Wearable Motion Sensors Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Wearable Motion Sensors Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The wearable motion sensors market was valued at USD 27.13 million in 2020 and is expected to reach USD 1252.12 billion by 2026, at a CAGR of 47.2% over the forecast period (2021 - 2026). The market is expected to witness significant growth with the advancements in wireless communication devices, sensor technology, power supply technology, and others.

Key Highlights

• Motion sensors, such as accelerometers, gyroscopes, MEMS, and the combination of these sensors are the most used type of sensors, incorporated in wearables. Furthermore, health tracking wearables may always integrate motion and MEMS sensors, but are not limited to and can also add health-specific sensors, like pulse monitors, heart rate monitors, and skin temperature sensors.
• With the ongoing miniaturization of sensors and related components, rising growth toward the advanced function sensors in smart wearables, improvement in the battery sizes, and efficiency are the key drivers, which are boosting the wearable motion sensors market.
• Sensors are an important component in wearable devices used by consumers, owing to the increased focus of consumers on tracking real-time motion sensing activities, such as step counting, walking distance covered, and this generated data analysis provides users with specific results that can be used to define health and fitness goals.

Key Market TrendsConsumer Electronics Segment to Witness High Growth

• The consumer electronics segment is expected to witness a high growth rate, during the forecast period. The region is also witnessing increased demand for sensor-based devices, as the consumers are gaining awareness regarding the features that these devices provide, such as remote monitoring of wellness and fitness.
• Also, a wide variety of factors are driving the demand of these devices in this region, such as the availability of various types of wearables, technological advancement in the field of sensors, and vendors' ability to provide differentiated products.
• With the growing adoption of wearables, among users, the consumer electronics segment is expected to dominate the market, over the forecast period. The increase in demand for fitness trackers and wellness monitors is a key factor driving the growth of shipments of wearables, in this region.

Asia-Pacific to Witness the Highest Growth

• The Asia-Pacific region is expected to witness the highest growth rate, during the forecast period, owing to the rapid urbanization and increased awareness of people for wearable devices. Furthermore, this region is home to some of the biggest manufacturers of semiconductors and sensors, which is expected to further drive the market.
• Many big enterprises and various new players in countries, like China and Japan, are investing in sensor technology advancement, which is due to the growing popularity and adoption of various wearable fitness and health tracking devices, among people.
• With the miniaturization of sensor technology and the development of precise sensing technologies, in wearables from original equipment manufacturers in the Asia-Pacific region, the market is anticipated to grow even further.
• Also, OEMs are making a significant contribution in the development of inertial measurement units and MEMS technology, to provide greater accuracy, while keeping the price lower for these products, is one of the factors for the increased adoption of wearables, in this region.

Competitive Landscape

The wearable motion sensors market is highly competitive, owing to the presence of many players in the market, in domestic as well as international locations. The market is moderately concentrated, and the key strategies adopted by the major players are product innovation, and mergers and acquisitions. Some of the major players in the market are Texas Instruments Incorporated, Honeywell International Inc., Analog Devices Inc., STMicroelectronics, among others.

• January 2019 - At CES 2019, in Las Vegas, Nevada, Bosch Sensortec announced the BMI270, an ultra-low power smart inertial measurement unit (IMU), specifically targeted at wearable applications. It offered a strongly improved accelerometer offset and sensitivity performance, enabled by the newest Bosch MEMS process technology.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

IBM Corporation
Oracle Corporation
Internap Corporation
Packet Inc. (An Equinix Inc. Company)
Scaleway Inc.
Amazon Web Services Inc
Rackspace Inc.
CenturyLink, Inc.
LightEdge Solutions, Inc

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