The burgeoning need for consumer electronics, such as laptops, wearable devices, and smartphones, is driving the demand for motion sensors. This is because motion sensors are heavily used in heart rate monitors, which are extensively used in smart wearable devices, and also to control the orientation of smartphone screens.
Owing to this factor, the soaring demand for smartphones and wearable devices among the youth, particularly the millennials, is positively impacting the demand for motion sensors. Additionally, with the rise in the worldwide population, the demand for consumer electronics is expected to shoot up, which will also fuel the expansion of the motion sensor market.
P&S Intelligence estimates that the value of the market will grow from $4,430.7 million in 2019 to $7,590.8 million by 2030. Furthermore, the market is expected to demonstrate a CAGR of 5.1% from 2020 to 2030. The growing use of internet of things (IoT)-enabled devices is also expected to create lucrative growth opportunities for motion sensor developers across the world.
According to the Institute of Electrical and Electronics Engineers (IEEE), there were around 27 billion IoT devices in use all over the world in 2017, and this share is expected to surge to 125 billion by 2030. The integration of IoT will enable motion sensors to monitor a device’s physical status from remote locations. Moreover, these devices can improve several building automation applications, such as lighting systems and heating, ventilation, and air conditioning (HVAC) controls.
This market research report provides a comprehensive overview of the market
* The Future potential of the market through its forecast for the period 2020– 2030
* Major factors driving the market and their impact during the short, medium, and long terms
* Market restraints and their impact during the short, medium, and long terms
* Recent trends and evolving opportunities for the market participants
* Historical and the present size of the market segments and understand their comparative future potential
* Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings