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Key Market Players:
Key players in the current sensor market availed opportunities like partnerships and acquisitions. Product development and expansion were a few other strategies adopted by companies to strengthen their market position.
The consumer electronics end user segment is expected to grow at the highest growth rate during the forecast period from 2023 to 2028. The current sensors in the consumer electronics industry cater to the increasing demand generated by a wide range of appliances used for communication, entertainment, and other purposes. In the consumer electronics industry, current sensors are used in both white goods and brown goods. White goods include air conditioners, refrigerators, washing machines, sewing machines, watches and clocks, cleaning equipment, and other domestic appliances. Brown goods include microwave ovens, mixers, grinders, electronic fans, irons, and smart lighting. Apart from these, other electronic goods such as TVs, infotainment systems, smartphones, DVDs, and camcorders have also been considered under the current sensor market.
In North America, the US accounted for the largest share of the current sensor market in 2022 and is projected to grow at the highest CAGR during the forecast period from 2023 to 2028. The presence of leading current sensor manufacturers, such as Allegro MicroSystems, Inc. (US), Honeywell International Inc. (US), Texas Instruments Incorporated (US), and Silicon Laboratories (US), in the country is a key factor supporting the growth of the market. In addition, the country houses automotive assembly plants of General Motors (US), Ford Motor Company (US), Fiat Chrysler Automobiles (US), and Tesla Motors (US), which generates substantial demand for current sensors.
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