The overall On-Board Magnetic Sensor Market was valued at USD 1.16 Billion in 2017 and is expected to reach USD 1.89 Billion by 2023, at a CAGR of 8.4% between 2018 and 2023.

The growth of this market is propelled by the continuous growth in the use of on-board magnetic sensors for consumer electronics applications and the role of on-board magnetic sensors in navigation.

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Asahi Kasei Microdevices (Japan), Sanken Electric (Allegro Subsidiary) (Japan), Infineon Technologies (Germany), TDK Corporation (Japan), and Melexis NV (Belgium) are the leading players in the On-Board Magnetic Sensor Market. Product launches, agreements, partnerships, collaborations, mergers and acquisitions, and expansions are some of the key strategies adopted by the major players to gain a competitive edge in this market.

Asahi Kasei Microdevices continuously realigns its business portfolio to meet the ever-changing demands. The company works to enhance its ability to create new businesses by launching new products, connecting its technologies, business models, and human resources internally. In 2018 and 2017, the company launched around 3 products based on magnetic sensors. It provides its magnetic sensors to chemicals, healthcare, and electronics industries, among many others. The company’s magnetic sensors have a huge growth opportunity in APAC because of the ongoing technological advancements in this region. Asahi Kasei Microdevices has strong presence in the On-Board Magnetic Sensor Market in APAC.

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Sanken Electric is a Japan-based semiconductor manufacturing company. Allegro MicroSystems (US) operates as a subsidiary of Sanken Electric. Through Allegro MicroSystems, Sanken Electric sells its products. Allegro MicroSystems focuses on organic growth strategies such as product launches to strengthen its position in the On-Board Magnetic Sensor Market. The company has launched several magnetic sensors ICs recently, including Hall effect-based integrated circuits (ICs) and dual-output differential speed and direction sensor ICs for automotive, industrial, consumer electronics, and other applications. For instance, in March 2018, Allegro MicroSystems launched a new family of current sensor ICs-ACS772 and ACS773-that offers the fastest response time of 2.5 uS. The company, through its products, serves the automotive, medical, consumer electronics, telecommunications, and utility industries.

Other major companies involved in the development of On-Board Magnetic Sensors include Murata Manufacturing (Japan), Honeywell International (US), TE Connectivity (Switzerland), AMS (Austria), NXP Semiconductors N.V. (Netherlands), Sensoronix (US), Macome (Japan), Sensitec (Germany), MEMSIC (US), and Kohshin Electric (Japan).

News Covered:

https://www.prnewswire.co.uk/news-releases/on-board-magnetic-sensor-market-worth-189-billion-usd-by-2023-682550241.html

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