Market Size of APAC Pressure Sensors Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 10.30 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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APAC Pressure Sensors Market Analysis
The Asia Pacific Pressure sensor market is expected to register a CAGR of 10.3% during the period 2021-2026. The market is expected to grow in the studied region due to rapid sales of smartphones, automotive and smart devices in manufacturing, and smart home devices.
- Asia-Pacific is the largest region in the electrical and electronics manufacturing market, accounting for more than 50% of the global market share. The region is also a significant vendor of MEMS technologies, especially in China and Taiwan.
- On the other hand, China is the world's largest car market and the world's largest production site for cars, including electric cars, with much growth potential. There are 27 automotive manufacturing and assembly plants in Malaysia.
- As these industries account for a significant portion of the pressure sensor market, hence the region offers an excellent opportunity over the forecast period. The growing concept of connected cars and China's regulations regarding automotive safety are also expected to drive the adoption of MEMS pressure sensors.
- The pandemic had a negative impact on the market as the market witnessed a decrease in demand for smartphones and less production of vehicles in the automotive industry. Most of the factories were discontinued, and many factory automation projects were put on hold. Such instances had a negative impact on the market.
