Sensor Fusion Market Insights, Size, Growth, Trends | Global Industry Analysis Report 2023 - 2028

Posted by Steve Stark on September 25th, 2023

The sensor fusion market is projected to grow from USD 8.0 billion in 2023 to USD 18.0 billion by 2028, registering a CAGR of 17.8% during the forecast period.

Sensor Fusion Market: Key Trends

The prominent players in the market are InvenSense Inc. (U.S.), NXP Semiconductors N.V. (Netherlands), and Bosch Sensortec GmbH (Germany), among others. These companies boast mixing trends with comprehensive product portfolio and strong geographic footprint.

Hardware offering to acquire significant share in sensor fusion market

The hardware offering is expected to hold the largest market share during the forecast period. The hardware segment comprises the physical components of sensor fusion systems, such as processors, communication modules, sensors, and microcontrollers. Development kits, evaluation boards, and reference designs are examples of hardware products. In addition, various product type has been taken into consideration such as inertial combo sensor, radar + image sensors+ lidar, environment sensors, IMU + GPS, and others.

Consumer electronics end-use application holds largest share in sensor fusion market in 2023

The consumer electronics segment accounted for the largest market share in 2023. The consumer electronics segment is an important market for sensor fusion. A wide range of consumer electronics devices use sensors, including smartphones, tablets, wearables, and gaming equipment. Sensor fusion technology is used in these devices to provide logically fused data from different sensors for various applications such as gesture recognition, image stabilization, navigation, and motion-based gaming.

The major players providing consumer electronics products are InvenSense Inc. (U.S.), NXP Semiconductors N.V. (Netherlands), and Bosch Sensortec GmbH (Germany). Bosch Sensortec is one of the major players for the development of smartphones by sensor fusion. For instance, December 2021, Bosch Sensortec partnered with Nextnav, a one of the leaders in next-generation GPS. Bosch Sensortec will make use of the partnership to assess measurement precision and provide original equipment manufacturers (OEMs) that utilise its sensors in widely available products like smartphones, tablets, and wearables with strict performance guarantees.

Sensor fusion market to witness highest demand from Asia Pacific

The governments in the Asia Pacific are also playing a crucial role in promoting the growth of the sensor fusion market through various initiatives and policies. For instance, the government of China has set targets to become a world leader in autonomous driving. It is investing heavily in the development of advanced sensor technologies such as LiDAR and radar. Thus, the above factor is driving the market growth in the region.

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Further, China held the largest share of the sensor fusion market in the Asia Pacific in 2023 and is projected to dominate both markets during the forecast period. China is witnessing rapid economic development. It has been focusing on shifting from a manufacturing-driven to an innovation-driven economy. China is a global manufacturing hub for industries for semiconductor and consumer electronic devices, which produce smartphones, smart TVs, and wearables.