New York, Sept. 12, 2023 (GLOBE NEWSWIRE) -- As per the research report “Global Interaction Sensor Market” published by Consegic Business Intelligence, the market was worth USD 24.63 Billion in 2022 and is anticipated to reach over USD 107.14 Billion by the year 2030, growing at a CAGR of 20.5%.
Interaction sensors are capable of capturing minimal movements on a millimeter scale for controlling electronic devices without any physical contact while eliminating the need for designing buttons and knobs into the surface of devices. The benefits of interaction sensor including high precision, non-contact detection, low power consumption, shorter response time, and others make it ideal for utilization in consumer electronics, automotive, gaming, healthcare, and other industries.
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The increasing utilization of interaction sensors in the automotive industry is one of the key factors driving the market growth. Moreover, the expansion of automotive manufacturing facilities, rising automotive production, and increasing need for efficient sensor solutions for advanced driver assistance and safety are key factors fostering the adoption of interaction sensors. For instance, according to the International Organization of Motor Vehicle Manufacturers, the overall passenger car production in Germany reached 3.5 million in 2022, depicting a growth of 12.9% in comparison to 2021. Thus, the rising automobile production is driving the adoption of interaction sensors for application in automobile ADAS and infotainment systems, thereby, driving the growth of the market.
Additionally, the rising application of interaction sensor in gaming sector is expected to promote potential opportunities for the growth of the interaction sensor market. Moreover, the ability of interaction sensors to provide a more intuitive gaming interface along with an immersive gaming experience are primary determinants for increasing its utilization in the gaming sector. However, limitations and operational challenges associated with interaction sensors are hindering the growth of the market.
| Report Attributes | Report Details |
| Market Size By 2030 | USD 107.14 Billion |
| Forecast Period | 2023-2030 |
| CAGR (2023-2030) | 20.5% |
| Base Year | 2022 |
| Study Timeline | 2017-2030 |
| Key Players | Infineon Technologies AG, Neonode Inc., KEMET Corporation, NXP Semiconductors, OMRON Corporation, STMicroelectronics, Delta Electronics Inc., RIKO, Autonics Corporation, Keyence Corporation |
| By Sales Channel | Direct Sales and Distributor Sales |
| By End-User | Automotive, Consumer Electronics, Gaming, Healthcare, and Others |
| Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more |
| By Region | North America, Europe, Asia-Pacific, Latin America, Middle East & Africa |
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Interaction Sensor Market Growth Drivers:
- Rising utilization of interaction sensor in consumer electronics sector is driving the market growth.
- Growing automotive industry is spurring the market growth.
Restraints
- Limitations and operational challenges associated with interaction sensors are restraining the market growth.
Opportunities
- Rising application of interaction sensor in gaming sector is expected to promote potential opportunities for market growth.
Global Interaction Sensor Market Segmentation Details:
Based on type, the distributor sales segment contributed the largest shares to the market growth in 2022. Distributor sales channel includes the indirect sales of interaction sensors to customers through several e-commerce websites and offline distributors involving specialist stores, and others. Additionally, factors including higher accessibility to a wide range of products, ease of utilization, higher flexibility, and others are primary aspects driving the growth of the distributor sales channel segment.
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Based on end-user, the consumer electronics segment accounted for the maximum revenue share in the year 2022. Interaction sensors are primarily used in the consumer electronics sector for controlling electronic devices without any physical contact while eliminating the need for designing buttons and knobs into the surface of consumer devices such as smartphones, tablets, smartwatches, and others. Factors including rising popularity of smart wearable devices, increasing penetration of smartphones, tablets, and other consumer devices, along with advancements in consumer electronics including artificial intelligence (AI) and internet of things (IoT) are among the key prospects fostering the growth of the consumer electronics segment.
Based on region, North American region accounted for the largest revenue share in the year 2022. The growth of multiple industries including automotive, gaming, consumer electronics, and other sectors is driving the growth of interaction sensor market in North America. Further, the rising investments in gaming and healthcare sectors among others are projected to drive the growth of the market in the North American region during the forecast period.
Recent Developments
- In December 2022, Neonode Inc. collaborated with EPICNPOC for delivery of a multimodal HMI (human-machine interaction) development platform for automotive OEMs and suppliers. The collaboration enables the integration of contactless touch input with graphical user interfaces, voice interfaces, script recognition, gesture sensing, and others for utilization in vehicle cockpits.
Key Market Highlights
- Globally, interaction sensor market is divided based on the sales channel into direct sales and distributor sales.
- In the context of end-user, the market is separated into automotive, consumer electronics, gaming, healthcare, and others.
- The market is geographically divided into five regions: North America, Europe, Asia-Pacific, Latin America, Middle East & Africa.
- North America and Asia-Pacific are estimated to support the market growth during the forecast period in terms of the large presence of market players combined with high expenditures on advancements in interaction sensor market.
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List of Major Global Interaction Sensor Market Players
The market research report examines various market factors to determine the key drivers, limitations, and opportunities affecting market players. The report includes a SWOT analysis, regional analysis, and segment analysis to give a complete view of the market situation. This evaluation helps to identify possible growth opportunities through the implementation of technology, product utilization, business strategies, and the launch of new products. The following are major market players operating in the market environment —
• Infineon Technologies AG
• Neonode Inc.
• KEMET Corporation
• NXP Semiconductors
• OMRON Corporation
• STMicroelectronics
• Delta Electronics Inc.
• RIKO
• Autonics Corporation
• Keyence Corporation
Global Interaction Sensor Market Segmentation:
- By Sales Channel
- Direct Sales
- Distributor Sales
- By End-User
- Automotive
- Consumer Electronics
- Gaming
- Healthcare
- Others
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Key Questions Covered in the Interaction Sensor Market Report
- What is interaction sensor?
- Interaction sensor refers to a device that is capable of capturing minimal movements on a millimeter scale for controlling electronic devices without any physical contact while eliminating the need for designing buttons and knobs into the surface of devices.
- What is the dominating segment in the interaction sensor market by sales channel?
- In 2022, the distributor sales segment accounted for the highest market share in the overall interaction sensor market.
- Based on current market trends and future predictions, which geographical region will have the largest impact on the interaction sensor growth in the coming years?
- North America accounted for the largest revenue share in the year 2022. The increasing demand for interaction sensor from multiple industries including automotive, consumer electronics, and gaming industries among others is driving the growth of the regional market.
- Which region/country is anticipated to witness the highest CAGR during the forecast period, 2023-2030?
- Asia-Pacific is anticipated to register fastest CAGR growth during the forecast period due to rapid pace of industrialization and growth of multiple industries such as consumer electronics, automotive, healthcare, and others.
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