NA Optical Sensors Market Size

North America Optical Sensors Market Analysis

The North America Optical Sensors market is expected to witness a growth of 8.1% in the CAGR over the forecasted period (2021-2026). Technological breakthroughs and innovations, and emphasis on sustainability, rising automation, new business models have fueled the demand for autonomous technology and advanced safety systems, which has boosted the growth of the market during the covid-19 pandemic. North America has always been one of the biggest markets for consumer electronics, and the growth in the sector in the United States has been ever-increasing, but the rate has been slower in recent years without high fluctuations.

According to the Consumer Technology Association (CTA), based on the projected retail sales for 2021, consumer electronics retail sales in the United States reached USD 442 billion. Smartphones were the products accounting for the largest retail revenue within the consumer electronics sector, comprising USD 79 billion in revenue in 2020.

Optical sensors are typically embedded in smartphones, smart wearable, and smartwatches for ambient light and other purposes. Internet of Things (IoT), wearable technology, and health and fitness technology have transformed the United States market and have been primary drivers for increasing the demand for optical sensors. The smartphone household penetration stands at 74% in the United States, according to CTA, which indicates a high potential for household penetration in the country. The United States market is primarily driven by the latest product innovations in the market.

Smart TVs are also expected to witness high growth in the United States and Canada, owing to high multi-functionality. According to ComScore, In 2020, Samsung remained the most popular smart TV brand among US households, with a steady share of 32%, followed by Alcatel/TCL and Vizio with 14% and 13% market share, respectively. It is expected that smart TVs will be a part of all households in the United States, which is expected to further increase further, thereby fueling the growth of the market.

Autonomous vehicles, which use optical sensors, have been on the rise in the United States. Companies, such as Waymo, are stationed in the country and have been expanding operations to drive the use of driverless cars. Various states in the country, such as California, have been expanding testing rules to aid the development of driverless cars, which is expected to increase the sales of optical sensors.