E-Compass Market by Technology (Fluxgate, Hall Effect, Magnetoresistive)
Industry: Semiconductor Electronics
Published Date: March-2023
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Number of Pages: 250
Report ID: PMRREP33396
Global E-Compass Market sales generated revenues worth US$ 1.6 billion in 2021. Between 2022 and 2032, global e-compass market demand will increase at 11.3% CAGR. The worldwide market size is set to swell from US$ 1.8 billion in 2022 to US$ 5.2 billion by 2032.
Most of the e-compass sales are likely to remain concentrated in consumer electronics sector. The target segment will expand at over 11.1% CAGR from 2022 to 2032. Hence, consumer electronics will become a key revenue-generating segment for e-compass manufacturers.
Key Growth Shaping Factors:
An electronic compass or e-compass is a device that uses an accelerometer and a magnetometer to determine the orientation and direction of objects or persons. It possesses the tendency to accurately find north in any orientation.
Electronic compass, just like a normal compass, can detect a geomagnetic field. This allows the device to accurately detect the direction of the user. It plays a key role in location-based services and is used in a wide range of applications.
One of the key factors driving the e-compass industry is the skyrocketing demand for consumer electronics. With rapid penetration of digitalization, adoption of electronic gadgets such as smartphones and wearable devices is rising dramatically.
As e-compass is being used in these portable electronic products as a navigational tool, rise in their production and sales will uplift e-compass demand. Electronic compass provides these devices with an orientation in relation to Earth’s magnetic field.
Rising adoption of e-compasses in marine GPS navigation equipment and antenna positioning will boost the global market. Subsequently, integration of electronic compasses in drones or UAVs for providing orientation data will fuel demand.
E-compasses have become essential components within a UAV’s navigation systems. This is due to their reliable nature, accuracy, low power, and durability. Hence, rising production and sales of drones will fuel market expansion.
Growing usage of robotic vessels such as autonomous underwater vehicles (AUVs) is likely to trigger e-compass sales. AUVs are becoming critical for surveying ocean floors and conducting research on subsea environments.
E-compasses are utilized as components in unmanned marine equipment. They provide orientation necessary for AUVs to make changes in direction without real-time control from an operator.
Growth in the market will also be driven by increasing requirements for high-accuracy location tracking across various sectors. Besides this, increasing popularity of 3D electronic compasses will bode well for the market.
| Attributes | Key Insights |
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E-Compass Market Size in 2022 |
US$ 1.8 billion |
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Projected Market Value (2032) |
US$ 5.2 billion |
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Value-based CAGR (2022 to 2032) |
11.3 % |
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United States of America Market CAGR (2022 to 2032) |
10.1 % |
Historically, from 2017 to 2021, global e-compass sales surged at around 14.4% CAGR. Total market valuation at the end of 2021 reached US$ 1.6 billion. Over the next decade, e-compass demand will exhibit a CAGR of 11.3%. The worldwide market for e-compasses will create an absolute dollar opportunity of US$ 3.4 billion.
A device that uses electronic sensors and magnetic sensors to determine the orientation and direction of objects or persons is called an e-compass (electronic compass).
E-compass technology is used in various industries. This includes automotive, consumer electronics, aerospace, etc. Hence, growth of these sectors will boost the global e-compass industry.
Electronic devices such as smartphones, navigation systems, and cameras use e-compass to determine the direction and location of the device. Similarly, e-compass finds application in E UAV drones where it determines the movement and heading.
Growing demand for drones from agriculture, defense, and mining sectors will create growth opportunities for e-compass companies.
Increasing usage of e-compasses in thriving automotive sector for providing accurate navigation will boost sales. E-compass are becoming crucial components in autonomous driving systems.
Asia Pacific is set to emerge as the most lucrative market for e-compass manufacturers. In 2022, Asia Pacific e-compass market size reached US$ 897 million. By 2032, Asia Pacific market will cross a valuation of US$ 2.62 billion.
Asia Pacific has a robust manufacturing industry producing a significant number of consumer electronics and automobiles among other products. In 2021 around 34 million cars were sold in the region.
As e-compass is being widely used for navigation and autonomous driving in the automobile industry, demand for e-compasses in the region will increase dramatically. This in turn will fuel market expansion.
Asia Pacific is also a leading manufacturer of consumer electronics in the world. In 2018, around 811 million smartphones were sold in the region. Since e-compass is widely used in consumer electronics for providing accurate navigation, demand for e-compass technology is projected to increase.
What is the Growth Forecast for the United States of America E-Compass Market?
The United States e-compass market grew at a notable CAGR of 11.1% between 2017 and 2021. For the next ten years, e-compass sales in the country will swell up at 10.1% CAGR. By 2032, the United States market size will reach US$ 790.2 million.
Rising penetration of smartphones and increasing adoption of e-compasses from thriving automotive sector are driving the USA market.
There were around 296 million smartphone users in the United States in 2020. This number is likely to reach about 347.6 million by 2033. As e-compasses are being used in smartphones for providing accurate navigation, rising number of smartphone users will propel demand for e-compasses in the United States.
