The digital compass market is estimated to grow at a CAGR of 7.21% during the forecast period. A digital compass is also termed as an e-compass or electronic compass or magnetometer. The device is basically used to get precise navigation. As information gathering becomes critical to a new data driven and information based economy, the demand for tools like digital compass is soaring as they give precise and accurate reading. Falling prices of magnetic sensors has been the key reason behind the widespread utilization of digital compass across industries. The market for digital compass is majorly driven by its increasing utilization in Smartphone, tablets, smart watches and other electronic products. The demand is stemming from the fact that customers are increasingly availing location-based services in their day to day life that, in turn, is accelerating the demand for digital compasses that are embedded in various electronic products.
End-users like Military and defense are majorly contributing in the increased demand for the digital compass. In Automotive sector, the need for precise navigation in connected and autonomous driving is one of the factors that are set to augment the market growth in the upcoming years. Geographically, the Asia Pacific holds a significant share in the market owing to the major production of digital compasses taking place in Japan.
The “Digital Compass Market – Forecasts from 2019 to 2024” is an exhaustive study which aims to present the key market trends through various chapters focusing on different aspects of the market. The study provides a detailed market overview through the market dynamics sections which detail key market, drivers, restraints, and opportunities in the current market. The report analyzes key opportunity regional markets, and the current technology penetration through lifecycle analysis. The report also analyzes the market through comprehensive market segmentation by type, application, and geography.
The digital compass market on segmented based type, technology, application and geography. Based on type, the market has been segmented into 3-axis and 6-axis. By technology, the market has been classified into Hall Effect, and GMR, and by application, the market has been segmented as
Regional analysis has been provided with detailed analysis and forecast for the period 2019 to 2024. The global market has been broken down into the North America, South America, Europe, Middle East, and Africa, and the Asia Pacific.
Major players in the digital compass have been covered along with their relative competitive position and strategies. The report also mentions recent deals and investments of different market players over the last year. The company profiles section details the business overview, financial performance for the past three years, key products and services being offered along with the recent developments of these important players in the digital compass market.
Giant MagnetoResistance (GMR)
Military and Defense
Middle East and Africa