The adoption of e-compass sensors in the consumer electronics products such as smartphones, tablets and wearables would drive the e-compass market.
The e-compass sensors are a ready fit to the navigation systems installed in the portable electronic products. The miniaturization of the sensor packages to be efficiently integrated into the portable electronics products has significantly boosted the market growth in the recent times. The growth in consumption of wearable electronic devices would drive the market in coming years.
The major restraint for e-compass is the presence of GPS technology as a substitute for the similar applications related with navigation. Large number of equipment these days have integrated GPS technology and as GPS technology can also be used as a navigating compass wherever the GPS signals are present, many device makers do not see the need to add additional hardware for e-compass.
APAC market for e-compass sensors to grow at the highest rate during the forecast period. The APAC region is expected to grow at the highest CAGR for e-compass market. A number of major consumer electronics manufactures are based out of the region. Moreover, the demand for directional sensors in consumer electronics is increasing steadily. These factors collude to make APAC a fast growing market for e-compass sensors.