Report : North America Time-of-Flight Sensor Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Device Type (RF-Modulated Light Sources With Phase Detectors, Range-Gated Imagers, and Direct Time-of-Flight Imagers), Vertical (Automotive, Consumer Electronics, Gaming and Entertainment, Industrial, Healthcare, Aerospace & Defense, and Others)
At 15.5% CAGR, the North America Time-of-Flight Sensor Market is speculated to be worth US$ 1,802.85 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the North America time-of-flight sensor market was valued at US$ 757.46 million in 2022 and is expected to reach US$ 1,802.85 million by 2028, registering an annual growth rate of 15.5% from 2022 to 2028. Growing use of time-of-flight sensors for automotive applications and continuous product innovations and launches are the critical factors attributed to the North America time-of-flight sensor market expansion.
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. Inside the car, ToF technology is used to monitor the driver's behavior that can significantly contribute to road safety. Most accidents across the region 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. 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. Thus, the growing use of ToF sensors for automotive application is boosting the growth of the North America Time-of-Flight Sensor market.
On the contrary, low integration of time-of-flight sensors in smartphones due to their high cost the growth of North America time-of-flight sensor market.
Based on device type, the North America time-of-flight sensor market is segmented into RF-modulated light sources with phase detectors, range-gated imagers, and direct time-of-flight imagers. The range-gated imagers segment held 49.3% market share in 2022, amassing US$ 373.24 million. It is projected to garner US$ 920.01 million by 2028 to expand at 16.2% CAGR during 2022–2028.
Based on vertical, the North America time-of-flight sensor market is segmented into automotive, consumer electronics, gaming and entertainment, industrial, healthcare, aerospace and defense, and others. The consumer electronics segment held 48.9% market share in 2022, amassing US$ 370.39 million. It is projected to garner US$ 839.44 million by 2028 to expand at 14.6% CAGR during 2022–2028.
Based on country, the North America time-of-flight sensor market is segmented into the US, Canada, and Mexico. Our regional analysis states that the US captured 77.4% market share in 2022. It was assessed at US$ 586.31 million in 2022 and is likely to hit US$ 1,429.29 million by 2028, exhibiting a CAGR of 16.0% during the forecast period.
Key players dominating the North America time-of-flight sensor market are Analog Devices Inc, Infineon Technologies AG, InvenSense Inc, Keyence Corp, OMRON Corp, Panasonic Holdings Corp, Sony Group Corp, STMicroelectronics NV, Teledyne e2v (Overseas) Holdings Ltd, and Texas Instruments Inc among others. In 2023, OMRON Corp ha
s invested in the AI-Augmented knowledge discovery platform of Eagle Genomics Ltd. By investing in Eagle Genomics Ltd. It is accelerating towards the development related to the microbiome and also the company has been contributing to the research and development in the healthy lifespans and treatment of the disease.
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