Increasing Demand for Electric Vehicles Drives Hall Effect Teslameter Market
According to our latest market study on "Hall Effect Teslameter Market Size and Forecast (2021–2031), Global and Regional Share, Trend, and Growth Opportunity Analysis — by Type and End Users," the market was valued at US$ 207.99 million in 2023 and is anticipated to reach US$ 352.09 million by 2031; it is estimated to record a CAGR of 6.8 % from 2023 to 2031. The report includes growth prospects in light of current hall effect teslameter market trends and driving factors influencing the market growth.
Electric vehicle (EV) sales are increasing due to concerns regarding environmental protection and government policies favoring the adoption of low-emission or zero-emission vehicles. Also, governments of different countries are offering subsidies and tax rebates to citizens to increase the adoption of EVs. The government authorities are taking various initiatives to promote EVs worldwide. Several US states are also taking initiatives by providing financial incentives, including rebates, tax credits, and registration fee reductions, thereby promoting EV adoption in the country. For instance, in 2021, the government of Colorado offered a tax credit of US$ 4,000 on the purchase of a light-duty EV. Similarly, the government of Connecticut accepts a reduced biyearly vehicle registration fee of US$ 38 for EVs. Such government initiatives are surging the demand for EVs, which has led to an increase in EV sales worldwide.
Hall Effect Teslameter Market Analysis – by Geography, 2023
Hall Effect Teslameter Market Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Type (Analog Hall Effect Teslameters and Digital Hall Effect Teslameters), End Users (Automotive, Industrial, Healthcare, Aerospace, Laboratory, and Others), and Geography
Hall Effect Teslameter Market Size, Growth, Share by 2031
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Source: The Insight Partners Analysis
According to IEA’s annual Global Electric Vehicle Outlook 2024, in 2023, ~14 million electric cars were sold worldwide, which is 3.5 million higher than in 2022, a 35% year-on-year increase and bringing their total number on the roads to 40 million. This shows that the electric cars’ share of the overall car market has risen to 18% in 2023, up from 14% in 2022. Furthermore, as per the same report, in 2023, 60% of global electric car sales occurred in China. New electric car registrations in the country reached 8.1 million in 2023, a rise of 35% from 2022. In addition, China shipped over 4 million automobiles in 2023, making it the world's largest auto exporter, with 1.2 million being EVs. In the US, new electric car registrations reached 1.4 million in 2023, increasing by more than 40% from 2022. In 2023, many well-known electric vehicle models became credit-eligible due to changes in the Clean Vehicle Tax Credit's eligibility requirements and reductions in the cost of electric cars. For instance, sales of the Tesla Model Y surged by 50% in comparison to 2022, as it was qualified for the entire US$ 7,500 tax credit.
As hall effect teslameters are used to measure magnetic fields in electric motors, battery systems, and other electronic components, their demand is increasing among EV manufacturers. These manufacturers strive for greater efficiency, performance, and safety, which further fuels the need for precise magnetic field measurement tools. Thus, the increasing demand for EVs, fueled by government subsidies and a shift toward sustainable transportation, fuels the hall effect teslameter market growth.
The scope of the hall effect teslameter market report focuses on North America (US, Canada, and Mexico), Europe (Spain, UK, Germany, France, Italy, and Rest of Europe), Asia Pacific (South Korea, China, India, Japan, Australia, and Rest of Asia Pacific), Middle East & Africa (South Africa, Saudi Arabia, UAE, and Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and Rest of South & Central America). In Europe, Germany held the largest hall effect teslameter market share in 2023. Germany is the manufacturing hub of Europe and is known for its high emphasis on automation of various manufacturing processes. Germany is one of the leading vehicle producers in Europe and the world; also, several major car manufacturing companies, such as BMW AG, Volkswagen, and Audi, are located in Germany. The country's automotive business is growing and is projected to affect the growth of electric vehicles among consumers positively. According to VDA, i.e., the German Association of the Automotive Industry, domestic passenger car production in December 2023 totaled 264,500 units, reflecting a modest increase of nearly 1% compared to December of the previous year. Notably, in December 2023, a significant 72,550 new electric vehicles were registered, highlighting the ongoing expansion of the EV fleet, propelling the demand for hall effect teslameters in the country. Thus, increased consumer adoption of EVs and a strong push toward more sustainable and energy-efficient solutions is likely to have a significant impact on the hall effect teslameter market forecast in the next few years.
In North America, the US held the largest hall effect teslameter market share in 2023. The automotive sector specifically leads the US hall effect teslameter market growth. According to the International Energy Agency (IEA), a surge in electric vehicle (EV) registrations in the US is a key indicator of the rapidly expanding EV industry in the US. The number of registrations reached 1.4 million in 2023, marking an increase of over 40% compared to 2022. This surge reflects an increasing demand for sustainable, more energy-efficient vehicles. The growing EV adoption drives the hall effect teslameter market, as well as encourages market players to improve vehicle performance. Regenerative braking systems in hybrid and electric vehicles employ magnetic fields to transform kinetic energy into electrical energy. Hall effect teslameter monitors the magnetic fields in these systems to ensure that the energy recovery process is functioning properly. Furthermore, the growing adoption of EVs and autonomous vehicles among consumers is expected to flourish the hall effect teslameter market in the near future.
PCE Instruments UK Ltd; OMEGA Engineering, Inc.; Coliy Group; Senis AG; Hirst Magnetic Instruments; Dr. Brockhaus Messtechnik GmbH & Co. KG; Calamit S.r.l; Maurer Magnetic AG; Magnaflux; Lake Shore Cryotronics, Inc.; AlphaLab, Inc.; TUNKIA Co., Ltd.; XIAMEN DEXING MAGNET TECH. CO., LTD.; Magnetic Instrumentation; and MAGNET-PHYSIK Dr. Steingroever GmbH are among the key players profiled in the hall effect teslameter market report. Several other major players were also studied and analyzed in the market report to get a holistic view of the market and its ecosystem. The market analysis provides detailed market insights, which help the key players strategize their growth.
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