Magnetic Sensor Market Share

North American Market Forecast

The magnetic sensor market in North America is projected to be the largest with a share of about 35% by the end of 2037. The growth of the market can be attributed majorly to the increasing demand for self-driven vehicles followed by rising automation in the industries. It is projected that by 2030, there will be around 21 million autonomous cars in use in the United States. Moreover, the share of businesses that have fully automated at least one function has increased more slowly, rising from 29% in 2018 to 31% in 2020. On the other hand, the rising demand for crude oil is also expected to drive the market growth. US crude oil production is expected to reach an average of around 12 million barrels per day in 2022 and 12.4 million barrels per day in 2023, exceeding the record high achieved in 2019.

Europe Market Forecast

The European magnetic sensor market is estimated to be the second largest, registering a share of about 29% by the end of 2037. The growth of the market can be attributed majorly to the growing number of applications that need accurate measurement and detection of magnetic fields. The increased adoption of electric vehicle in has fueled the demand for magnetic sensors, as these vehicles rely heavily on precise sensing of magnetic fields for battery management and motor control. Battery electric vehicle (BEV) sales in Europe set records in 2022, accounting for around 12% of the overall market share, up from around 9% in 2021 and nearly 2% in 2019. In addition to this, Germany, in particular, sold around 200,000 units. France came in second with around 62,000 units sold, and Sweden came in third with 37,000 registered sales.

APAC Market Statistics

Further, the magnetic sensor market in the Asia Pacific, amongst the market in all the other regions, is projected to hold a majority of the share by the end of 2037. The growth of the market can be attributed majorly to the rising demand for energy. In 2022, the power demand in India increased by almost 8%, or roughly double the rate of the entire Asia Pacific region, reaching more than 149.7 terawatt-hours. Moreover, demand increased 10% year on year in the first two months of 2023. On the other hand, China's power consumption increased by around 4% year on year to 8,600 TWh in 2022. On the other hand, the region is also witnessing a rise in infrastructure development, particularly in the area of transportation and energy. Hence, the demand for magnetic sensors is rising in various applications in these sectors, such as railway signaling, wind turbines, and others.