SINGAPORE, July 6 /PRNewswire/ -- The global financial crisis, as expected, has taken its toll on the Asia-Pacific economies and the spillovers from the crisis have impacted the region with unexpected speed and force. Major economies in Asia such as Japan, China, South Korea, India, and Southeast Asia countries have taken a hit due to the severe macroeconomic conditions.
According to Frost & Sullivan's Asia Pacific Research Analyst of Measurement & Instrumentation Practice Sriram Venkatasubramanian, demand for advanced manufacturing has slumped and according to a recent IMF report, Japanese auto exports have fallen by nearly 70 percent between September 2008 and March 2009. This is because of the fact that much of Asia relies heavily on the U.S. and Europe for exporting its sophisticated products for which demand has collapsed.
"A sensor, typically, is one of the most ubiquitous components that are employed in different manufacturing industries. Due to the impact of the financial crisis, the Asian sensors industry has been experiencing a slump and has witnessed significant fall in unit shipments of many product types," he said.
He continued, "Initially, at the beginning of 2009, industry participants hinted that the first half will be characterized by lower growth rates and recovery would be in sight towards the second half. But, the road to recovery will take much longer due to the intensity of the crisis and the stimulus packages announced by various governments will only start showing positive trends in the second half of this year."
According to Sriram, major end-user segments such as automotive and consumer electronics have witnessed negative growth in the past three quarters. "For instance, in Japan, in the first half of 200
|SOURCE Frost & Sullivan|
Copyright©2009 PR Newswire.
All rights reserved