Categories: Market Research

E-Compass Market Report 2024 – Size, Scope, Growth Report 2033

The E-Compass Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s E-Compass Global Market Report 2024, The E-compass market size is expected to see rapid growth in the next few years. It will grow to $3.12 billion in 2028 at a compound annual growth rate (CAGR) of 12.3%. The growth in the forecast period can be attributed to rising disposable income, rising demand for simpler user interfaces, rising demand for portable electronics products, and rising adoption of e-compass sensors in consumer electronics. Major trends in the forecast period include sensor technology advancements, use in augmented reality and gaming applications, strategic partnerships and collaborations, and integration with other sensors.

Increasing demand for consumer electronics is expected to propel the growth of the e-compass market going forward. Consumer electronics (CE) refers to electronic devices intended for everyday use by individuals, including items such as smartphones, televisions, computers, and home appliances. The demand for consumer electronics is increasing due to technological advancements, a growing digital lifestyle, and the need for connectivity and convenience in daily life. E-compasses enhance the functionality and user experience of consumer electronics by providing accurate directional information in various applications and settings. For instance, in January 2023, according to the annual financial report 2022 published by LG Corporation, a South Korea-based consumer electronics and home appliances company, LG had revenue exceeding $60 billion for the first time. This was a 12.9% increase from 2021. The growth was mainly due to the high demand for premium home appliances and automotive parts. The appliance business unit also experienced significant year-over-year growth for the seventh year. Therefore, the increasing demand for consumer electronics is driving the growth of the e-compass market.

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The E-compass market covered in this report is segmented –

1) By Type: 1 And 2 Axis, 3 Axis, 6 Axis, 9 Axis
2) By Technology: Fluxgate, Hall-Effect, Magnetoresistive, Other Technologies
3) By End Industry: Consumer Electronics, Aerospace And Defense, Automotive, Marine, Surveying, Other End Industries

Major companies operating in the e-compass market are focusing on developing technologically innovative solutions, such as gyro-stabilized digital magnetic compasses, to enhance the performance and reliability of navigation systems across multiple industries. A gyro-stabilized digital magnetic compass is a navigation device that combines gyroscopes and magnetometers to provide highly accurate and stable directional readings by compensating for magnetic interference and maintaining orientation even in dynamic conditions. For instance, in February 2021, PNI Sensor Corporation, a US-based electronic company, launched TargetPoint TCM, a gyro-stabilized digital magnetic compass to provide accurate heading and orientation for UAVs and robotics in any environment. It combines high-sensitivity magnetometers with a high-stability 3-axis MEMS accelerometer and 3-axis MEMS gyroscope to achieve sub-0.5-degree dynamic heading and tilt accuracy. The TargetPoint TCM excels in magnetically challenging conditions by using advanced magnetic distortion compensation and calibration scoring algorithms to counter hard and soft iron interference. Its patented magnetic anomaly rejection algorithms eliminate errors caused by magnetic distortion, ensuring accurate and reliable directional readings.

The e-compass market report table of contents includes:

1. Executive Summary

2. E-Compass Market Characteristics

3. E-Compass Market Trends And Strategies

4. E-Compass Market – Macro Economic Scenario

5. Global E-Compass Market Size and Growth

…..

32. Global E-Compass Market Competitive Benchmarking

33. Global E-Compass Market Competitive Dashboard

34. Key Mergers And Acquisitions In The E-Compass Market

35. E-Compass Market Future Outlook and Potential Analysis

36. Appendix