Market Trends of China Reed Sensors Switches Industry
This section covers the major market trends shaping the China Reed Sensors Switches Market according to our research experts:
Safety Systems to Witness High Demand for Reed Switches/Sensors
Reed sensors have been used as an effective passive safety system to alert the driver. Reed sensors for early brake sensing is one of the major and common usages of automotive reed sensors as mechanisms to alert drivers about possible collision or accident, during the application of brakes.
With a rise in the number of accidents at the global level, the demand for safety features has been increasing, especially in the mid-level vehicles. Additionally, with an aim to reduce the number of accidents and enhance consumer's safety, many countries across the world have introduced safety norms in the automotive industry.
COVID-19 will halt the Growth of the Market
There is a slowdown in automobile sales and production which is because of the trade tensions between China and the United States, also the ongoing Pandemic COVID-19 is also responsible for the slowdown in the economy as it has forced the country to lockdown for almost 3 months and now the growth is expected to resume in the second half of 2021, as the governments are providing stimulus to the demand as well as the supply side to revive the economy.
