Time-of-Flight Sensor Market Growing with CAGR of 17.5% from 2022 to 2028

According to the new research report published by The Insight Partners on "Time-of-Flight Sensor Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Device Type (RF-Modulated Light Sources With Phase Detectors, Range-Gated Imagers, Direct Time-of-Flight Images); Vertical (Automotive, Consumer Electronics, Gaming and Entertainment, Industrial, Healthcare, Aerospace, and Defense, Others)" consists of the factors fueling the market growth, revenue estimation and forecast, and market share analysis, along with the identification of significant market players and their key developments.

The time-of-flight sensor market size is expected to grow from US$ 3,204.98 million in 2022 to US$ 8,426.63 million by 2028; it is estimated to grow at a CAGR of 17.5% from 2022 to 2028.

Get a Sample Copy at - https://bit.ly/3jHBkzn

Image sensor based on time-of-flight technology uses a laser beam to accurately measure the distance to the target object. Therefore, the demand for technology in mobile devices is increasing tremendously, specifically for photography features such as blurring effects and auto-focus. In addition, the demand for 3D facial mapping for features such as facial unlocking of the smartphone is raising the demand for time-of-flight cameras in the market. Owing to the increasing demand for time-of-flight technologies, the market players are working on incorporating the technology into smartphones. In August 2022, Samsung announced that they are working on the ISOCELL Vizion 3D ToF camera sensor. The company will incorporate this technology in its new Galaxy S21 series, which will be released in 2023. Through this technology, the company claims to provide better facial recognition and depth sensing capabilities with an accurate and immersive augmented reality experience.

Moreover, in June 2022, Sony Group Corporation introduced the ToF AR toolkit for AR developers. The application supports Android and iOS devices. ToF AR uses the back-illuminated ToF 3D image sensor to obtain real-time high-resolution and high-precision 3D depth information. It is also ideal for 3D face recognition, 3D scanning, autofocus assistance, and the bokeh effect for cameras. Thus, the growing adoption of time-of-flight technology in smartphones will fuel the growth of the time-of-flight sensors market in the coming years.

Furthermore, time-of-flight sensors are used in manufacturing consumer electronic devices, automotive, medical devices, and various other applications. As a result, its demand in the market is significantly high across the country. Moreover, increasing automotive sales in the US is fueling the growth of the time-of-flight sensor market in the country in 2021. The automotive sector in the US is growing rapidly with increasing capital growth and growing exports. Major automakers announced several investment plans for EVs and AVs. GM announced an investment of US$ 35 billion in the automotive industry by 2025. In addition, in September 2022, the US government announced that they would be investing US$ 50 billion in the building of the domestic semiconductor industry, aiming to lower the dependency on China for semiconductors. Thus, the growing government investments in the automotive & semiconductor industries will fuel the growth of the time-of-flight sensor market in the US.

Inquire before Buying at - https://bit.ly/3DXBSIb

The time-of-flight sensor market growth in North America is attributed to the increasing demand for time-of-flight (ToF) sensors in automotive and consumer electronics applications. According to the American Automotive Policy Council (AAPC), the automotive industry in the US accounts for about 3% of the country's GDP. The ToF technology provides accurate and robust depth-sensing capabilities for a wide range of automotive applications within and beyond the vehicle. Inside the vehicle, the time-of-flight technology provides safety and comfort to the driver and passengers. A few safety functions provided by the ToF camera are NCAP-mandated driver fatigue detection, hands-on-wheel detection, body pose, eye gaze, head pose, and advanced seat-belt application. The safety function of the time-of-flight sensor helps prevent road accidents. Thus, owing to the rising awareness about safety functions, the demand for vehicles incorporated with the ToF camera is increasing in the North American market.

Based on vertical, the time-of-flight sensor market size is segmented into automotive, consumer electronics, gaming and entertainment, industrial, healthcare, aerospace and defense, and others. The consumer electronics segment is expected to dominate the time-of-flight sensor market in 2022. This is mainly due to the rising penetration of different types of consumer electronic devices such as smartphones, tablets, computers, laptops, etc. Moreover, the rising demand for smartphones with advanced photography features such as auto-focus and blurring effect is further raising the demand for time-of-flight sensors.

The List of Companies - Time-of-Flight Sensors Market

Sony Group Corp, STMicroelectronics NV, Texas Instruments Inc, Teledyne e2v (Overseas) Holdings Ltd, OMRON Corp, InvenSense Inc, Panasonic Holdings Corp, Analog Devices Inc, Keyence Corp, and Infineon Technologies AG are a few key players profiled during the study on the time-of-flight sensor market.

Buy Complete Report at - https://bit.ly/3IenFce

Contact Us:
If you have any queries about this report or if you would like further information, please contact us:
Contact Person: Sameer Joshi
E-mail: sales@theinsightpartners.com
Phone: +1-646-491-9876

About Us:
The Insight Partners is a one-stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductors and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Devices, Technology, Media and Telecommunications, and Chemicals and Materials.

This release was published on openPR.