Magnetic Sensor Market Growth 2024–2031 | Key Trends, Highlights & Future Opportunities

Описание: The global magnetic sensor market is witnessing steady and sustained expansion, driven by rising demand across automotive electronics, consumer devices, and advanced industrial automation. Valued at USD 6,164.2 million in 2023, the market is set to grow to USD 6,557.3 million in 2024, ultimately reaching USD 10,612.0 million by 2031 at a CAGR of 7.12%.
Magnetic sensors play a critical role in position sensing, speed detection, navigation, and motion control, making them essential components in EVs, smartphones, IoT systems, and robotics. Increasing adoption of Hall-effect sensors, advancements in MEMS technology, and the rising shift toward smart mobility solutions are accelerating overall market momentum. As industries embrace automation and real-time sensing solutions, the magnetic sensor market is poised for strong and consistent growth in the coming decade.

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✨ Key Market Highlights

Market Value 2023: USD 6,164.2 million

Expected Value 2024: USD 6,557.3 million

Projected Market Size 2031: USD 10,612.0 million

Growth Rate (CAGR 2024–2031): 7.12%

Strong demand from automotive technologies, especially in EV motors, ABS systems, and ADAS.

Expanding use in consumer electronics such as smartphones, wearables, and gaming devices.

Increasing integration of magnetic sensors in industrial automation, robotics, and smart factories.

Advancements in Hall-effect, magnetoresistive, and MEMS sensor technologies boosting performance and adoption.