LONDON, Dec. 16, 2013 /PRNewswire/ -- The rapid proliferation of smart phones and tablets has caused the global magnetic sensors market to boom. This growth curve will continue as declining price points make magnetic sensors affordable for mass-market penetration.
New analysis from Frost & Sullivan (http://www.sensors.frost.com), Analysis of the Global Magnetic Sensors Market, finds that the market earned revenues of $1.66 billion in 2012 and estimates this to reach $3.51 billion in 2019. The study also outlines the prospective areas of growth globally, end user- and application-wise.
With navigation emerging as a must-have feature in smartphones and cellular handsets, the need for digital compasses has spurred the global magnetic sensors market.
"Moreover, the mandatory fitment of magnetic sensors in vehicles due to regulations from the automotive sector has fuelled sale volumes," said Frost & Sullivan Measurement and Instrumentation Senior Industry Analyst V Sankaranarayanan. "Opportunities for magnetic sensor vendors in the automotive industry will continue to open up as new applications emerge."
However, this immense potential may not translate into equivalent revenues as intense competition leads to pricing pressures. Manufacturers are reducing prices to penetrate markets such as consumer electronics, where a compelling price point is crucial for success. Profits are also affected as automotive manufacturers apply downward price pressure on sensor manufacturers.
To counter these challenges, innovative product differentiation strategies are necessary. Products must move from competing purely on price to non-price factors, especially as customers look for unique solutions with tangible benefits.
"Manufacturers are investing in technological advancements and the widening of magnetic sensor application areas," noted Sankaranarayanan. "Magnetic sensors have already evolved greatly in terms of sensitivity, size, packaging and flexibility. Miniaturisation, in particular, will be a common trend in the global magnetic sensors market."
Demand from Asia-Pacific and Latin America is likely to push technology and product development further.
If you are interested in more information on this research, please send an e-mail to Julia Nikishkina, Corporate Communications, at firstname.lastname@example.org, with your full contact details, company name and website, city and country.
Analysis of the Global Magnetic Sensors Market is part of the Sensors & Instrumentation Growth Partnership Service program. Frost & Sullivan's related research services include: Global Temperature Sensors and Transmitters Market, Sensors in Laptop, Tablet, and Smartphone Global Markets, Global Sensor Outlook 2013, and Chinese Markets for Sensor Contract Manufacturing and Exports. All research services included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.
About Frost & Sullivan
Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today's market participants.
Our "Growth Partnership" supports clients by addressing these opportunities and incorporating two key elements driving visionary innovation: The Integrated Value Proposition and The Partnership Infrastructure.
- The Integrated Value Proposition provides support to our clients throughout all phases of their journey to visionary innovation including: research, analysis, strategy, vision, innovation and implementation.
- The Partnership Infrastructure is entirely unique as it constructs the foundation upon which visionary innovation becomes possible. This includes our 360 degree research, comprehensive industry coverage, career best practices as well as our global footprint of more than 40 offices.
For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community. Is your organisation prepared for the next profound wave of industry convergence, disruptive technologies, increasing competitive intensity, Mega Trends, breakthrough best practices, changing customer dynamics and emerging economies?
Analysis of the Global Magnetic Sensors Market
SOURCE Frost & Sullivan