Albany, NY -- (SBWIRE) -- 11/05/2018 -- According to a new market report published by Transparency Market Research entitled "Magnetic Sensors Market–Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026," the global magnetic sensors market is projected to expand at a CAGR of 7.2% during the forecast period 2018-2026. The global magnetic sensors market was valued at US$ 2,112.6 Mn in 2017, whereas the demand was estimated at 3,488.0 thousand units in the same year. According to the report, the global market will continue to be influenced by a range of macroeconomic and industry-specific factors.
Encouragement from governments to use eco-friendly vehicles and growth of consumer electronics and appliances has increased the penetration and growth of the magnetic sensors market globally.
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Automotive segment is expected to continue to be the leading segment globally during the forecast period due to increasing use of hybrid and electric cars in order to reduce environmental pollution. The automotive segment is projected to expand at the highest CAGR of 7.6% over the forecast period from 2018 to 2026.Sensing devices are being increasingly used in the automotive sector to improve vehicles' fuel efficiency, convenience, and safety. With the surging demand for magnetic sensors from the automotive sector, the market is expected to witness healthy growth in the coming years. Sensor vendors are emphasizing on providing efficient devices, which can serve a wide range of automotive applications.
Consumer electronics segment is projected to expand at a significant CAGR over the forecast period owing to the growing use of smartphones and consumer wearable devices such as smart watches and health monitoring devices.
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Demand for magnetic sensors in APAC is likely to remain concentrated in China and India, owing to a larger consumer base and increasing technological advancements in consumer electronics. India is estimated to expand at the highest CAGR among the countries in Asia Pacific during the forecast period due to the growing popularity of smartphones and growing adoption of advanced technologies. In Middle East &Africa (MEA), market players are increasing their investments to expand their physical presence. The market in GCC countries is expected to expand at a significant CAGR during the forecast period as many semiconductor providers in the region are offering miniaturized magnetic sensors to improve operational efficiency. Increasing IT spending and increasing adoption of advanced technologies in South America, especially in Brazil is driving the regional magnetic sensors market. Brazil is expected to hold a significant portion of revenue of the market in the region throughout the forecast period.