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The global Magnetic Angle Sensor Market is estimated to witness a rise in revenue from US$ 837.1 Mn in 2021 to US$ 1,242.2 Mn by 2027. The market is registering growth at a CAGR of 6.8% over the forecast period 2022-2027. In terms of volume, the market is registering a CAGR of 5.8% during the projection period. Magnetic angle sensors detect the orientation of an applied magnetic field by measuring sine and cosine angle components with monolithically integrated magnetoresistive elements. These sensors aid in proximity detection, position sensing, flow rate sensing, and speed sensing among others. Magnetic angle sensors are being used extensively in several industry verticals, such as transportation, aerospace & defense, healthcare, and consumer electronics among others.
The market is majorly driven by various growth factors such as growing demand for magnetic angle sensors in various end-use applications and rising demand from the automation and robotics industry. Angular position sensors are used, wherever a rotational movement is detected in the vehicle such as measurement of the steering angle or the throttle position, headlamp leveling, and vehicle level measurement. Magnetic angle sensors are highly standardized and specialized for use in industrial, automotive, and consumer electronics fields. Furthermore, the increasing trend of digitalization, automation, and robotics in the manufacturing processes will foster the overall growth of the magnetic angle sensors market over the forecast period. However, the availability of alternative products and limited product portfolios will hinder market growth in the longer run.
Key Insights of the Report:
Global Magnetic Angle Sensor Market Overview
The key players in the global magnetic angle sensor market are Honeywell International, Infineon Technologies AG, Littelfuse Inc., Renesas Electronics Corporation, Robert Bosch GmbH, and Alps Alpine among others. Through extensive research, it is found that big players have adopted various competitive strategies such as mergers & acquisitions in order to have a stronghold in the stabilized market scenarios. Furthermore, leading companies are expanding their geographical boundaries by acquiring small brands and domestic companies.
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 Range segment of the Global Magnetic Angle Sensor Market is sub-segmented into:
By Application segment of the Global Magnetic Angle Sensor Market is sub-segmented into:
By End User segment of the Global Magnetic Angle Sensor Market is sub-segmented into:
By Region segment of the Global Magnetic Angle Sensor Market is sub-segmented into:
|Market Size Value in 2021||US$ 837.1 Mn|
|Expected Revenue in 2027||US$ 1,242.2 Mn|
|Unit||Value (USD Mn)|
|Segments covered||By Type, Range, Application, End-User, and Region|
|Key Companies||Honeywell International, Infineon Technologies AG, Littelfuse Inc., Renesas Electronics Corporation, and 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 2022-2027.
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.