Market Trends of Asia Pacific Reed Sensors Switches Industry
This section covers the major market trends shaping the APAC Reed Sensors Switches Market according to our research experts:
Electric Cars Adoption Driving Growth
Owing to the increasing pollution levels in the region, the governments are spending heavily on attracting demand for the eco-friendly electric vehicles in the region by giving financial benefits to the EV buyers and making required infrastructure available for them so they can charge the vehicle during long distance travels.
In February 2020, Indian Government is planning to set up 2600 charging stations in four major cities having million plus population. The government aims at 400,000 plus charging stations by the end of 2026.
Electric Vehicles have a range of around 250-300 Kms on a full charged battery. To ensure minimal charging time, 16-32 Amps may be required for charging. For high current charging, it is very important that the mating of the contacts inside the connectors not only conform to requirements but also ensure that they provide a complete lock-in so charging problems don't occur. To aid in good mating of connectors, reed sensors are built into the charging sockets of electric cars and a magnet is provided at the end of the charging cable. This ensures that a correct locking signal is passed on to the charging circuit to trigger start of the charging.
China Remains the Largest Market in 2019
During the year 2019, owing to the demand for electric vehicles in the country and luxury cars also supporting the growth of automotive reed sensors in the country. As these vehicles have several electric systems like, ADAS, digital cockpit systems, high safety systems which is used in early braking sensing to alert drivers about possible collision or accident, during the application of brakes.
During the year 2019, close to 1.8 million electric vehicles were sold in China which is the highest sales all over the world. And the Chinese government is spending heavily to boost the infrastructure in the country and provide charging station for enough EVs available on the Chinese roads. For instance, in April 2020, Chinese government has decided to invest RMB 10 billion to expand the already world largest EV charging network.
