Global magnetic field sensor market size is estimated to grow by USD 2,718.4 million

According to Technavio, the global magnetic field sensor market size is estimated to grow by USD 2,718.4 million from 2022 to 2027. The market is estimated to grow at a CAGR of 9.29% during the forecast period. Moreover, the growth momentum will accelerate. APAC will account for 56% of the market's growth during the forecast period.

The report also includes historic market data from 2017 to 2021. In 2017, the magnetic field sensor market was valued at USD 3,278.94 million.

The automotive segment will account for a significant share of the market's growth during the forecast period. Magnetic field sensors are used in automotive applications for various functions, such as light detection. Gear detection sensors are one of the types of sensors used in the automotive segment. The rise in investments in autonomous cars is driving the growth of this segment.

Based on geography, the global magnetic field sensor market is segmented into APAC, North America, Europe, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global magnetic field sensor market.