E-Compass Market worth 2,187.1 Million USD by 2022

(IT-NEWSWIRE.COM, December 10, 2017 ) The report "E-Compass Market by Technology (Fluxgate, Hall Effect, Magnetoresistive), Type (1&2 Axis, 3 Axis, 6 Axis, 9 Axis), Application (Consumer Electronics, Aerospace & Defense, Automotive, Surveying, Marine) and Geography - Global Forecast to 2022", The e-compass market, in terms of value, is expected to grow from USD 808.6 Million in 2015 to USD 2,187.1 Million by 2022, at a CAGR of 14.57% between 2016 and 2022. The market, in terms of volume, is expected to grow from 1.60 Billion units in 2015 to 4.45 Billion units by 2022, at a CAGR of 15.00% between 2016 and 2022.

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The increasing demand for wearable electronics such as smart watches, fitness and sports trackers have created a huge demand for e-compasses as these devices are, in general, equipped with navigation functionality which has been made possible through the use of e-compasses. The GPS-based navigation technologies are able to provide a precise location only when they are in a range of GPS signals, however, the tilt compensated e-compasses does not rely on the GPS signals and continues to provide the right direction even in the absence of a GPS signal, hence making them extremely useful specifically for applications such as outdoor recreational sports.

Hall effect-based e-compass to hold the largest share of the e-compass market

The Hall effect-based e-compass is expected to hold the largest market share and dominate the e-compass market between 2016 and 2022, owing to the their increasing adoption within consumer electronics market which require low cost e-compass and compact sensors in devices such as smart phones, tablet computers, gaming consoles, and so on.

Consumer electronics application held the largest market share in 2015

The consumer electronics application is expected to hold the largest market share and dominate the e-compass market between 2016 and 2022. The increasing penetration of wearable electronics and usage of navigation-based mobile applications are creating a huge demand for e-compasses within the consumer electronics segment.

APAC to hold the largest market share and grow at the highest rate during the forecast period

The APAC region is expected to hold the largest market share and dominate the e-compass market between 2016 and 2022. The high growth and the large market can be attributed to the virtual monopoly of APAC in the manufacturing of consumer electronics, owing to the presence of companies such as Samsung, Sony, LG, Huawei, Lenovo, coupled with low-production costs, in terms of labor, has forced the consumer electronics manufacturers in the other regions to outsource a bulk of their manufacturing processes to countries such as China and Taiwan.

Furthermore the rapid penetration of handheld “smart” devices in the region is likely to continue during the forecast period; also the region has one of the fastest-growing markets for automotive, aerospace & defense which are the other key application markets for e-compasses.

The e-compass ecosystem comprises of chip designers such as STMicroelectronics (France), mCube (U.S.), MEMSIC (U.S.) and MagnaChip (South Korea) among others; component manufacturers such as NXP Semiconductors N.V. (Netherlands), Bosch Sensortec (Germany), Asahi Kasei Microdevices (Japan), Honeywell (U.S.) among others; technology providers such as InvenSense, Inc. (U.S.), Honeywell (U.S.), and Bosch Sensortec (Germany), among others; and system integrators such as TrueNorth Technologies (U.S.), Aichi Steel (Japan), among others who integrate these e-compass sensors and sell them to end users to cater to their unique business requirements.

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E-Compass Market worth 2,187.1 Million USD by 2022