The global accelerometer and gyroscope market is poised for substantial growth in 2023 and beyond, driven by various factors, including the increasing adoption of smartphones and IoT-based devices, the rise of unmanned aerial vehicles (UAVs), and the surge in demand for automotive electronics. Here are three key points highlighting the trends and developments in this dynamic industry:
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Smartphone and IoT Adoption Fuel Market Expansion:
Smartphones have become an integral part of modern life, and accelerometer and gyroscope sensors play a crucial role in these devices. Accelerometers detect orientation, while gyroscopes track rotations, enhancing features like pedometer measurements and image stabilization. With the continuous evolution of smartphones, including the introduction of 5G technology, foldable phones, and low-tier smartphones, the demand for gyroscopes and accelerometers is on the rise. In 2022, the global penetration rate of 5G mobile phones was expected to reach 47%, and this is anticipated to increase further, reaching 50% by the end of 2023. The United States and China, in particular, are major markets for 5G smartphones, with China accounting for a significant share, and the number of smartphones in China is expected to continue growing.
UAVs Drive Market Progress:
Unmanned Aerial Vehicles (UAVs) are increasingly gaining traction in the military and defense sector, thanks to advancements in flight control technology. IMUs, which combine gyroscopes and accelerometers, play a pivotal role in ensuring these UAVs’ stability and control. Governments worldwide are investing significantly in drone technologies to enhance their defense capabilities. For instance, in 2021, the Government of India announced substantial incentives for drone and drone component manufacturing. This investment is expected to further boost the demand for accelerometers and gyroscopes in the military and defense sector, contributing to the market’s growth.