KEY RESEARCH – Revenues of Motion Sensor Market to Reach US.20 bn by 2023
Motion sensing is an emerging technology that is transforming the ways in which machines interact with human. While the technology majorly finds application in infotainment, with recent innovations, it has successfully penetrated routine household activities and other settings. The rising application of motion sensors in the consumer electronics and automotive industries has been considerably boosting the market for motion sensors.
Recent analysis by Transparency Market Research pegs the overall value of the global motion sensor market at US$ 3.2 bn in 2014. The market is anticipated to reach US$ 18.2 bn by 2023, thereby exhibiting a robust CAGR of 21.2% between 2015 and 2023.
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Demand from Automotive Industry Drives Growth
In the automotive industry, motion sensors are integrated in advanced driver assistance systems (ADAS), security systems, and airbag deployment systems, among others. Thus, the rapid expansion of the automotive industry in Asia Pacific due to the rising domestic demand for cars has been fuelling the demand for advanced technologies for better comfort and safety while driving. This has proved rather lucrative for enterprises operating in the motion sensor market, as it has provided them an opportunity for catering to the consumer demand for innovative products.
Market to Gain Impetus from Increasing Purchase Power of Consumers
Additionally, the global market for motion sensors has also been gaining impetus from the increasing disposable income of people around the world. Improvements in the global economy will also reflect positively on the sales figures reported by the companies in the motion sensor market. As the demand for luxury vehicles rises, it will in turn encourage carmakers to introduce motion sensor products. Already, several automakers manufacturing electric and hybrid vehicles have introduced advanced motion sensors as an exclusive feature in the vehicles they manufacture.
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MEMS Accelerometers and Infrared Sensors Emerge as Key Segments of Motion Sensor Market
In terms of type, the global motion sensor market is segmented into MEMS accelerometers, MEMS magnetometers, MEMS gyroscopes, sensor combos, and ultrasonic sensors. Of these the MEMS accelerometers segment reported the maximum revenue in 2014. MEMS accelerometer motion sensors are used to detect earthquakes. They are also used in medical devices such as prosthetics.
In terms of technology, the global motion sensor market is segmented into microwave sensors, tomographic sensors, infrared sensors, ultrasonic sensors, and others. Of these, active infrared sensors dominated the market in 2014 and are anticipated to maintain their position through 2023. Microwave sensors emerged as the second largest market segment in 2014. Based on application, the global motion sensor market is segmented into automotive, industrial, consumer, fitness and wellness, electronics, aerospace, defense, healthcare, and others.
Europe Emerges as Dominant Regional Market for Motion Sensors
Regionally, the global market for motion sensors is segmented into Asia Pacific, North America, Europe, and Rest of the World. Of these, Europe held the largest share in the global market in 2014. Moreover, the region is expected to continue as the most lucrative regional market over the next few years as well. However, Asia Pacific is anticipated to emerge as the regional market exhibiting the highest CAGR in the near future. The growing demand for motion sensors from the consumer electronics, automotive, and industrial segments is anticipated to give impetus to the global market for motion sensors.