February 29, 2024
Light Sensors Market

The Light Sensors Market is driven by increasing demand of automotive applications

Light sensors are electronic devices that detect levels of visible or invisible light and convert them into an electric signal. They find wide applications in automotive, industrial, consumer electronics and other sectors. Light sensors help determine ambient light conditions for automatic screen brightness and also control headlights and interior lighting in automobiles. With the increasing production of vehicles worldwide, demand for light sensors is growing steadily for advanced driver-assistance systems that require sophisticated light detection.

The global Light Sensors Market is estimated to be valued at US$ 4.06 Mn in 2024 and is expected to exhibit a CAGR of 4.5% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
One of the key trends in the light sensors market is the increasing adoption of ambient light sensors in smartphones and other consumer electronics. Ambient light sensors allow automatic screen brightness adjustment based on lighting conditions to improve visibility and save battery life. Most smartphones launched today come equipped with ambient light sensors. This increasing usage of ambient light sensors in mobile devices is expected to drive the growth of light sensors market over the forecast period. Another notable trend is the development of advanced proximity sensors using light sensors for applications in industrial IoT, robotics, appliances etc. Proximity sensors based on light sensing technology offer benefits like non-contactoperation, high sensitivity and long lifespan. Innovation in proximity sensing will further support the expansion of light sensors market size during the projected years.

Porter’s Analysis

Threat of new entrants: The threat of new entrants in the light sensors market is moderate as it requires significant R&D investments. However, the availability of raw material and low setup costs provide opportunities for new players.

Bargaining power of buyers: The bargaining power of buyers in the light sensors market is high due to the availability of alternatives and significant price competition among existing vendors.

Bargaining power of suppliers: The bargaining power of suppliers is moderate due to the availability of raw materials from various sources. However, the requirements of high-quality materials provide suppliers with some bargaining power.

Threat of new substitutes: The threat of substitutes is low as light sensors have various applications and there are limited alternatives available that can offer similar functionality.

Competitive rivalry: The competitive rivalry in the light sensors market is high due to the presence of numerous global and regional players offering differentiated products. Players focus on new product development and mergers & acquisitions for business expansion.

Key Takeaways

The Global Light Sensors Market Share is expected to witness high growth over the forecast period. The global Light Sensors Market is estimated to be valued at US$ 4.06 Mn in 2024 and is expected to exhibit a CAGR of 4.5% over the forecast period 2024 to 2031.

Asia Pacific holds a dominant share in the light sensors market currently and is expected to witness the fastest growth over the forecast period. China, Japan, and South Korea are major countries contributing to the growth of the Asia Pacific light sensors market. The presence of a large number of manufacturing units and increasing automotive production are driving the Asia Pacific light sensors market.

Key players: Key players operating in the light sensors market are Comvita, Bee Health, Natural Life, Manuka Health New Zealand, Zhifengtang, Wang€TMs, Bricaas, Baoshengyuan, Zhonghong Biological, Baoshengyuan. Key players are focusing on new product launches to strengthen their market positions. For instance, in 2020, ROHM introduced a proximity and ambient light sensor for multi-sensor modules in smartphones.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it