UV Sensor Market Poised to Grow by $ 2.69 bn Owing to the Increasing Investments in Global Smartphone Market | Technavio
The global UV sensor market size is poised to grow by USD 2.69 billion during 2020-2024, progressing at a CAGR of almost 23% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.
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Technavio has announced its latest market research report titled Global Ultraviolet (UV) Sensor Market 2020-2024 (Graphic: Business Wire)
The global UV sensor market is driven by the increasing investments in global smartphone market. Major smartphone vendors such as Apple (News - Alert), Xiaomi, Vivo, Oppo, and Realme are investing in manufacturing facilities globally. The vendors are competing with each other to increase their market shares in developing countries, such as India, South Africa, and Brazil, where disposable income is increasing and consumers are upgrading their smartphones. For instance, n January 2020, Samsung (News - Alert) announced that it would invest $500 million in setting up a smartphone display manufacturing plant on the outskirts of New Delhi, India. Thus, the increasing investments in the smartphone market by various vendors are likely to support the growth of the market in focus during the forecast period.
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Use of UV Sensors in Wearables will be a Key Market Trend
The growing use of UV sensors in wearables will be one of the major UV sensors market trends that will gain traction during the next few years. Consumers are increasingly adopting wearable devices as a functional addition to their lives. These devices monitor the daily activities and health of the individual and also enable connected communication. The integration of UV sensors in wearables devices helps in preventing sunburns and skin blemishes by sending alerts to the user when the UV levels go beyond danger limits. In addition to wearable devices, these sensors are also used in smartphones.
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UV sensor Market 2020-2024: Key Highlights
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