Market Trends of MEMS Mirrors Industry
This section covers the major market trends shaping the MEMS Mirrors Market according to our research experts:
Automotive is Expected to Hold Significant Market Share
- The growing movements in the automotive industry toward self-driving and electric vehicles are anticipated to be the crucial drivers for newer applications of LiDAR. Self-driving cars have been increasingly using LiDAR sensors to generate 3D maps for 360° vision and for accurate information to assist self-navigation and object detection.
- Various manufacturers have focused on product innovations to gain a competitive advantage. For instance, in April 2021, Velodyne and Ansys announced that they are developing software models of next-generation automotive LiDAR sensors to provide substantially improved hazard identification capabilities for highly advanced AVs. The collaboration incorporates Velodyne's LiDAR design into Ansys' virtual sensor suite. It expedites automakers' integration of Velodyne's sensor into AVs - delivering industry-leading driving safety and a drastically faster path to market.
- Also, Robosense announced the world's first public road test of a vehicle equipped with a smart LiDAR sensor at CES 2020. The RS-LiDAR-M1 smart LiDAR is the MEMS smart LiDAR sensor that incorporates sensor hardware, AI perception algorithms, and IC chipsets, transforming conventional LiDAR sensors to provide essential information for decision-making related to autonomous vehicles.
- In August 2021, Infineon announced a MEMS scanner chipset containing a swiveling mirror that could lay the foundation for a new generation of laser beam scanner projectors for head-up displays. This allows digital information to be projected into the driver's field of vision - one of the essential applications of augmented reality in automotive technology.
- Further, in January 2022, Israeli startup Innoviz was viewed as one of the leaders in the emerging market for automotive LiDAR sensors. The company was one of the first to design a sensor that used a MEMS-based sensor, and its first volume commercial product is due to launch with BMW later in 2022, most likely on the new seven series.
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Asia-Pacific has the Largest Market Share
- China, South Korea, Japan, and India, among others, are significant countries in the Asia-Pacific region. The Asia-Pacific is a vast market for MEMS sensor technologies. The region influences the global semiconductor manufacturing industry and dominates many manufacturing segments of other end-user industries. Countries like China are delivering low-cost products in the market studied.
- The Chinese government also views its automotive industry, including the auto parts sector, as one of the prominent industries. The Central Government predicts China's automobile output will reach 35 million units by 2025. This makes the automotive industry one of China's most effective uses of MEMS mirrors. However, the country's Association of Automobile Manufacturers revised the predictions for 2020, forecasting an almost 10% drop in sales for the first half of the year and 5% for the entire year, based on the COVID-19 pandemic.
- India is one of the important markets for consumer goods and the latest gadgets globally. According to IBEF (India Brand Equity Foundation), the Indian appliances and consumer electronics (ACE) market is expected to register a CAGR of 9% to reach INR 3.15 trillion (USD 48.37 billion) in 2022. The government has taken multiple initiatives to boost this product, including the National Policy on Electronics 2019, which aims to boost domestic electronic manufacturing and export a whole value chain to achieve a turnover of approximately USD 400 billion by 2025. Such regional government initiatives are estimated to drive the studied market growth.
- However, even with the presence of consumer electronics giants, including Samsung, Korea's MEMS ecosystem remains relatively small, according to GMEMS, a small MEMS foundry in the region. Most of the top MEMS makers are spread across Japan and China. Nevertheless, the region offers significant scope for market growth. According to the Korean Electronics Association, the country's electronics industry stands third worldwide in production, following the United States and China, and accounts for more than 6% of global production.
- Moreover, countries like China, Japan, India, Singapore, Taiwan, and South Korea are increasingly advancing their semiconductor industry and funding MEMS development. Taiwan-based Vanguard International Semiconductor Corporation (VIS) acquired US-based Globalfoundries' Fab 3E in Singapore by funding over USD 236 million in its MEMS business.
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