The On-Board Magnetic Sensor Market was valued at USD 1.16 billion in 2017 and is expected to develop rapidly, with a compound yearly growth rate (CAGR) of 8.4% expected to reach USD 1.89 billion by 2023.

This promising future is due to the growing need for magnetic sensors in a variety of applications, from industrial machinery to automotive systems, as a result of their critical role in improving safety, control, and navigation functions. The market is expected to experience substantial growth in the upcoming years as more industries come to appreciate the advantages of magnetic sensor technologies.

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The On-Board Magnetic Sensor Market is expected to rise steadily as a result of the growing use of these sensors in consumer electronics and their critical function in navigation applications. The increasing integration of advanced functions in consumer electronics is driving up demand for on-board magnetic sensors due to their capacity to improve navigation system performance and accuracy. The market's overall growth is facilitated by the on-board magnetic sensors' increasing significance across numerous industries, which represents a promising trend in response to changing technological needs.

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Major On-Board Magnetic Sensor Companies Include:

Asahi Kasei Microdevices (Japan),
Sanken Electric (Allegro Subsidiary) (Japan),
Infineon Technologies (Germany),
TDK Corporation (Japan),
Melexis NV (Belgium),
Murata Manufacturing (Japan),
Honeywell International (US),
TE Connectivity (Switzerland),
AMS (Austria),
NXP Semiconductors N.V. (Netherlands),
Sensoronix (US),
Macome (Japan),
Sensitec (Germany),
MEMSIC (US),
Kohshin Electric (Japan).

Asahi Kasei Microdevices strategically modifies its line of business to meet the ever-changing needs of the market. The organisation places a strong emphasis on innovation, regularly introducing new goods and fusing technology, business strategies, and human capital to support the development of new businesses. Asahi Kasei Microdevices, a prominent player in the On-Board Magnetic Sensor Market, is essential in the supply of magnetic sensors to a variety of industries, such as electronics, chemicals, and healthcare. Driven by continuous technical improvements, the firm expects significant growth prospects in the Asia-Pacific (APAC) area and is positioned itself to take advantage of the region's dynamic market landscape.

Sanken Electric, a well-known semiconductor manufacturer with headquarters in Japan, uses Allegro MicroSystems, a subsidiary, to strategically distribute its goods in the on-board magnetic sensor market. As a Sanken Electric company, Allegro MicroSystems uses organic growth tactics, such as regular product introductions, to increase its market share. In order to meet the needs of a variety of applications in the automotive, industrial, and consumer electronics sectors, the company has produced a range of magnetic sensor integrated circuits (ICs), including dual-output differential speed and direction sensor ICs and Hall effect-based ICs. Allegro MicroSystems is notably well-established across multiple industries, such as automotive, medical, consumer electronics, telecommunications, and utilities, thanks to its cutting-edge product line, which includes the fast-responding current sensor integrated circuits (ICs) ACS772 and ACS773, which were introduced in March 2018.

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