It is expected that the motion sensor market will have players trying out various business strategies to strengthen their position in the motion sensor market globally. Like for example, the manufacturers of the motion sensor market can merge with other companies, launch newer products, collaborate with other players, or enter into a partnership so as to have a stronger hold in the motion sensor market. Robert Bosch GmbH., Murata Manufacturing Co. Ltd., Microchip Technology Inc., InvenSense Inc., Honeywell International Inc., are a few of the most important players of the motion sensor market as stated by Transparency Market Research (TMR).
As per Transparency Market Research, the motion sensor market is predicted to account for a total of US$18.20 bn towards the end of 2023. In terms of technology, the motion sensor market might see growth in microelectromechanical systems accelerometers, since they occupied a large share in the market in the past. On the basis of the type, the motion sensor market is broadly divided into infrared motion sensor which is also subdivided into passive infrared and active infrared, ultrasonic sensor, tomographic sensor, and microwave sensor. On the basis of technology, this market is divided into sensor combos, MEMS gyroscope, MEMS magnetometer, as well as MEMS accelerometer.
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Flourishing Automotive Industry in APAC to Result in Subsequent Growth of Motion Sensor Market in Region
On the basis of region, it is predicted that Europe will continue to dominate the motion sensor market globally in the time to come. It is predicted that the automotive industry in the Asia Pacific region will also widen at a rapid pace, which will also bolster the motion sensor market’s growth ultimately. One reason behind the fast growth of the automotive industry in the Asia Pacific region could be the growth in technology that is supporting the demand for cars here. On account of the rapid growth of the automotive industry, it is predicted that the motion sensor’s application will increase in the automotive market, particularly in security, advanced driver assistance system that is available in the mid and high segment cars, as well as in airbag deployment system.
Growing Use of Consumer Electronics Boosting Demand for Motion Sensors
There has been a widespread use of microwave sensors, which is the reason why apart from the automotive industry, motion sensors are also in demand from the security and surveillance industry globally. Along with this, consumer electronics is also predicted to bolster the requirement in the market since the wearable technology is gaining acceptance from the people.
It is predicted that there will be a huge demand for the motion sensor market in the time to come.
However, there exist a few hurdles that can come in the way of the market’s growth such as, the prevalence of cost effective alternatives in place of motion sensors. However, the growth of the market can be higher with the quick growth of interactive motion gaming industry and it is also expected that horticulture will have decent requirements for LED motion sensors and such factors are predicted to create enough growth opportunities for the motion sensor market globally.