Global E-Compass Market – Industry Trends and Forecast to 2030

Global E-Compass Market, By Technology (Fluxgate, Hall Effect, Magnetoresistive, Others), Type (1 and 2 Axis, 3 Axis, 6 Axis, 9 Axis), Application (Consumer Electronics, Aerospace and Defense, Automotive, Surveying, Marine, Others) - Industry Trends and Forecast to 2030.

E-Compass Market Analysis and Size

The surge in demand for e-compass in electronic gadgets such as smartphone, tablets, wearable devices and miniaturization of the sensor packages to be competently integrated into the portable electronics products emerge as the major factor driving market growth. Prevailing the usage of e-compass in Uavs and Auvs, rising disposable income, and changing lifestyle will further aggravate the market value. However, the threat of widely spread GPS technology and technical lacking while providing accurate mapping of the geomagnetic maps is a restraint for the market.

Global e-compass market was valued at USD 1.8 billion in 2022 and is expected to reach USD 5.1 billion by 2030, registering a CAGR of 12.6% during the forecast period of 2023 to 2030. 1 and 2 axis accounts for the largest service segment in the respective market owing to the high preference due to the subject-matter expertise offered by vendors. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.

E-Compass Market Scope and Segmentation

Market Definition

E-compass is an electronic compass and is basically identifies the earth's magnetic field to get the correct directional way and uses a magnetometer and an accelerometer. The major purpose of the e-compass is to provide navigation that’s the reason it used in GPS navigation equipment and antenna positioning equipment. It plays a vital role in the location-based services and used in several other applications including transportation, military and construction

Global E-Compass Market Dynamics

Drivers

•  The Surge in Demand for E-Compass in Electronic Gadgets

Rising demand for simpler user interfaces and better access to technologies have resulted in the development of digital compass. Its use in navigation has become a standard requirement in smartphones, gaming devices, and tablets, which in turn is expected to substantially increase digital compass market growth

• Advancement in Technologies

The increase in the advancement in technologies such as artificial intelligence (AI) and the internet of things (IoT) accelerate the market growth. The ability of IoT- enables wireless fire detection systems prevents fire accidents and injuries.

Opportunity

• Emergence of Digital Technologies, Namely AI, IoT, and Cloud Computing

With the introduction of GPS, digital compasses still hold its virtue due to the fact that GPS is itself a fairly limited technology. A GPS by itself is just able to provide the information where the device is. The GPS cannot determine the direction in which the device is facing; in order to determine the direction, the GPS should be moving. As compasses do not rely on GPS signals to determine the direction, they are a vital part of GPS device, thereby driving their growth over the forecast period.

Restraint/Challenge

• High Cost Associated with Installation and Maintenance

On the other hand, high cost associated with the production of volumetric video, and less effective projection under sunlight are expected to obstruct the market growth

This market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on fire protection system market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

 Recent Development

• In July 2012, AKM launched three-axis AK8963C for portable appliances. It features one-chip compass architecture and a wide range of measurements

Global E-Compass Market Scope

The e-compass market is segmented on the basis of technology, type and application. The growth amongst the different segments helps you in attaining the knowledge related to the different growth factors expected to be prevalent throughout the market and formulate different strategies to help identify core application areas and the difference in your target market.

Technology

• Fluxgate
• Hall Effect
• Magnetoresistive
• Others

Type

• 1 and 2 Axis
• 3 Axis, 6 Axis
• 9 Axis

Application

• Consumer Electronics
• Aerospace and Defense
• Automotive
• Surveying
• Marine
• Others

Global E-Compass Market Regional Analysis/Insights

The global e-compass market is analyzed and market size, volume information is provided by technology, type and application as referenced above.

The countries covered in the e-compass market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E., Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America

North America region dominates and is fastest growing region the e-compass market due to huge market for consumer electronics and high investments for introducing cutting-edge technology-based devices during the forecast period. The Asia-Pacific region is projected to undergo substantial during the forecast period due to the large number of consumer electronics manufacturers who buy e-compass sensors and the demand for portable electronics products that deploy these sensors within the region.

The country section of the e-compass market report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points such as consumption volumes, production sites and volumes, import export analysis, price trend analysis, cost of raw materials, down-stream and up-stream value chain analysis are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.

Competitive Landscape and Global E-Compass Market Share Analysis

The market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the company's focus related to global e-compass market.

Some of the major players operating in global e-compass market are

• Caterpillar (U.S.)
• Hitachi Construction Machinery Co., Ltd. (U.S.)
• Komatsu India Pvt. Ltd (U.S.)
• AB Volvo (U.S.)
• JCB (U.S.)
• Tata Hitachi Construction Machinery (U.S.)
• Telcon Ltd, UTD Motor (U.S.)
• Sumitomo Heavy Industries, Ltd (U.S.)
• SANY GROUP (U.S.)
• SCHWING Stetter (INDIA) Pvt. Ltd.