From $4,430.7 million in 2019, the global motion sensor market is predicted to reach a valuation of $7,590.8 million by 2030. According to the estimates of P&S Intelligence, a market research company based in India, the market will progress at a CAGR of 5.1% between 2020 and 2030. The rapid expansion of the automotive industry and the soaring sales of consumer electronics products are the major factors propelling the advancement of the market across the world.
Motion sensors are extensively used in consumer electronics products for several applications such as managing the orientation of a smartphone’s screen and as heart rate monitors in smart wearable devices. The burgeoning requirement for wearable devices and smartphones is fueling the progress of the consumer electronics industry, which is, in turn, driving the advancement of the motion sensor market. Furthermore, with the surge in the global population, the sales of consumer electronics products are predicted to rise year-over-year (YoY).
The increasing adoption of the internet of things (IoT) is creating lucrative growth opportunities for the players operating in the motion sensor market. As per the Institute of Electrical and Electronics (IEEE), nearly 27 billion IoT devices were in use across the globe in 2017 and this number is predicted to rise to 125 billion by 2030. With the integration of IoT, motion sensors can provide the physical status of devices from remote locations.
Depending on type, the motion sensor market is divided into combo sensor, tomographic sensor, ultrasonic, infrared (IR), gyroscope, and accelerometer. Out of these, the combo sensor category is predicted to demonstrate the fastest growth in the market during the next few years. This will be because of the microfabrication of several motion sensors into one device, which offers greater accuracy in motion detection. Combo sensors are majorly used in consumer electronics products such as smartphones.
When application is taken into consideration, the motion sensor market is classified into automobile, consumer electronics, medical device, building automation, and industrial equipment. Out of these, the automobile category recorded the highest growth in the market during the past few years. This was because of the huge requirement for vehicles, especially autonomous and electric vehicles around the world. Motion sensors are predicted to improve the performance of the battery and the navigation system, which would enhance the autonomous driving experience.
Across the globe, the motion sensor industry is predicted to register the fastest growth in the Asia-Pacific (APAC) region in the forthcoming years. This will be because of the growing requirement for motion sensors in regional countries such as South Korea, Japan, India, Indonesia, and China, mainly because of the surging manufacturing of electronic systems and equipment such as tablets, smartphones, gaming consoles, building automation equipment, electronic medical devices, and lighting systems.
Hence, it can be confidently said that the demand for motion sensors will shoot-up around the world in the forthcoming years, mainly because of their rising incorporation in consumer electronics products and automobiles, especially autonomous and electric vehicles.
