The North America Magnetic Sensor Market would witness market growth of 5.1% CAGR during the forecast period (2023-2030). In the year 2019, the North America market's volume surged to 359.4 million Units, showcasing a growth of 5.3% (2019-2022).
Magnetic sensors are utilized in energy applications, contributing to the efficient functioning of power plants' generators, turbines, and various components. They aid in monitoring and controlling processes critical to power generation. The aerospace and defense sectors leverage magnetic sensors for navigation, orientation, and positioning in aircraft, satellites, and military equipment. The precision and reliability of magnetic sensors are paramount in ensuring the accuracy of navigation systems.
Dynamic trends reflecting industries' evolving needs and technological advancements characterize the market. Moreover, magnetoresistive sensors have gained prominence in the market due to their high sensitivity and reliability. Based on the magnetoresistance effect, these sensors offer improved performance in various applications, including automotive, industrial, and consumer electronics. The shift towards magnetoresistive technology is a notable trend driving the market innovation.
As per the data given by the International Trade Administration, one of the world's biggest automobile marketplaces is in the United States. 14.5 million light vehicles were sold in the United States in 2020. The world's second-largest sector for car sales and production is the United States. According to Autos Drive America, 5 million vehicles were produced in the US by foreign automakers in 2020. The automotive industry is at the forefront of innovation. Nearly 70 R&D centers established in the United States are now used by international automakers. Therefore, the increase in motor vehicle demand in North America will boost the demand for magnetic sensors in the region.
The US market dominated the North America Magnetic Sensor Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $1,161.1 million by 2030. The Canada market is showcasing a CAGR of 7.5% during (2023 - 2030). Additionally, The Mexico market would register a CAGR of 6.6% 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 U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Magnetic Sensor Market is Predict to reach $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)
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