On-Board Magnetic Sensor Market Size, Share, Growth Analysis, By Sensor Type(Hall Effect Sensors, Magneto-resistive Sensors, SQUID Sensors and Others ), By Magnetic Density(<1microgauss [Low Field Sensors], 1microgauss-10gauss [Earth Field Sensors] and >10gauss [Bias Magnetic Field Sensors]), By Application(Speed Sensing, Detection, Position Sensing, Navigation and Electric Compass), By Region - Industry Forecast 2024-2031

The growing use of applications where magnetic sensors are widely used, like anti-locking and anti-braking systems (ABS), will spur market expansion in North America, where it will dominate the on-board magnetic sensor market. In addition, the on-board magnetic sensor market in the US had the most market share, while the market in Canada was expanding at the quickest rate in the North American continent. Due to the expansion of the automobile sector in this region, Europe has the second-largest market share for on-board magnetic sensors. In addition, the UK on-board magnetic sensor market was increasing at the quickest rate in the European region, while the German on-board magnetic sensor market retained the greatest market share.

From 2023 to 2032, the on-board magnetic sensor market in Asia-Pacific is anticipated to expand at the quickest rate of growth (CAGR). This is due to consumer electronics are becoming more and more popular, particularly in developing nations like China and India, which will accelerate regional growth. In addition, the on-board magnetic sensor market in China had the most market share, while the market in India had the quickest rate of growth in the Asia-Pacific area. The automobile industry's growing use of magnetic sensors for navigation and vehicle safety systems is causing Latin American nations like Brazil and Mexico to expand quickly. Likewise, in the Middle East and Africa (MEA) area, nations like South Africa and the United Arab Emirates are becoming important growth markets thanks to developments in industrial automation and infrastructure.