Global E-Compass Market Size By Technology (Fluxgate, Hall-Effect, Magnetoresistive), By Application (Consumer Electronics, Aerospace And Defense, Automotive), By Geographic Scope And Forecast

E-Compass Market Size And Forecast

E-Compass Market size was valued at USD 2.9 Billion in 2023 and is projected to reach USD 3.08 Billion by 2030, growing at a CAGR of 15.3% from 2024 to 2030.

Owing to increasing demand for consumer electronics such as smartphones, tablets, laptops, and smart wearables the E-Compass Market will see a favorable boost in terms of market revenue and volume. Furthermore, the growing application of e-compass across various sectors such as automotive, defense & aerospace, marine, and consumer electronics will propel the growth of the E-Compass Market. The Global E-Compass Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global E-Compass Market Definition

E-compass is an electric device designed to detect the direction and magnitude of external magnetic fields. In most mobile devices, the e-compass has been embedded to enhance its global positioning features. It is used to provide navigation purposes and is widely used in various applications including surveying, transportation, aerospace & defense, and others.

Global E-Compass Market Overview

The growth of the global E-Compass Market can be directly correlated to the increasing demand for consumer electronics such as smartphones, computers, tablets, and smart wearables. This demand for consumer electronics is growing because of factors like rapid urbanization, rising disposable incomes, globalization of economies, and changing consumer lifestyles. Furthermore, the adoption of highly advanced e-compass sensors such as high grade1 and grade 2axis sensors in the aviation, defense, marine, and aerospace sectors is boosting the growth of the global E-Compass Market. This rapid adoption of e-compass sensors in the above critical sectors can be credited to the extensive research and development and constant need for upgrades to better equipment.

Additionally, the need for better access to technology and increasing demand for a simple user interface is propelling the growth of the E-Compass Market. Moreover, with growing manufacturing hubs for consumer electronics in the Asia Pacific region, emerging nations such as India and China will drive the demand for the adoption of e-compass sensors. Increasing FDI and huge demand potential for e-compass sensors in the Asia Pacific region will boost the growth of the E-Compass Market and provide lucrative opportunities for many players.

However, some restraints are limiting the growth of the global E-Compass Market. The widespread adoption of GPS technology in advanced consumer electronics and automotive vehicles is deterring the growth of the E-Compass Market. Furthermore, lacking technology in providing accurate mapping of geomagnetic maps may dampen the growth of the market. The concerns related to the accuracy and calibration of e-compass may restrict the growth of the E-Compass Market.

Global E-Compass Market Segmentation Analysis

The Global E-Compass Market is segmented based on Technology, Application, and Geography.

E-Compass Market, By Technology

• Fluxgate
• Hall-Effect
• Magnetoresistive
• Others

Based on Technology, the market is bifurcated into Fluxgate, Hall-Effect, Magnetoresistive, and Others. The hall-effect-based e-compass had the largest market share in 2015 However, the magnetoresistive e-compass sensors are anticipated to grow at the highest CAGR during the forecast period. The hall effect sensors are cost-effective whereas the magnetoresistive sensors are costly. But the accuracy of magnetoresistive e-compass is more compared to hall effect-based e-compass. With the increasing need for high precision in the automotive sector, the magnetoresistive e-compass will witness significant growth irrespective of their cost.

E-Compass Market, By Application

• Consumer Electronics
• Aerospace & Defense
• Automotive
• Marine
• Surveying
• Others

Based on Application, the market is bifurcated into Consumer Electronics, Aerospace & Defense, Automotive, Marine, Surveying, and Others. The consumer electronics segment dominated the market. The factor can be credited to the increasing demand for consumer electronics that deploy e-compass systems. However, the aerospace & defense, aviation, and marine sector requires high-grade e-compass sensors for their operation, and owing to increasing investment in research and development in these sectors will foster the growth of the global E-Compass Market. Furthermore, a constant need for the up-gradation of e-compass systems due to advancements in technology will also aid the growth of the E-Compass Market. Moreover, the automotive sector also deploys the use of e-compass in vehicles and owing to an increasing number of vehicle sales across the globe the automotive segment will contribute greatly to the global E-Compass Market.

E-Compass Market, By Geography

• North America
• Europe
• Asia Pacific
• Rest of the world

Based on Regional Analysis, the Global E-Compass Market is classified into North America, Europe, Asia Pacific, and Rest of the world. The largest share in the market will be dominated by the Asia Pacific region and is anticipated to grow at an unprecedented rate during the forecast period. A large number of consumer electronics manufacturers are located in the Asia Pacific region and as the demand for portable electronic products increases the E-Compass Market in the Asia Pacific region will see significant growth. Countries such as India and China will emerge as manufacturing hubs of e-compass owing to the low cost of manufacturing, cheap labor, and increasing demand for consumer electronics.

Key Players

The “Global E-Compass Market” study report will provide a valuable insight with an emphasis on the global market.  The major players in the market are Asahi Kasei Microdevices Corporation, Aichi Steel Corporation, Bosch Sensortec GmbH, Honeywell International Inc., NXP Semiconductors, ST Microelectronics N.V., Magnachip Semiconductor, Invensense Inc., Memsic Inc., and Oceanserver Technologies Inc.

Our market analysis also entails a section solely dedicated for such major players wherein our analysts provide an insight to the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share and market ranking analysis of the above-mentioned players globally.

Key Developments

Product Launches and Product Expansions

• In April 2019, Bosch is escalating its expertise in MEMS (micro-electro-mechanical systems) micro narrators and strengthening its market spot as a leading provider of sensing keys for consumer electronics with this development.

Mergers and Acquisitions

• In July 2020, STMicroelectronics a global semiconductor leader aiding customers has signed two M&A agreements linked to the acquisitions of Ultra Wide Band professional BeSpoon and of the cellular IoT connectivity possessions of Riot Micro. After closing the two dealings, subject to normal regulatory approvals, ST will further toughen its offer for wireless connectivity and, in specific, the roadmap for the situation STM32 microcontrollers and protected MCUs. In Dec 2021, Honeywell To Acquire US Digital Designs, Inc.,
• These combined offerings will enhance and increase public safety, and communications to main responders, eliminate physical processes and enable sooner emergency response periods.
• Arioso Systems has planned acquisition that will enlarge the sensing solutions know-how for consumer microchip technology in the field of micro speakers and make it even more diversified, therefore will enable to consistently expand and maintain a strong position as a technology leader in this region.

Report Scope

Research Methodology of Market Research

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Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

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