View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
August 17, 2021updated 11 Mar 2022 8:12am

South Korea to support development of new sensor technologies

Seoul wants to encourage local investment in advanced enabling automotive technologies - such as sensors.

By David Leggett

The South Korean government has announced it will make available KRW186.5bn (US$160m) in grants to local companies and research institutes such as universities to help advance the country’s sensor industry.

The Ministry of Trade, Industry and Energy said it will make the funds available from next year until 2028, with the aim of encouraging the development of new technologies for sensors used in a broad range of products, including automobiles and mobile devices.

This is the latest effort by the government to promote the development of advanced technologies under its “Digital New Deal” programme, which is targeting investments of up to KRW58trn in technologies such as network infrastructure and artificial intelligence.

The ministry said in a statement “sensors are expected to play a greater role as part of the fourth industrial revolution and the growth of the contact-free economy”. It aims to ensure local availability of key technologies for next-generation sensors.

The government said it expects global sales of sensors to rise tenfold between 2020 and 2024, from an estimated 100 billion to 1 trillion units annually. It forecasts global sales will reach US$333bn by 2025.

Topics in this article:
NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. The top stories of the day delivered to you every weekday. A weekly roundup of the latest news and analysis, sent every Monday. The industry's most comprehensive news and information delivered every quarter.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Just Auto