how much China's consumer electronics market was worth
Jeanne Forget, vice-president of global marketing with Bosch Sensortec, added that market demand for intelligent wearable products will reach 200 million by 2020, and the company will aim to meet the growing demands for microelectro mechanical systems (MEMS) sensors that are required in such products.
Currently the world’s largest Internet economy with more than 700 million smart devices being used across the country, China is a key market for Bosch Sensortec. Market and consumer information agency GfK estimated that the Chinese consumer electronics market had hit $281 billion in 2015. Bosch’s research and development team in China is its second largest.
Stefan Finkbeiner, CEO and general manager of Bosch Sensortec, said that while the smart phone industry has been the locomotive for sensor and semiconductor innovation over the last 10 years, the technology pull will now be generated by new devices related to wearables and IoT applications, in turn creating a signifi impact on system and sensor solution requirements.
According to Finkbeiner, Bosch’s global plants currently produce 4 million MEMS sensors for consumer electronics (75 percent) and automotive (25 percent) customers on a daily basis, and a total of 7 billion MEMS sensors have been manufactured and sold worldwide to date.
Deloitte estimated that 1 billion wireless IoT devices were shipped globally in 2015, up 60 percent from 2014, leading to an installed base of 2.8 billion devices. It also estimated that IoT-specific hardware is likely to be worth $10 billion and the associated services enabled by the devices worth about $70 billion.