Published By : 22 Apr 2016 | Published By : QYRESEARCH
Motion sensing is a new technology designed to transform the way in which machines interact with human. While infotainment has emerged as the major application segment of motion sensing, the recent advances introduced in the technology have helped it penetrate in the household and automotive sectors as well. The rising use of motion sensors in the automotive and consumer electronics industry has been a key factor fuelling demand from the global motion sensor market.
According to a report released by Transparency Market Research, the overall value of the global motion sensors market was pegged at US$3.24 bn in 2014. Rising at an impressive CAGR of 21.2% between 2015 and 2023, the market is anticipated to reach US$18.20 bn by the end of 2023.
Rising Demand from Automotive Industry to Boost Market
The demand for motion sensors in the automotive industry has significantly risen. These sensors are often integrated in advanced driver assistance systems (ADAS), airbag deployment systems, and security systems. Thus the market is anticipated to gain impetus from the rapid expansion of the automotive industry in Asia Pacific, and the growing demand for luxury vehicles. Consumers nowadays have become more conscious about their comfort as well as safety while driving. This has provided lucrative opportunities for enterprises operating in the motion sensors market to cater to the changing consumer preferences. These companies are therefore focusing on innovating advanced features to be integrated in the modern cars.
Enterprises to Benefit from Increasing Disposable Income of Consumers
The increasing purchasing power of consumers around the world, particularly those living in the emerging economics has been giving significant impetus to the global market for motion sensors. The market therefore has considerably gained from the improvements in economy exhibited by the developing nations. Such improvements in economy have given a significant boost to the luxury cars market. This in turn has encouraged carmakers to integrate motion sensors in their car designs to enhance the driving experience. Additionally, several prominent automakers manufacturing hybrid and electric cars have already introduced advanced motion sensors in the exclusive cars they have recently launched in the market.
The report segments the global motion sensors market into consumer, industrial, wellness and fitness, electronics, defense, healthcare, aerospace, and others in terms of end user.