Inertial measurement unit (IMU) market 2023-2027: A descriptive analysis of five forces model, market dynamics, and segmentation - Technavio

NEW YORK, Feb. 2, 2023 /PRNewswire/ -- According to Technavio, the global inertial measurement unit (IMU) market size is estimated to grow by USD 7,761.28 million from 2022 to 2027. The market is estimated to grow at a CAGR of 14.59% during the forecast period. Moreover, the growth momentum will accelerate. The report includes historic market data from 2017 to 2021. In 2017, the market was valued at USD 5482.65 million.  North America will account for 38% of the market's growth during the forecast period. The report provides a comprehensive analysis of growth opportunities at regional levels, new product launches, the latest trends, and the post-pandemic recovery of the global market. To know more, buy the report!

Global inertial measurement unit (IMU) market - Five forces
The global inertial measurement unit (IMU) market is fragmented, and the five forces analysis covers– 

• Bargaining Power of Buyers 
• The threat of New Entrants
• Threat of Rivalry
• Bargaining Power of Suppliers
• Threat of Substitutes
• For interpretation of Porter's five forces model – Request a sample report

Global inertial measurement unit (IMU) market – Customer landscape 

The report includes the market's adoption lifecycle, from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Global inertial measurement unit (IMU) market - Segmentation assessment

Segment overview

Technavio has segmented the market based on component (gyroscopes, accelerometers, inertial combo, and magnetometers) and end-user (consumer electronics, automobiles, industrial, and others).

• The gyroscopes segment will account for a significant share of the market's growth during the forecast period. The sales of mobile computing devices such as smartphones, tablets, and smart wearables are increasing. Mobile computing devices are equipped with sensors such as gyroscopes and accelerometers to provide features such as GPS, screen rotation, and device orientation. The preference for such features will increase the demand for gyroscopes. 

Geography Overview

By geography, the global inertial measurement unit (IMU) market is segmented into North America, APAC, Europe, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global inertial measurement unit (IMU) market.

• North America is estimated to account for 38% of the growth of the global market during the forecast period. North America is an early adopter of advanced technologies such as wearables, and the purchasing power of people is high in the region. Therefore, the sales of smart wearables are increasing. Though North America is a mature market, the demand for new types of wearables will originate from the region. Hence, the demand for IMUs will increase steadily during the forecast period.

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Global Inertial Measurement Unit (IMU) Market – Market Dynamics

Key factor driving market growth

• The rising demand for wearable lifestyle devices is the key factor driving the global IMU market growth. 
• Wearable devices include smartwatches, smart bands, and smart rings, which are used to monitor fitness, track daily activities, control music, and play virtual games.
• People use connected wearable devices such as smartwatches and fitness bands to monitor their health and reduce the risk of diseases. 
• Hence, rising awareness about health has increased the demand for wearable devices, which is a trend that will continue during the forecast period.

Leading trends influencing the market 

• Increasing investments in autonomous cars are the primary trend in the global IMU market growth. 
• Autonomous cars are capable of driving and navigating with minimal human intervention.
• They are equipped with several sensors to capture data about their attributes to control motion.
• IMUs are used in autonomous cars to measure their position and orientation. 
• Hence, rising investments in autonomous cars will increase the demand for IMUs, which will drive the growth of the global IMU market during the forecast period.

Major challenges hindering the market growth

• The high cost of packaging MEMS IMU sensors is a major challenge to the global IMU market growth. 
• Ensuring the desired performance specification at a low cost is complex and requires a robust MEMS sensing element. 
• The standardization of packaging MEMS components such as sensors is expensive. 
• The cost of packaging, testing, and assembly can be as high as 95% for complex packaging that requires media isolation. 
• Therefore, the high cost of packaging MEMS IMU sensors is a challenge for the growth of the global IMU market during the forecast period.

Drivers, trends, and challenges have an impact on market dynamics, which can impact businesses. Find more insights in a sample report!

What are the key data covered in this inertial measurement unit (IMU) market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the inertial measurement unit (IMU) market between 2023 and 2027
• Precise estimation of the inertial measurement unit (IMU) market size and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the inertial measurement unit (IMU) industry across North America, APAC, Europe, South America, and Middle East and Africa
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of inertial measurement unit (IMU) market vendors

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Inertial Measurement Unit (IMU) Market Scope

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