Market Trends of Proximity Sensor Industry
This section covers the major market trends shaping the Proximity Sensor Market according to our research experts:
Automotive Industry is Expected to Hold the Largest Market Share
- The touch-free user interface is driving the adoption of proximity sensors in automotive applications. Applications, where these sensors can be used in automotive, include infotainment system, keyless entry system, 3D gesture, and interior lighting control. In the parking assistance system, these sensors can detect the presence of objects in the pathway of the reversing vehicle and can raise the alarm to warn the driver. Proximity sensors also prevent collision with pedestrians while parking.
- Due to the increasing purchasing power of the millennial population, there is a constant demand for passenger cars. Globally, the number of passengers crossed 86 million units mark in 2018, and the market is expected to follow the trend during the forecast period.
- For an average consumer, trucks are reliable options, as they have better fuel efficiency and safety features. These factors drive the growth of the heavyweight vehicle segment. Premium vehicles and utilities continue to drive the sales of light vehicles, which cumulatively contribute to an increase in the demand for inductive proximity sensors market during the forecast period.
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North America to Witness a Significant Growth
- Increasing demand for automation and steady growth in capital investments in setting up various industries where proximity sensors are used are driving the growth of the market studied.
- Moreover, the United States is the largest smart parking market across the world, owing to the presence of various technology companies, government regulations, and financial support. Furthermore, the presence of heavy traffic in cities, such as New York and Los Angeles, and growing higher level of awareness toward modern solutions for traffic control and parking drive the growth of the US smart parking market.
- Moreover, the region has always been at the forefront, in terms of technology. Apple supplier AMS, has developed a light and infrared proximity sensor that can sit behind a smartphone’s screen, reducing the area required for such sensors and thus allowing for a larger display.
- The vast usage of smartphones in the region is further paving to the growth of the market. According to Consumer Technology Association and US Census bureau, in 2019, the smartphone sales in the United States accounted for USD 77.5 billion.
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