Magnetic Sensors Market Size, Share, Growth Analysis, By Type(Hall Effect Sensors and Magneto Resistive Sensors), By Application(Position Sensing and Speed Sensing), By Region - Industry Forecast 2024-2031

Global Magnetic Sensors Market size was valued at USD 7.1 billion in 2022 and is poised to grow from USD 8.39 billion in 2023 to USD 31.98 billion by 2031, growing at a CAGR of 18.2% in the forecast period (2024-2031).

The market is expected to grow significantly as a result of their increased integration in various industries. Advancements in sensing techniques have led to the widespread adoption of these sensors, with government mandates requiring their use in automobiles expected to further drive market growth. Magnetic sensors are essential components in navigation systems used in cars and smartphones, which ensures that demand for these sensors will remain strong in these two sectors. As a result of the increasing demand in the automotive sector, the market is projected to maintain a healthy growth rate throughout the forecast period. Sensor manufacturers are focused on developing efficient devices that can be integrated into a variety of applications. These devices allow for contactless operations and wear-free measurements of angular speed and angle of rotation. Manufacturers are also investing heavily in research and development activities to produce advanced sensory components with features such as motion detection, speed, and proximity to cater to the needs of various end-use verticals. Magnetic sensors are becoming increasingly important in electronic control systems for both commercial and passenger vehicles, leading to enhanced safety and driver convenience. Additionally, the rising adoption of sophisticated smartphones and tablets is driving demand for advanced sensing components, which is expected to have a positive impact on the market in the coming years. Magnetic sensors are also being used extensively in Non-destructive Testing (NDT) and medical R&D. While the average selling prices of magnetic sensors are declining due to intense competition in the market, their growing application ranges are expected to support market growth in the near future. To secure long-term deals with companies across various end-markets, manufacturers are being forced to reduce their margins.

US Magnetic Sensors Market is poised to grow at a sustainable CAGR for the next forecast year.