According to the new research report on "Time-of-Flight Sensor Market Forecast to 2028 - COVID-19 Impact and Global Analysis," published by The Insight Partners, the market is expected to reach US$ 8,426.63 million by 2028 and register a CAGR of 17.5% from 2022 to 2028.
The automotive industry is improving rapidly with rising technological developments. Vehicles rely on effective sensing to allow automated systems to assist drivers and provide improved safety, comfort, and convenience. Time-of-Flight (ToF) sensors are used in autonomous vehicles for various purposes, such as localization, obstacle detection, and picking or placing objects. The technology helps detect objects and provides information on their position and movements within the three-dimensional space. It also assists in identifying the object by detecting its size, shape, and orientation.
Inside the car, ToF technology is used to monitor the driver's behavior that can significantly contribute to road safety. Most accidents across the world are occurred due to the issue caused by driver's fatigue. The iToF technology helps monitor the behavior of driver and accordingly suggests or enforces break, thus potentially avoiding accidents. The sensors help detect the passengers' size and weight, which can assist in airbag deployment when necessary. Also, in the absence of passengers, the sensors will prevent unnecessary airbag deployment which further boost the growth of time-of-flight sensor market.
Furthermore, along with the improvements in vehicle safety, the ToF technology provides comfort and convenience inside the car cabin, which may benefit drivers and passengers. The seats can be moved, and seat belts can be brought closer when the passenger gets into the car. It can also help the driver or passenger by turning on the light of the storage compartments when a hand reaches in that direction. Thus, the growing use of ToF sensors for automotive application is boosting the growth of the time-of-flight sensor market.
China is the world's largest manufacturing hub; it produces ~36% of the world's electronics, which includes smartphones, computers, cloud servers, and telecom infrastructure. In addition, with approximately one-fifth of the world's population, China is the second-largest final consumption market after the US for electronic devices. Also, the growing export of tablets, smartphones, drones, and other electronic products is raising the demand for time-of-flight sensors. It is also seen that the consumer electronics industry in China is mostly driven due to technological advancements. In 2019, the consumer electronics sector in China generated ~US$ 18.36 million (126 billion RMB). In addition, the policies and regulations by the government play a critical role in developing the consumer electronics industry. China has raised the limit on cross-border online purchases and expanded its list of duty-free goods. Huawei, a leading company in the smartphone market in China, accounted for 40.2% of the domestic market in 2020. Thus, the rising growth in the consumer electronic industry is fueling the growth of the time-of-flight sensor market in the country.
The time-of-flight sensor market is segmented into device type and vertical. Based on Device Type, the time-of-flight sensor market is segmented into RF-modulated light sources with phase detectors, range-gated imagers, and direct time-of-flight imagers. Based on Vertical, the time-of-flight sensor market is categorized into automotive, consumer electronics, gaming and entertainment, industrial, healthcare, aerospace and defense, and others.
Key Findings of Study:
In global time-of-flight sensor market, Asia Pacific is dominating the time-of-flight sensor market and is also expected to register the highest CAGR from 2022 to 2028. Asia Pacific holds a substantial share in the time-of-flight sensor market owing to the presence of a large number of market players such as Sony Group Corp, OMRON Corp, Panasonic Holdings Corp, and Keyence Corp in the region. These market players are continuously working on providing ToF solutions for various applications such as consumer electronics, automotive, and others. In addition, the region is one of the highest manufacturers of consumer electronic devices such as smartphones, laptops, tablets, and others. Thus, the growing consumer electronic industry in the region is fueling the Asia Pacific time-of-flight sensor market growth. In North America, technological innovations are projected to provide opportunities for the growth of the time-of-flight sensor market. Further, the rising demand for technological advancements in the automotive industry, which includes advanced driver assisted systems (ADAS), is further fueling the growth of the time-of-flight sensor market in the region. In addition, the rising demand for smartphones with advanced photographic functions is boosting the time-of-flight sensor market growth.
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