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The proximity sensors market share is expected to increase by USD 1.79 billion from 2020 to 2025, and the market’s growth momentum will accelerate at a CAGR of 7.29%.
This proximity sensors market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers proximity sensors market segmentations by product (photoelectric, inductive, capacitive, magnetic, and ultrasonic), application (automotive, industrial manufacturing, consumer electronics, building automation, and others), and geography (North America, Europe, APAC, South America, and MEA). The proximity sensors market report also offers information on several market vendors, including Fargo Controls Inc., General Electric Co., Honeywell International Inc., NXP Semiconductors NV, OMRON Corp., Panasonic Corp., Pepperl+Fuchs SE, Schneider Electric SE, Semiconductor Components Industries, LLC, and STMicroelectronics NV. among others.
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Based on our research output, there has been a positive impact on the market growth during and post COVID-19 era. The increasing awareness of monitoring and safety systems in automobiles is notably driving the proximity sensors market growth, although factors such as limited product variation between different manufacturers may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the proximity sensors industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Proximity Sensors Market Driver
The increasing awareness of monitoring and safety systems in automobiles is one of the key factors driving the growth of the global proximity sensors market. Proximity sensors are increasingly being used in different automobile parts, such as in front assist, rearview assist, and side assist monitoring systems. They are also used for gesture control for audio, navigation, HVAC, and smartphone connectivity functions. The introduction of advanced monitoring and safety systems has led to an increased demand for proximity sensors. These systems use ultrasonic or electromagnetic proximity detectors to sense objects in the surrounding areas of the vehicle. Ongoing R&D on concept cars and self-driving cars by some of the major automakers, including Honda Motor, Hyundai Motor, Daimler, Volkswagen, Mercedes-Benz, Tesla, Nissan, and BMW, is expected to drive the global proximity sensors market. These cars have unique safety features that use proximity sensors. The increasing automobile production will lead to high demand for proximity sensors because of the rising level of infotainment in automobiles.
Key Proximity Sensors Market Trend
The integration of ALS and proximity sensors into a single module will fuel the global proximity sensors market growth. The trend of miniaturization of electronic devices, specifically mobile computing devices, has resulted in the integration of components into a single module. ALS and proximity sensing are optical systems that use a sensing light-emitting diode (LED). The integration of ALS into proximity sensors along with an LED lighting source has resulted in significant benefits, including the ease of implementation and faster time to market. Original design manufacturers have started adopting this approach to achieve optimized outputs and increase their market shares. STMicroelectronics came up with a three-in-one module that used the FlightSense technology to integrate a time-of-flight proximity sensor, ALS, and IR emitter into a single module. The integration of these components into a single module is expected to have a positive impact on the global proximity sensors market revenue during the forecast period.
Key Proximity Sensors Market Challenge
The limited product variation between different manufacturers is a major challenge for the global proximity sensors market growth. The proximity sensors market is characterized by the presence of organized and unorganized markets. The declining proximity sensor prices have resulted in low-profit margins for vendors. This has led to low capital expenditure by vendors on product differentiation. Owing to the lack of differentiation, the majority of the OEMs offer their products at competitive prices. This increases the price pressure on market vendors, resulting in a competitive environment with reduced profit margins. Thus, the unorganized market, mainly in China, has started offering products at low prices, which is increasingly affecting their profit margins and the overall market revenue. The above factors will hinder the growth of the global proximity sensors market during the forecast period.
This proximity sensors market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.
Technavio categorizes the global proximity sensors market as a part of the global electronic equipment and instruments market within the overall electronics market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the proximity sensors market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the proximity sensors market encompasses successful business strategies deployed by the key vendors. The proximity sensors market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The proximity sensors market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the proximity sensors market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of the global electronic equipment and instruments market includes the following core components:
The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Product
6 Market Segmentation by Application
7 Customer landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
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