Magnetic Field Sensors Market by Type, Range, Application, End-User Industry - Global Forecasts to 2022

NEW YORK, Oct. 18, 2016 /PRNewswire/ --

"The magnetic field sensors market estimated to grow at a CAGR of 8.87% between 2016 and 2022"
The overall magnetic field sensors market was valued at USD 2.25 billion in 2015 and is expected to reach USD 4.16 billion by 2022, at a CAGR of 8.87% between 2016 and 2022. The growth of this market is propelled by the rising demands for MEMS-based sensor across industry verticals, surge in the automotive industry, increasing demand for high-quality sensing devices, and continuous growth in consumer electronics applications. The market is further driven by the role of magnetic field sensor in applications such as navigation. However, factors such as the decreasing cost of components associated with sensors are restricting the interest of new entrants in the market.

"Hall effect magnetic field sensors market is expected to hold the largest market size during the forecast period"
Hall effect magnetic field sensors are increasingly being used in various industries such as automotive, consumer electronics. These industries together contribute to more than two-third of the overall magnetic field sensors market in 2015. For Hall effect sensors, the automotive end-user industry is one of the major sectors because of applications such as car parking systems, security systems, and air-brake systems, among others. Moreover, in the consumer electronics industry, Hall effect sensors are widely used in smartphones and tablets for navigation and position detection applications. Thus, the market for Hall effect sensors is expected to witness growth in demand between 2016 and 2022.

"Magnetic field sensors market in Asia-Pacific (APAC) is expected to grow at the highest rate during the forecast period"
Asia-Pacific is expected to be the fastest-growing market. The APAC market is segmented into India, China, Japan, South Korea, and Rest of APAC. Asia-Pacific is a major market for various sectors such as consumer electronics, automobiles, and healthcare, among others. This region has become a global focal point for large investments and business expansion opportunities. The APAC market shows significant growth in all sectors and has influenced the market for magnetic field sensors used in consumer electronics and automotive sector. In the automobile sector, this region accounted for a share of more than 50% of the world's passenger car production in 2015. Moreover, consumer electronics is among the major industries contributing toward the growth of the APAC region.

In the process of determiing and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with key industry people. The breakup of the profile of primary participants has been given below:

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