According to the research report titled ‘Magnetic Sensor Market Share, Size, Trends, Industry Analysis Report By Type; By Technology; By Application; By Regions, Segment Forecast, 2020 – 2026’, available with Market Study Report, global magnetic sensor market is expected to account for USD 4.68 billion by the year 2026.
 

Favorable government initiatives which promote use of eco-friendly vehicles, proliferating sales of consumer electronics, and technological advancements in MEMS (Micro Electromechanical Systems) are some of the primary growth stimulants of global magnetic sensor market.
 

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Growing demand for electronic appliances and high integration of such sensors in automotive sector are also stimulating the overall industry outlook. However, factors such as price erosion and stiff competition could hamper the market remuneration in the upcoming years.
 

In terms of type, the market is bifurcated into hall effect, GMR TMR, AMR, and others. Moving on to technology type, global magnetic sensor industry is categorized into bias magnetic field sensor, earth field sensor, and low field sensor.
 

The application scope of the overall market consists of energy & power, healthcare, aerospace & defense, industrial, consumer electronics, automotive, and others.
 

Considering the geographical landscape, Asia-Pacific dominated global magnetic sensor industry in terms of revenue share in 2019 and is likely to project similar growth trends in the ensuing years. Being the largest producer of consumer electronics, Asia-Pacific is likely to emerge as a lucrative growth avenue for industry participants in the upcoming years.
 

North America, on the other hand, is also expected to amass notable gains for the overall market in the upcoming years, owing to rising number of connected vehicles across the region. Europe magnetic sensor industry is also predicted to expand significantly during the forecast period, primarily due to the increasing production and adoption of hybrid motors.
 

The leading companies defining global magnetic sensor market dynamics are TDK Corporation, Sensitec GmbH, Rotary and Linear Motion Sensor, Robert Bosch GmbH, NXP Semiconductors N.V., NVE Corporation, MultiDimension Technology Co. Ltd., Microsemi Corporation, Micronas Semiconductor Holding AG, MEMSIC Inc., Melexis NV, Magnetic Sensors Corporation, Infineon Technologies AG, iC-Haus GmbH, Honeywell International Inc., Elmos Semiconductor SE, Crocus Technology, Baumer Ltd., ams AG, Asahi Kasei Microdevices Corporation, Alps Electric Co. Ltd., and Allegro Microsystems Inc. among others.