensor market curbs the market growth in the forecast period.
China holds the major share in terms of revenue in the Asia Pacific magnetic angle sensor market.
Based on range, >10 gauss segment contributed the major share in the South America magnetic angle sensor market.
Allegro Microsystems, Honeywell International, Infineon Technologies AG, Alps Alpine, Melexis, Mouser Electronics, Renesas Electronics Corporation, Texas Instruments Inc. and Robert Bosch GmbH among others are some major key players in the global magnetic angle sensor market.