APAC Proximity Sensors Market Size

APAC Proximity Sensors Market Analysis

The Asia Pacific proximity sensor market is expected to grow at a CAGR of 6.70% during the forecast period. Technological advancements in countries like Japan, China, and India have increased domestic production of smartphones. This, in turn, made them cheaper. Technologies, such as GPS, cameras, and displays, which use proximity sensors for motion detection and location-sensing in smartphones, have also become cheaper. These factors are projected to propel the growth of the global automotive proximity sensor market during the forecast period.

• Rapid industrialization and economic developments in the Asia-Pacific region are attracting investors in countries, such as China and India. Moreover, an increase in smartphone production, vehicle production, and sales are fueling the market for automotive proximity sensors in the region.
• The significant presence in the semiconductor industry and South Korea's efforts to increase semiconductor, electronics, and components manufacturing are estimated to contribute to the market share of the proximity sensors in the country. According to Korea International Trade Association, South Korea imported semiconductor manufacturing equipment worth a total of USD 1.212 billion from Japan in the first five months of 2019.
• The region has been witnessing numerous developments in the proximity sensors for the deployment in the consumer electronics. For instance, Elliptic Labs' AI Virtual Proximity Sensor TM, INNER BEAUTY, has been deployed in Xiaomi Redmi K30 smartphone models, the first phones Redmi series to feature Elliptic Labs' technology. The sensor enables OEMs to deliver phones with a simple, full-screen design.
• Furthermore, various government programs, such as the Made in China 2025 plan, are promoting the use of R&D in factory automation and technologies and their investments. Also, as most of the automation equipment is imported from Germany and Japan, the 'Made in China' initiative aims to expand the country's domestic production of automation hardware and equipment.
• The industry's shift toward the production of connected and ASAS-assisted vehicles in South Korea is driving the growth. In 2018, the South Korean government mandated AEB from January 2019 in all new passenger vehicles. These mandates will drive the growth of the ADAS market in the near future, which would further boost the market for proximity sensors.