The global consumer electronic sensors market size is projected to touch USD 34.57 billion by the end of 2022, as per the report released by Million Insights. Increasing penetration of tablets and smartphones and the growing number of internet users are predicted to accelerate the market growth over the estimated period. Other factors such as growing demand for smart devices, increasing per-capita income, presence of high performing cameras in premium smartphones, and demand for new features such as face unlock, 3D mapping etc. are anticipated to bode well for the market growth.
The insertion of two cameras in mobiles to enhance the image quality and requirement of high performing cameras in various gaming consoles are the favorable factors. Surveillance and security applications of devices are also anticipated to showcase considerable growth owing to rising applications across the globe in traffic monitoring and management. Rising investment in R&D has made cost-effective, compact and efficient devices, which offer lucrative opportunities to market players. Continuous technological innovation such as rising application of Micro Electro Mechanical System (MEMS) products due to various advantages such as easy integration, high-end performance, low power intake, economical, and miniaturization are anticipated to help in supplementing the product demand over the forecast period.
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Asia Pacific held the largest market share owing to the growing demand for electronic products from developing nations such as India and China. The consumer electronic sensors market growth is also projected to be driven by factors such as increasing per capita income, the introduction of smartphones with innovative features and rising demand for multimedia gaming among consumer, especially youngsters. Equipping laptops and palmtops with webcams is also promoting the product demand. The growing trend of sharing pictures in social networking applications such as Instagram, Facebook, Tumblr and others, and following new fashion on social media endorsed by celebrities are also projected to drive the use of smartphones, thereby, propelling the market growth in the upcoming years.
Further key findings from the report suggest:
• Image sensors are widely used in camcorders, security cameras, smartphones and cameras. Motion sensors are projected to gain significant growth in consumer applications. Improvements in MEMS technology have decreased the power usage, size and cost, which makes it easy to use motion sensors and face detectors in palmtop devices. Also, they are used in MP3 players, gaming controllers, laptops, mobiles, and TV remotes to provide enhanced control and functionality.
• Communication application segment majorly includes tablets, PDA and smartphones. This segment is projected to remain a leading segment in the upcoming years. The entertainment division is projected to foresee substantial growth owing to the increasing demand for televisions and gaming solutions. Smart devices are extensively used for indoor applications, health monitoring and other personalized used. Further, they are preferred for security purposes in commercial and government sectors. These factors are predicted to supplement the demand for the product.
• Nations such as China and India are projected to be the leading consumers of the consumer electronic sensors market in the coming years. Asia Pacific regional market is predicted to exhibit a CAGR of 10.4% in the upcoming years, due to rising demand for smart TVs and smartphones. The Government of India has granted permission for complete FDI in the hardware-manufacturing segment via automatic route.
Global Consumer Electronic Sensors Market: Key Players
Aptina Imaging, Toshiba Corporation, Samsung, Bosch, STMicroelectronics, Panasonic Corporation, Synaptic, and Sony Corporation. STMicroelectronics serves several companies such as Continental, Western Digital, Bosch, Microsoft, Cisco, Seagate, Delta, Samsung, Hewlett-Packard, and Apple.
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