Market Trends of 3D Sensor Industry
This section covers the major market trends shaping the 3D Sensor Market according to our research experts:
Automotive to Hold Significant Share
- 3D Sensors are widely used in the automotive industry to monitor various aspects of a car, including its temperature, coolant system, oil pressure, and vehicle speed. The rising demand for safer and cleaner vehicles drives the need for 3D sensors in the automotive industry. For instance, sensors provide information regarding clean and effective fuel combustion in the engine, which helps in significantly reducing exhaust emissions values and fuel consumption.
- According to IBEF, India could be a shared mobility leader by 2030, opening up electric and autonomous vehicle opportunities. Further, in April 2022, Tata Motors announced plans to invest INR 24,000 crores (USD 3.08 billion) in its passenger vehicle business over the next five years. In addition, according to CAAM, in April 2022, around 210,000 commercial motorcars and 996,000 passenger vehicles were produced in China. Such investment in automobiles will further drive market growth.
- Further, according to the American Automotive Policy Council, automakers and their suppliers are America's largest manufacturing sector, responsible for ~3% of America's GDP. Over the past five years alone, the FCA US, Ford, and General Motors have announced their investments of around USD 35 billion in their US assembly, engine, and transmission plants, R&D labs, administrative offices, and other infrastructure connecting and supporting them.
- The market is also getting increasingly competitive, with various established and new players developing and launching more unique products in the automation market. For instance, in July 2022, Universal Robots unveiled a new 20 kg payload cobot to help machines in heavy lifting. The launch of these more potent, faster, and more capable cobots aims at accelerating the company's expansion in high-growth segments, including healthcare, consumer electronics, etc., meeting the rising demand for automation across numerous industries.
- Furthermore, the car and automotive sector is one area that is likely to be affected significantly by the 3D modeling market, consequently boosting the 3D sensor market. Additionally, a lot of technological advancements are carried out by various vendors in the market. Recently, Yokohama Rubber and Zenrin started the practical testing of a sensor attached to the inner surface of a tire as part of a pilot study investigating road surface and tread wear measurement using an IoT-enabled road surface-sensing system.
- Further, in June 2022, Sentronics announced a partnership with HORIBA UK to launch the next-generation Ultrasonic Fuel Consumption Measurement Sensor, the HORIBA RealFlow: Powered by Sentronics, for the automotive industry. Featuring the latest patented technology in ultrasonic fuel flow sensing, the HORIBA RealFlow offers accurate under-bonnet installation and real-time measurement of fuel consumption for automotive validation and verification of test applications. With an improved flow measurement accuracy of ±0.5% over an expanded turndown range of 1000:1, it offers optimum performance compared to its predecessor.
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North America to Hold Significant Market Share
- In North America, the United States is expected to be the largest growing market, owing to the great demand from consumer electronics and automotive sectors, employing 3D sensors for multiple applications in their domains.
- With the increasing adoption of smartphone devices in the US, the demand for sensors is expected to increase simultaneously in the market. According to the US Census Bureau and Consumer Technology Association, the sales of smartphones in the US reached USD 74.7 billion in 2022 compared to USD 73 billion in 2021. With the increasing adoption of smartphones in the market, the demand for 3D sensors is also expected to increase at the same speed.
- Recently, Qualcomm launched its second-generation 3D Sonic Sensor under-display fingerprint reader. The new scanner would offer a 77% larger fingerprint reader area and 50% faster than its first-gen scanner, featured in Samsung's Galaxy S20 and Note20 models.
- Moreover, Apple's product, iPhone, plays a significant role in increasing the demand for smartphones in the United States. For instance, in September 2022, Apple unveiled the iPhone 14 and iPhone 14 Plus in California. A unique, larger 6.7-inch size joins the popular 6.1-inch design, with a new dual-camera system, Crash Detection, a smartphone industry-first safeness service with Emergency SOS via satellite, and multiple helpful battery life on iPhone. Similarly, a trend of people keen on trying innovative technology is rising in Canada.
- Also, consumers today prefer enhanced image quality, such as laptops and Ultra HD or 4K television sets. This is, further expected to drive the 3D sensor market. In addition, the fast adoption of new technology in this region, such as self-driving cars, is expected to drive the demand for 3D sensors in the automotive sector.
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