The multi-axis sensor market is driven by factors such as rise in need for motion sensors in automotive industry and growing installation and adoption of MEMS accelerometers in high-end applications.
WILMINGTON, Del., Nov. 10, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Multi-Axis Sensor Market By Type (MEMS Gyroscopes, MEMS Accelerometers, Digital Compass, Motion Sensor Combos, and Others) and Vertical (Consumer Electronics, Automotive, Aerospace and Defense, Industrial, and Others): Global Opportunity Analysis And Industry Forecast, 2023-2032". According to the report, the global multi-axis sensor market was valued at $693.8 million in 2022, and is projected to reach $3,140.1 million by 2032, registering a CAGR of 16.7% from 2023 to 2032.
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Prime Determinants of Growth
Significant factors impacting the growth of the multi-axis sensor market include a rise in need for motion sensors in automotive industry and growing installation and adoption of MEMS accelerometers in high-end applications. However, highly complex manufacturing process and demanding cycle time may hamper market growth. Furthermore, the surge in need for motion sensors in the automotive industry provides lucrative opportunities for market growth.
Report Coverage & Details:
Report Coverage | Details |
Forecast Period | 2023–2032 |
Base Year | 2022 |
Market Size in 2022 | $0.7 billion |
Market Size in 2032 | $3.1 billion |
CAGR | 16.7 % |
No. of Pages in Report | 326 |
Segments covered | Type, Vertical, and Region. |
Drivers | Rise in installation and usage of MEMS accelerometers in high-end applications Surge in need for motion sensors in automotive industry |
Opportunities | Increasing demand for wearable electronics |
Restraints | High complex manufacturing process and demanding cycle time |
The MEMS Gyroscopes Segment to Maintain its Leadership Status throughout the Forecast Period
Based on type, the MEMS gyroscopes segment held the highest market share in 2022, accounting for more than two-fifths of the global multi-axis sensor industry revenue, and is estimated to maintain its leadership status throughout the forecast period, owing to growing installation and usage of MEMS accelerometers in high-end applications, benefits such as compact size, improved performance, and low power consumption. These factors are expected to drive the global multi-axis sensor market throughout the forecast period.
The Consumer Electronics Segment to Maintain its Leadership Status Throughout the forecast period.
Based on vertical, the consumer electronics segment held the highest market share in 2022, accounting for more than two-fifths of the global multi-axis sensor market revenue, and is estimated to maintain its leadership status throughout the forecast period, as it is known for its small size & flexibility, and there is a trend toward integrating AI and machine learning to improve sensor data processing, allowing for more advanced capabilities such as predictive maintenance in appliances and context-aware applications in smartphones. As consumer electronics improve, multi-axis sensors will become increasingly important in allowing creative and immersive user experiences. Moreover, the others segment is projected to manifest the highest CAGR of 20.81% from 2023 to 2032.
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North America to Maintain its Dominance by 2032
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for more than half of the global multi-axis sensor market revenue. North America region is expected to witness the fastest CAGR of 17.51% from 2023 to 2032 owing to increase in use of multi-axis sensor in automotive sector.
Leading Market Players:
- Honeywell International Inc.
- Parker Hannifin
- Trimble Navigation Limited
- Stmicroelectronics
- Interface Inc.
- Aeron Systems Private Limited
- Texas Instruments Inc.
- ATI Industrial Automation, Inc.
- L3harris Technologies, Inc.
- Jewell Instruments
The report provides a detailed analysis of these key players of the Multi-Axis Sensor market. These players have adopted different strategies such as product development and product launch to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Key Benefits For Stakeholders:
- As per the multi-axis sensor market outlook, this report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the multi-axis sensor market analysis from 2022 to 2032 to identify the prevailing multi-axis sensor market opportunities.
- The multi-axis sensor Market Forecast research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the multi-axis sensor market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global multi-axis sensor market trends, key players, market segments, application areas, and multi-axis sensor Market growth strategies.
Multi-Axis Sensor Key Segments:
By Type
- MEMS Gyroscopes
- MEMS Accelerometers
- Digital Compass
- Motion Sensor Combos
- Others
By Vertical
- Consumer Electronics
- Automotive
- Aerospace and Defense
- Industrial
- Others
By Region
- North America (U.S., Canada, Mexico)
- Europe (Germany, UK, France, Spain, Italy, Rest of Europe)
- Asia-Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific)
- LAMEA (Brazil, Saudi Arebia, United Arab Emirates, South Africa, Rest of LAMEA)
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