Magnetic Sensor Market Size

Magnetic Sensor Market size was valued at USD 7.31 billion in 2024 and is set to reach USD 27.36 billion by the end of 2037, registering around 10.6% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of magnetic sensor is assessed at USD 7.94 billion.

The growth of the market can be attributed to the demand for electric vehicles. The sensors are critical in identifying leakage currents that can enter the battery through the IC-CPD and then generate a Type A residual current. Despite supply chain delays and the ongoing Covid-19 epidemic, according to the International Energy Agency, global electric car sales set a new high in 2021. Sales nearly doubled to 6.6 million in comparison to 2020, increasing the total number of electric vehicles on the road to 16.5 million.

In addition to these, factors that are believed to fuel the market growth of magnetic sensors include the rising demand for automated machines in factories and the higher adoption of robots. Magnetic sensors are used in these machines for various applications, such as motion control, robotics, and precise positioning. On the other hand, the development of new materials and technologies for magnetic sensors, such as tunneling magnetoresistance (TMR), and giant magnetoresistance (GMR) is also expected to drive magnetic sensor market growth. China's manufacturers are turning to automation to update production lines while also preparing for fewer, more skilled labor. Chinese manufacturers, such as Midea, have already embraced automation to drastically cut the number of humans required.