E-Compass Market Type (1&2 Axis, 3 Axis, 6 Axis, 9 Axis), By Technology (Fluxgate, Hall Effect, Magnetoresistive), Application (Consumer Electronics, Aerospace & Defense, Automotive, Surveying, Marine) and Geography - Forecast 2027

ID: VPR/SEM/1173 Publishing Year: January 2022 Pages: 102 Format:   


E-Compass Market Overview:

The increasing demand for consumer electronics such as smartphones, PCs, tablets, and smart wearables is directly tied to the growth of the worldwide e-compass market. Consumer electronics demand is increasing as a result of causes such as rapid urbanisation, increased disposable incomes, economic globalisation, and changing consumer lifestyles. In addition, the deployment of highly advanced E-Compass Sensors, including as high grade1 and grade 2axis sensors, in the aviation, military, marine, and aerospace sectors is propelling the worldwide e-compass market forward. The significant research and development, as well as the constant need to update to better equipment, can be credited for the quick adoption of e-compass sensors in the above essential industries. In addition, the growing desire for a simple user interface and increased access to technology are moving the E-Compass Industry Forward. Furthermore, with the growth of consumer electronics manufacturing hubs in the Asia Pacific area, emerging nations such as India and China will increase demand for E-Compass Sensors. Increased foreign direct investment (FDI) and a large demand potential for E-Compass Sensors in the Asia Pacific region would propel the E-Compass Market Forward and give profitable chances for numerous players.

Key Players:

Few of the major competitors currently working in the Global E-Compass Market are TDK Corporation, Asahi Kasei Microdevices Corporation., MEMSIC, Inc, AICHI STEEL CORPORATION., Honeywell International Inc, NXP Semiconductors, Bosch Sensortec GmbH, STMicroelectronics, Magnachip Semiconductor, PNI Sensor, TrueNorth Technology Solutions, mCube, Garmin Ltd, Texas Instruments Incorporated, Sparton, KuSaBa Engineers Private Limited., BARIGO Barometerfabrik GmbH, Koden Electronics Co., Ltd., Jewell Instruments, LLC, Airmar Technology Corp., Navico, among others.

Market Drivers:

The market is growing due to rising demand for E-Compass in electronic devices such as smartphones, tablets, wearable devices, and other devices.

Another factor boosting market growth is the widespread use of E-compass in UAVs and AUVs.

Market expansion will also be fueled by rising disposable income and changing lifestyles.

A market driver is the growing need for E-compass sensors based on magneto-resistive technology.

Market Segmentation:

Technology, Application, and Geography are the three segments that make up the Global E-Compass Market.

The market is divided into Fluxgate, Hall-Effect, Magnetoresistive, and Others based on technology. In 2015, the e-compass based on the hall effect had the biggest market share. The magnetoresistive e-compass sensors, on the other hand, are expected to expand at the fastest rate during the forecast period. The magnetoresistive sensors are expensive, whereas the hall effect sensors are inexpensive. However, as compared to a hall effect-based e-compass, the accuracy of a magnetoresistive e-compass is higher. Because of the growing demand for high precision in the automobile industry, magnetoresistive E-Compasses will see substantial growth, regardless of price.

The market is divided into Consumer Electronics, Aerospace & Defense, Automotive, Marine, Surveying, and Others based on application. The market was dominated by the consumer electronics industry. The rise in demand for consumer gadgets with e-compass systems can be attributed to this factor. However, the aerospace and defence, aviation, and maritime sectors all require high-grade e-compass sensors for their operations, and the Worldwide E-Compass Market will rise as these industries invest more in research and development. Furthermore, the ongoing requirement for e-compass system upgrades due to technological advancements will boost the e-compass market's expansion. Furthermore, the automotive industry uses e-compass in automobiles, and due to an increase in vehicle sales around the world, the automotive industry will have a significant impact on the global E-Compass market.

The Global E-Compass Market is divided into four regions based on regional analysis: North America, Europe, Asia Pacific, and the Rest of the World. The Asia Pacific region will hold the highest share of the market, and it is expected to grow at an unpredicted rate over the projected period. The Asia Pacific area is home to a huge number of consumer electronics manufacturers, and as demand for portable electronic devices grows, the e-compass industry in the region will witness substantial expansion. Due to low production costs, cheap labour, and rising consumer electronics demand, countries like India and China will emerge as E-Compass Manufacturing centres.

Regional Analysis:

The Global E-Compass Market is extremely fragmented, and leading companies have employed a variety of strategies to expand their footprints in this market, including new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others. The research contains market shares for the global, European, North American, Asia Pacific, and South American E-compass markets.

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