Over 5.0% CAGR Predicted in Global Motion Sensor Market During 2020

Over 5.0% CAGR Predicted in Global Motion Sensor Market During 2020–2030

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.

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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.

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