Market Trends of MEMS Combo Sensors Industry
This section covers the major market trends shaping the MEMS Combo Sensors Market according to our research experts:
Growing Demand for Connected Handheld and Wearable Devices to Drive the Market
- Microelectromechanical system combo sensors have gained significant traction over recent years due to advantages, such as accuracy and reliability, in addition to the scope for making smaller electronic devices and the ability to provide a combination of measurements. Among the significant factors driving the MEMS combo sensors market are industrial automation and the demand for miniaturized consumer devices, such as wearables, IoT-connected devices, and others.
- The number of smartphone users is increasing significantly across the globe, and the demand for wearable devices is also growing. According to Ericsson, worldwide smartphone subscriptions are expected to increase from 6,259 million in 2021 to 7,690 million in 2027. This increasing adoption of smartphones is expected to propel market demand over the study period.
- The increasing popularity of handheld devices for gaming purposes is also projected to drive the market for MEMS combo sensors, and the popularity of mobile gaming is increasing significantly. According to DeviceAtlas, worldwide spending on mobile gaming stood at USD 98 billion in 2021, a 13% increase from 2020.
- Additionally, the growing inclination towards wearable devices owing to the global trend of health-conscious lifestyles and the adoption of health data tracking applications is expected to drive the MEMS combo sensors market. According to CISCO Systems, 1.1 billion connected wearable devices will be globally by 2022.
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North America to Hold Significant Share of the Market
- North America is expected to be a significant shareholder in the MEMS combo sensors market, owing to the increasing demand for compact systems and devices. The region is an active adopter of new technological advancements with significant investments in the R&D sector. The growing drive to reduce the size of consumer electronics, like smartphones, and integrate advanced features in innovative wearable technology has paved the path for generating significant revenue in the region.
- Furthermore, owing to its significant global market share of smart electronic devices, IoT, and the Automotive industry, the region is expected to be one of the pioneers in adopting ADAS-enabled vehicles and self-driven transportation solutions. According to Car of the Future, the US ADAS unit production volume stood at 18.45 million in 2021.
- According to the International Energy Agency (IEA), the sales of plug-in electric light vehicles in the United States nearly doubled from 340,000 units in 2020 to 607,600 units in 2021. At an overall level, the automotive sector in the country has also been growing, contributing to the growth of the MEMS market, especially in the automotive industry, in the region. Further, government initiatives to boost electric vehicles are expected to contribute to the region's growth. For instance, In November 2021, the US government set an ambitious 50% electrified target for new automobiles by 2030, backed up by the declaration of the implementation of 500 000 charge sites to boost customer trust.
- In addition, stringent governmental regulations regarding passenger safety and the growing automotive and aerospace industries drive the market for MEMS combo sensors in North America. The advancements in information technology (IT) and the increased adoption of IoT across a wide range of manufacturing, industrial, and automotive applications have added a new dimension to conducting business operations in the region.
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