Growth of the wearable devices market to magnify growth in the global eCompass Market

Covid-19 Impact & Market Status

The report offers an exhaustive overview of the business dynamics and new investment strategies that are being adopted by business leaders across countries and regions to overcome the acute challenges and financial instabilities that have emerged in the post pandemic times.

The E-Compass Market was valued at USD 1.78 billion in 2022 and is expected to reach USD 6.07 billion by 2030, growing at a 14.6% CAGR between 2023 and 2030.

The report highlights some of the best industry strategies and practices that are adopted by the players across local and global markets. Ever since the Covid-19 broke out in 2019, it has spread aggressively, resulting in rapid declaration by the WHO affirming Covid-19 as a global pandemic and an emergency.

The impact of the pandemic is widespread and the aftermath is well pronounced, gravely affecting the global eCompass market. The sudden pandemic and its implications have posed significant challenges such as travel bans, quarantines, and lockdowns.

These developments are hampering operations resulting in supply chain breaches, stock market inefficiencies, and vendor chaos. These are constantly interfering with the normal functioning of industries. 

Ever since the outbreak of the global crisis, impact on upstream, downstream, and midstream industries have been appalling. The report delivers a quick ready-to-deploy approach to counter such crisis and steer the global eCompass market towards steady growth and systematic progression.

Amidst the pandemic, aligning with new dynamics, global eCompass market has been witnessing new dynamics which are further necessitating new business models and approaches to recoup growth and revenue streams.

In this report, inquisitive business players would be provided with sufficient guidelines regarding business transformation, integral to sustain stiffening competition in the pandemic and beyond pandemic era global eCompass market.

Magnetoresistive to Hold Largest Market Growth

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.

eCompass for Consumer Electronics to Sustain the Highest Revenues

The consumer electronics segment is dominated by the market. The factor for this increasing demand for consumer electronics. However, the aerospace & defense, aviation, and marine sector requires the high-grade e-compass sensors for their operation and owing to increasing investment for research and development in these sectors will foster the growth of the global e-compass market consumer electronics which deploys e-compass systems.

Asia Pacific Sweep the Largest Revenue Streams

Asia Pacific region is expected to hold the largest share in the market ddue to its increasing growth during the forecast period. The reason for this growth is the increasing number of manufacturing of consumer electronics and due to the rising demand for portable electronics product increase in the Asia Pacific market. Countries such as China and India will emerge as manufacturing hubs of eCompass owing to the low cost manufacturing, cheap labor, and increasing demand for consumer electronics.

Adoption of E-Compass sensors in consumer electronics and use of E-Compasses in Uavs and Auvs to offer new opportunities in the global eCompass market.

eCompass market is accelerating because of the rising disposable income and changing lifestyle. It can also be used as a magnetometer and accelerometer and this equipment is integrated with microelectromechanical systems. This is a kind of technology that merge the nanoscale with nanotechnology and nanoelectromechanical systems.

Further, upcoming autonomous cars market and potential use in augmented reality and gaming applications are expected to ravel new growth opportunities in the global eCompass market during the forecast period.

In present times, E-Compass has wide applications in industry verticals. The portable devices for electronics can deploy e-compass sensors, and act as navigational tools for it. The high sales of tablets, smartphones, and wearable devices have boosted the market. The production of low power and the compact new e-compass sensor has gained more popularity and is adopted widely. Other factors such as verticals such as aerospace and surveying are dependent on high-grade e-compass sensors for better results. are also fostering growth in the global eCompass market.

Forward-looking players in the global eCommerce market are furthering investments towards developing advanced eCompass to address current limitations due to the Changing Geomagnetic Maps.

The widespread adoption of GPS technology in advanced consumer electronics and automotive vehicles is deterring the growth of the e-compass market. Rising disposable income, rapid rate of urbanization, growing economies, and changing lifestyle are responsible for the market growth.

The high usage of e-compass sensors which are from magneto resistive technology will also be responsible for the growth of the e-compass market globally. Another factor which can create lucrative opportunities in the coming years can be the usage of e-compass in the unmanned aerial vehicle as well as autonomous underwater vehicles worldwide.

Also, the high demands for minerals globally will boost the global e-compass market. Also, the consumer electronics industry is growing widely such as tablets, smartphone’s, wearable devices which will further increase the demand for the e-compass market.

The major players of the global eCompass market are STMicroelectronics, mCube, MEMSIC, MagnaChip, NXP Semiconductors N.V., Bosch Sensortec, Asahi Kasei Microdevices, Honeywell, InvenSense, Inc.

The eCompass market is a rapidly progressing industry and is characterized to have industrial frontliners as well as aspiring new players aiming to penetrate into the aggressive competitive landscape across global and local markets. Additionally, various new and aspiring players are improving their product lines and upgrading technological capabilities to improve revenue streams amidst Covid-19 impact.

E-Compass Mask Market Scope

Key Segments of the Global eCompass Market

Technology Overview, (USD Billion)

• Fluxgate
• Hall Effect
• Magnetoresistive

Type Overview, (USD Billion)

• 1&2 Axis
• 3 Axis
• 6 Axis
• 9-Axis

Application Overview, (USD Billion)

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

Regional Overview, (USD Billion)

North America

• U.S
• Canada

Europe

• Germany
• France
• UK
• Rest of Europe

Asia Pacific

• China
• South Korea
• Japan

South America

• Mexico
• Rest of South America

Middle East and South Africa

• UAE
• Saudi Arab