The Global Motion Sensor market is expected to grow at a compound annual growth rate of 7.42% over the analyzed period to reach a market size of US$7.733 billion in 2026 from US$5.034 billion in 2020. The prime reason driving the growth of the market is due to surging investment in the automation industry. Motion sensors are electronic sensing device which enables the user to detect motion through its sensing technology and alert or performs the task it is designed and installed for. Moreover, increasing the adoption of motion sensors in smart buildings and accommodation will further boost the market. Also, the rising demand for advanced consumer wearables such as smartwatches and devices will significantly contribute to increasing market size.
Surging Adaption of Motion Sensor in Automotive and Consumer Electronics Will Lead to Promising Growth During the Forecasted Period
Based on application, the motion sensor market is segmented as automotive, consumer electronics, healthcare, and others. The automotive segment of the market is anticipated to hold a significant share owing to the booming demand for automotive and advance technology. Except for 2020, global automotive sales have been on a rise. December 2019 passenger vehicle sale was 5% more than December 2018 sales. The sales for automotive will be increasing during the forecasted period, which will increase the demand for motion sensors. Also, with technological advancement, the market for motion sensors is predicted to skyrockets. The development and sale of driverless cars will play a crucial role in the market growth of motion sensors since self-driving cars employ technologies, such as LiDAR, which uses light detection and ranging for motion detection and protection while driving.
Further, strategic innovation and rigorous planning for a better consumer experience involve the employment of motion sensors, contributing to the market growth. Ford, for example, has upgraded its Ford Puma model to include the motion-sensor key to protect the vehicle against theft. For the production line of automotive, the Panasonic industry has developed a 6-axis interior sensor series that allows high-quality soldering for an error-free assembly, essential for automotive safety. This will open market opportunities, in the production line.
The consumer electronics segment of the motion sensor market is estimated to grow at an exponential rate during the forecasted period. The prime driver of the market in the segment is surging demand for consumer electronics along with growing demand for technologically advanced products. Consumer electronics, such as smartphones and wearable devices have been witnessing a growing demand, especially in developing countries. During disposable income and increasing standard of living is has led to booming demand for consumer electronics in the region.
Further increased participation of global market players with R&D and the launch of enhanced sensor technologies widens the opportunities for the market in the region. Xiaomi Corporation launched motion-activated night light for sale in India in September 2019. The healthcare sector will show noteworthy growth with the launch of electronic motion devices that monitors health and wellness. Recently, tech giant Google further penetrated the industry of health and wellness with the launch of its updated Nest Hub smart home device. The technology now inculcates sleep trackers using a radar-based sensor that tracks the sleep cycle, along with additional information with its cough and snore detectors. Technological upgrades play a crucial role in the market.
The Development and Construction of Smart Cities and Smart Homes Have Humongous Market Potential
The construction of smart cities and smart homes can play a crucial role in the development of the motion sensor market. One of the key developers contributing to the growth of the market is the growing development in home automation and smart homes. Additionally, the rising recognition and construction/ development of smart cities will play a significant role. The government of India, under its Smart City Mission, has recognized 99 cities that have the potential to become smart cities and are investing in their development. This includes the construction of smart homes employing motion sensor technology. The Chinese government has shown interest in the development of Shantytown and has sanctioned a sum of US $255 billion for the reconstruction of 6 million housing units.
The UAE Ministry of Energy and Infrastructures, in 2021, sanctioned the US $2.72 billion for the construction of superior infrastructure along the country’s East Coast under its UAE Vision 2018-2023 program. In Saudi Arabia, more than 5,000 multi-million construction projects are going on. Further, there are 12-billion-dollar value projects undertaken for infrastructure development and tourist attraction. The construction of King Abdullah Economic City is a US $100 billion project, will significantly boost the Saudi construction industry, surging the motion sensor market considerably.
The Asia Pacific and the Middle East Region Is Forecasted to Have a Notable Market Share During the Forecasted Period
Based on geography, the Motion Sensor market is segmented into North America, South America, Europe, the Middle East and Africa, and the Asia Pacific regions. The North American region is anticipated to hold a significant share of the market owing to its state of art infrastructure and early adoption of technology. Moreover, the presence of global market players in the region will also contribute to growth.
However, the Asia Pacific and the Middle East region are estimated to hold a notable share of the market and grow at an exponential speed with the adoption of advanced technology in countries like India, Israel, Saudi Arabia, UAE, China, and Nepal. Moreover, rising construction industries and the development of cities into smart cities play a considerable role in the growth of the market. India’s real estate sector was worth US $1.72 billion in the year 2019 and is anticipated to grow at a considerable rate. Population growth and demand for accommodation are the prime reason surging the construction industry in the region. Surging disposable income along with the raised standard of living play a crucial role in increasing demand for technologically advanced consumer electronics and automotive. The growing adoption of innovative techniques in the travel and lodging industry also provides huge market potential in the area.
The coronavirus pandemic has a moderate effect on the market growth of motion sensors. In the short run, nationwide lockdowns resulted in a closer of manufacturing units due to disruption in the supply chain. However, new norms of reopening and social distancing involve the adoption of the technology to ensure trade along with cautiousness. Big retail stores, around India. Were reopened with a footfall limit and were instructed to install sensors that govern the number of customers as per the area of the store. Moreover, the surge in consumer electronics, especially smartphones, laptops, and others, to resume education/ work online, also contributed to market recovery for the motion sensors.