DUBLIN, November 9, 2016 /PRNewswire/ -- Research and Markets has announced the addition of the "Magnetic Field Sensors Market - Global Forecasts to 2022" report to their offering.
The overall magnetic field sensors market was valued at USD 2.25 billion in 2015 and is expected to reach USD 4.16 billion by 2022, at a CAGR of 8.87% between 2016 and 2022. The growth of this market is propelled by the rising demands for MEMS-based sensor across industry verticals, surge in the automotive industry, increasing demand for high-quality sensing devices, and continuous growth in consumer electronics applications. The market is further driven by the role of magnetic field sensor in applications such as navigation. However, factors such as the decreasing cost of components associated with sensors are restricting the interest of new entrants in the market. Asia-Pacific is expected to be the fastest-growing market. The APAC market is segmented into India, China, Japan, South Korea, and Rest of APAC. Asia-Pacific is a major market for various sectors such as consumer electronics, automobiles, and healthcare, among others. This region has become a global focal point for large investments and business expansion opportunities. The APAC market shows significant growth in all sectors and has influenced the market for magnetic field sensors used in consumer electronics and automotive sector. In the automobile sector, this region accounted for a share of more than 50% of the worlds passenger car production in 2015. Moreover, consumer electronics is among the major industries contributing toward the growth of the APAC region.