Lucintel's latest market report analyzed that magnetic sensor provides attractive opportunities in the transportation, consumer electronic, healthcare, aerospace & defense, industrial, and BFSI sectors. The magnetic sensor market is expected to reach $3.1 billion by 2028 with a CAGR of 7.1%. In this market, hall effect is the largest segment by product type, whereas transportation is largest by end use industry.

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Based on product type, the magnetic sensor market is segmented into hall effect, anisotropic magnetoresistance, and others. The hall effect segment accounted for the largest share of the market in 2023 and is expected to register the highest CAGR during the forecast period, due to the growing application of these sensors in ADAS and hybrid electric vehicles for speed as well as position measurement.

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The Magnetic Sensor Market is marked by the presence of several big and small players. Some of the prominent players offering magnetic sensor include Alps Electric, Asahi Kasei, Baumer, Elmos Semiconductor, Honeywell, iC – Haus, and Allegro Microsystems.

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