The Europe Magnetic Sensor Market would witness market growth of 5.4% CAGR during the forecast period (2023-2030). In the year 2020, the Europe market's volume surged to 260.1 million Units, showcasing a growth of 5.6% (2019-2022).
The applications of magnetic sensors span a broad spectrum of industries, each benefiting from the unique capabilities offered by these devices. Magnetic sensors are crucial in automotive applications, including speed sensing, position detection, and proximity sensing. In Electric Vehicles (EVs) and Advanced Driver Assistance Systems (ADAS), magnetic sensors contribute to the precise control of motors and the accurate measurement of various parameters critical for safety and performance.
In consumer electronics, the proliferation of smartphones, wearables, and IoT devices has significantly contributed to the widespread use of magnetic sensors. These sensors enable functionalities like compasses, gesture recognition, and proximity sensing in smartphones, enhancing user experience and opening avenues for innovation in interaction design. Wearable devices leverage magnetic sensors for tracking and orientation applications, showcasing the adaptability of these sensors to compact and power-efficient implementations. Additionally, magnetic sensors contribute to the detection of open and close actions in flip or slide phones, enhancing user interface experiences.
As per the data given in May 2020 by the Ministry of Economic Development and Technology, Republic of Poland, the automotive industry is one of the key economic sectors, accounting for 7% of the European Union's GDP. It generates 12% of exports, bringing a surplus of over 84.4 billion euros. It invests €57.4 billion in private R&D annually, representing 28% of EU R&D spending. Thus, a rise in the automotive sector in European countries will boost the demand for magnetic sensors in the Europe region.
The Germany market dominated the Europe Magnetic Sensor Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $350.2 million by 2030. The UK market is exhibiting a CAGR of 4.4% during (2023 - 2030). Additionally, The France market would experience a CAGR of 6.2% during (2023 - 2030).
Based on End-use, the market is segmented into Automotive, Consumer Electronics, Industrial, and Others. Based on Technology, the market is segmented into Hall Effect, Anisotropic Magnetoresistance, Giant Magnetoresistance, Tunnel Magnetoresistance, and Others. Based on Application, the market is segmented into Position Sensing, Speed Sensing, Detection/NDT, Navigation & Electronic Compass, and Others. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global Magnetic Sensor Market will Hit $5.9 Billion by 2030, at a CAGR of 5.8%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Honeywell International, Inc., Microsemi Corporation (Microchip Technology), NVE Corporation, NXP Semiconductors N.V., Robert Bosch GmbH, TDK Corporation, MEMSIC Semiconductor Co., Ltd. (IDG Capital Investment Consultant Beijing Co Ltd.), Infineon Technologies AG, Magnetic Sensors Corporation and MultiDimension Technology Co., Ltd.
By End-use (Volume, Million Units, USD Billion/Million, 2019-2030)
By Technology (Volume, Million Units, USD Billion/Million, 2019-2030)
By Application (Volume, Million Units, USD Billion/Million, 2019-2030)
By Country (Volume, Million Units, USD Billion/Million, 2019-2030)
Our team of dedicated experts can provide you with attractive expansion opportunities for your business.
Unique Offerings 