The new report from Expert Market Research titled, “Global e-compass Market Share, Price, Trends, Growth, Report and Forecast 2023-2028”, provides an in-depth analysis of the global e-compass market, assessing the – the compass. market based on its segments such as technologies, applications, sensor types, and key regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses market dynamics, covering key demand and price indicators, along with market analysis based on SWOT and Porter’s Five Forces models.
Highlights of the report include:
Market Overview (2018-2028)
Historic market size (2020): $1.6 billion
Forecast CAGR (2023-2028): 15%
Estimated market size (2026): $3.7 billion
The global e-compass market is being driven by growing application in end-use sectors such as aerospace, defense, automotive, marine, construction, and consumer electronics, among others. The e-compass consumer electronics application segment is contributing significantly to the growing market. This may be coupled with the increasing integration of digital compasses into smartphones, smartwatches, and tablets, among others.
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In addition, e-compasses in consumer electronics eliminate the need to carry an additional device, making digital compasses more accessible, thereby contributing to market growth. In addition, e-compasses provide guidance information, which is essential to support GPS technology in smartphones and vehicle entertainment systems.
Industry definition and key segments
An electronic compass refers to a digital device that uses the earth’s magnetic field to allow the user to determine direction. A magnetometer, tilt sensors, optional accelerometers and gyros make up an electronic compass.
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Based on technology, the market can be classified into:
Fluxgate
Hall-Effect
Magnetoresistive
Others
The market, based on the application, can be divided into:
Consumer Electronics
Aerospace and Defense
automotive
MARINE
survey
Others
Based on sensor type, the market can be segmented into:
1 and 2-Axis
3-Axis
6-Axis
9-Axis
Regional markets for e-compass include:
North America
Europe
Asia Pacific
Latin America
Middle East and Africa
Market Trends
Growth in the global e-compass market is anticipated to be driven by applications in the aerospace and defense sectors. This may be associated with increased air traffic due to the booming airline industry. Growing demand for GPS technology to navigate routes in passenger, cargo and military aircraft is likely to drive the market.
Moreover, increasing advancements in UAV and AUV technology is another factor projected to drive the growth of the market over the forecast years. Additionally, increased investment by government agencies in improving the defense sector in major developed and developing countries is expected to have a positive impact on the market in the coming years.
Major market players
Key players in the market are Asahi Kasei Microdevices Corporation, Robert Bosch GmbH, NXP Semiconductors NV, Honeywell International Inc., Garmin Ltd. and STMicroelectronics NV, among others. The report covers market shares, capacities, plant turnarounds, expansions, investments, and mergers and acquisitions, among other recent developments of these market players.
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