Positive outlook pertaining to automotive productions is expected to be the key factor driving the magnetic field sensors market growth over the forecast period. Increasing use across several safety systems such as force and torque sensing, Electronic Stability Control (ESC) and Anti-Lock Braking Systems (ABS) and steering angle sensing is also expected to favorably impact the magnetic field sensors market growth. Further, on account of growing demand to integrate safety functionalities across vehicles, the automotive segment is expected to witness high growth over the forecast period. Growing popularity of e-compass or electronic compass has led to increased market penetration owing to their ability to improve user navigation, and is also expected to fuel market demand.
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The magnetic field sensors market is poised for growth due to smartphone proliferation and surging demand for consumer electronics. However, rise in demand for cost-effective magnetic field sensors may hamper market growth. Magnetic field sensors are used extensively across an array of applications including consumer electronics, homeland security, military & defense and healthcare, which is expected to spur market demand over the next few years. Magnetic field sensors offer high performance and improved efficiency, which is also expected drive market growth. Technological proliferation and increased adoption in electric vehicles offer several market growth opportunities. Emerging economies and high adoption rate in medical applications also provide avenues for market growth.
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Key industry participants include Micronas Semiconductors, Infineon, NXP Semiconductors, Robert Bosch GmbH and Honeywell. Manufacturers focus on product differentiation and innovation as a part of their core business growth strategy.
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