Global Electronic Compass Market - Size
Base Year For Estimation
2023
Forecast Data Period
2024-2030
Historical Data Period
2018-2021
Source: Envision Intelligence Analysis & Experts Insights.
*Graph shown for illustrative purpose only, the final report will have the graph with actual data and data labels
E-compass is the electronic compass which is usually the compact device and uses the earth magnetic field to allow the determination of the user’s geographic direction. E-compass consists of a magnetometer and an accelerometer. In most of the electronic devices such as watches, tablets, smartphones and GPS devices, e-compass are becoming the universal part. Growing demand for the advanced wearable devices and high per capita income are the predominant factors driving the market growth. E-compass provide the directional information which enhances GPS devices with the built-in accuracy. These are also used in the location-based services with the other applications including industry, construction, military, transportation and others.
Global Electronic Compass Market Size:
Global Electronic Compass market is poised to reach the value of $2.72 billion in 2024 from $1.05 billion in 2017, growing with the CAGR of 14.61%. Key points like the use of E-Compasses in UAVs and AUVs, the growth of the wearable devices market, adoption of e-compass sensors in consumer electronics, investment in R&D and need for upgrades for better equipment and rising demand for the simpler user interfaces and better access to technologies are driving the market growth. Whereas the facts like widespread use of GPS technology, changing geomagnetic maps and data accuracy and calibration issues are hampering the market growth. The market has opportunities like upcoming autonomous cars market, potential use in augmented reality and gaming applications and an increase in the usage of many sensors for location-based tracking services.
Global Electronic Compass Market Share:
Sensor Type, Technology, Application and geographical regions are the
Global Electronic Compass Market - Growth
Source: Envision Intelligence Analysis & Experts Insights.
*Graph shown for illustrative purpose only, the final report will have the graph with actual data and data labels
segments present in the Electronic Compass market. By Sensor Type, the market is classified into 1&2 Axis, 3-Axis, 6-Axis and 9-Axis. 1&2 Axis e-compass sensors are the fastest growing as well as dominant market owing to the high-grade requirement of 1&2 Axis sensors in aviation, defence, and marine sectors. By technology, the market is segmented into fluxgate, Hall Effect, magnetoresistive and others. Hall Effect technology is dominant owing to the facts like Hall Effect technology is much economical regarding cost and miniaturised in the form of ICs. By application, the market is classified into consumer electronics, aerospace and defence, marine, automotive, surveying and others. Consumer electronics segment is the large segment owing to the higher adoption rate in the electronic instruments, and automotive application is expected to show the highest growth rate during the forecast period. Incorporation of electronic compasses in the new model automotive is driving the growth.
By geography, the market is classified into APAC, North America, South America, Europe and Middle East & Africa regions. APAC is expected to hold the most significant market share, and it is also the fastest growing region owing to a large number of the electronic manufacturers which use e-compasses are present in this region. The growing demand for the portable electronic products in this region also boosts the market growth. North America and Europe are the predominant markets as the incorporation of the E-compass into vehicles are set to drive the market growth in these regions. South America and Middle East & Africa are
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Global Electronic Compass Market - Porter's Five Force Analysis
Source: Envision Intelligence Analysis & Experts Insights.
*Graph shown for illustrative purpose only, the final report will have the graph with actual data and data labels
promising markets in the regard of the electronic compass market.
Global Electronic Compass Market Trends:
- Bosch Sensortec introduced next-gen electronic compass BMC150 which has high precision measurement capability through Bosch flipcore technology.
- L3 has acquired the OceanServer Technology Inc. and the business is renamed as L3 OceanServer and will be integrated into the company’s sensor system management.
Global Electronic Compass Market Research Reports Includes:
- An executive summary condensing the whole report such that essential authority can rapidly twist up doubtlessly acquainted with brief overview and conclusion.
- To have a complete market analysis through industry value chain analysis, Porter’s five, PESTLE, SWOTanalysis, and Y-o-Y analysis.
- Regional and global diversity is analysed with the major countries and the unions. Scrutinizing the revenue generation on Year–On–Year
- Identifying DROC in the current market and their impact on altering the market dynamics.
- Competitive landscape analysis to identify the merger and acquisition which will have a comparative financial study with significant competitors.
- Expertise investment opportunities by an analyst to the individual and organisation to have a better foothold in the market.
- Identify the latest developments, market shares and strategies that are employed by the major market players, such as
- Bosch Sensortec GmbH
- Oceanserver Technologies Inc.
- NXP Semiconductors N.V.
- ST Microelectronics N.V.
- Aichi Steel Corporation
Along with these companies, there were many other companies are considered in the report while analysing the Global Electronic Compass market. These companies hold substantial share-owning to the nature of the industry whereas the rest of the market shares are marginal chunks to regional and local level manufacturers. Other players have considerable presence owing to its robust brand image, geographical reach and stable customer base.
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