The United States is also a prominent manufacturer of automobiles in the world. In 2021, around 9.1 million cars were produced in the United States of America. With rising adoption of e-compasses in automobiles for providing accurate navigation, sales in the United States of America will rise at a robust pace.
What is Fuelling E-Compass Sales in the United Kingdom?
The United Kingdom e-compass market will reach around US$ 132.1 million by 2032. It will create an absolute $ growth of US$ 78.8 million over the next decade.
Overall e-compass sales in the United Kingdom are likely to rise at 9.5% CAGR in comparison to 9.7% CAGR registered from 2017 to 2021. Growing adoption of e-compass in drones is a prominent factor driving sales in the United Kingdom.
The United Kingdom has a significant drone market. In 2020 there were around 159,000 drones registered in the country which is likely to increase to around 225,000 drones by 2027. As e-compass is widely utilized in drones for determining the heading and direction accurately, rising demand for drones in the country will bolster e-compass sales.
How Will Growth Unfold in China E-Compass Market?
China’s e-compass industry expanded at a CAGR of 16.6% during the historical period from 2017 to 2021. Between 2022 and 2032, total sales of e-compasses in China are set to surge at 12.8% CAGR.
By the end of 2032, China market will cross a valuation of US$ 1.4 billion. Booming consumer electronics and automotive industries is driving e-compass demand in China.
China is a leading manufacturing country in the world producing a significant number of consumer electronics as well as automobiles. Around 21.4 million cars were produced by China in 2021, according to the World Population Review.
E-compass is being widely used in the navigation systems of cars. With rapid rise in car production, demand for e-compasses will increase at a healthy pace during the assessment period.
Which is the Most Popular Technology in the E-Compass Industry?
As per the latest report, hall effect will remain the most popular technology globally. This is due to rising adoption of electronic compasses with hall effect sensors or hall sensor technology. Inexpensive nature of hall effect-based e-compasses will also boost their sales.
The hall effect technology segment grew at 14% CAGR from 2017 to 2021. For the next ten years, it will register a growth rate of 11.2% CAGR.
An electronic compass with hall sensors is a device that measures magnetic fields and determines magnetic North using the Hall Effect. When a conductor is kept in a magnetic field that is perpendicular to the direction of current flow, a voltage is produced across the conductor, a phenomenon known as the Hall Effect.
E-compass with hall sensors can be used for autonomous robots. This is because they can provide orientation data in robotics through which a robot can get real-time data about the warehouse or other industrial environments.
Besides this, rising usage of hall-based e-compasses in automotive applications will boost the segment growth. Hall-based electronic compasses are used in systems that aid in driving, such as lane departure warning systems. This is because these systems require precise knowledge about the location of the car.
Which Application Will Create Lucrative Growth Prospects for the Market?
Based on application, consumer electronics segment will create lucrative growth prospects. This is due to growing usage of e-compasses in a wide range of consumer electronic products.
Demand for e-compasses in consumer electronics sector increased at 13.6% CAGR from 2017 to 2021. Between 2022 and 2032, the consumer electronics segment will progress at 11.1% CAGR.
Consumer electronics such as mobile phones, tablets, and smart wearables widely utilize e-compass sensors for various applications such as navigation. They utilize a magnetometer and gyroscope to determine the accurate location of the user and provide the user with the data to navigate.
E-compass can also enhance the accuracy of location-based services by combining GPS data with compass readings. It can also be used in gaming as well as augmented reality where the direction of the device is important for the gameplay or interaction with virtual objects.
Leading e-compass manufacturers include L3 Technologies, Aichi Steel Corporation, Bosch Sensortec GmbH, STMicroelectronics N.V., Honeywell International Inc., Asahi Kasei Microdevices Corporation, NXP Semiconductors, Memsic Inc., Magnachip Semiconductor, and Invensense Inc.,
These companies are investing heavily in research and development for new and efficient products. The companies are also focussing on product launches, partnerships, mergers, and acquisitions to solidify their market positions.
Recent Developments:
| Attribute | Details |
|---|---|
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Current Market Size (2022) |
US$ 1.8 billion |
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Projected Market Size (2032) |
US$ 5.2 billion |
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Anticipated Growth Rate (2022 to 2032) |
11.3% CAGR |
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Forecast Period |
2022 to 2032 |
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Historical Data Available for |
2017 to 2021 |
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Market Analysis |
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Key Regions Covered |
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Key Countries Covered |
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Key Segments Covered |
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Key Companies Profiled |
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Report Coverage |
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By Technology:
By Application:
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The global e-compass market size reached US$ 1.6 billion in 2021.
In 2022, the global market for e-compasses totaled US$ 1.8 billion.
By 2032, the worldwide e-compass industry is projected to reach US$ 5.2 billion.
The global market for e-compasses expanded at 14.4% CAGR from 2017 to 2021.
Global e-compass demand will surge at 11.3% CAGR over the next ten years.
Consumer electronics segment will generate maximum revenue in the market through 2032.
South Korea and Japan markets will expand at 11.8% and 11.6% CAGRs respectively.
