Listen to this article
The usage of sensors across a wide range of sectors has significantly increased in recent years in both Asia and Europe, where the sensor industry is also expanding quickly. Yet it’s important to note that there are some significant distinctions between the two marketplaces.
The size of the market is one of the main distinctions. With a total market value of more than $50 billion in 2020, the sensor market in Asia is much bigger than the market in Europe. This is in part because Asia has a far greater population and an economy that is expanding quickly. Also, with a CAGR of over 10% over the last five years, the sensor market in Asia is expanding more quickly than it is in Europe.
The kind of sensors that are prevalent in the two marketplaces is another significant distinction. Sensors used in the consumer electronics, automotive, and industrial sectors dominate the market in Asia. In contrast, sensors used in the industrial and medical sectors dominate the sensor market in Europe.
The sensor market in Asia is often more technologically advanced than the market in Europe, notably in the area of MEMS (micro-electromechanical systems) sensors, which are extensively utilized in mobile devices, automotive, and Internet of Things (IoT) applications. The development of these sensors has been driven by Asian businesses like Bosch, Sony, and Panasonic, as well as European firms like STMicroelectronics and Infineon Technologies.
The sensor market in Europe is more strictly controlled than the industry in Asia. As the safety and effectiveness of sensors are subject to stringent laws in the European Union, it may be more challenging for businesses to launch new goods. Asia’s sensor industry, in comparison, is less regulated, which may make it simpler for businesses to launch new devices.
The varied customer preferences in these two marketplaces are worth highlighting as a last point. While European customers are more prepared to pay a premium for sophisticated features and capabilities, Asian consumers frequently place a higher priority on price and compact size than advanced features.
Source: alliedmarketresearch, globenewswire, marketresearchfuture