Automotive Parking Sensors Market Research Report: Information by Type (Reverse sensors, front sensors), Technology (Ultrasonic, Electromagnetic, Infrared, Laser), Sales Channel (OEM, Aftermarket), Vehicle Type (Passenger Car, LCV, HCV) and Region - Global Forecast till 2023
Automotive Parking Sensors Market Research Report – Global Forecast till 2023
The global market for automotive parking sensors is gaining momentum across the world, owing to it its advantages that are catering to the automotive sector in significant ways. On this, Market Research Future has revealed in its study that the global automotive parking sensors market is expected to gain a notable growth rate during the forecast period (2018-2023), in its comprehensive study. The study further also involves the major driving factors promoting the growth, segments that share maximum growth and regional market analysis that dwells with overall market expansion status.
The automotive parking sensors are the sensors mainly fitted either on the front, rear, or both ends of the vehicles, thus alerts the driver of obstacles during parking. Lack of parking spaces due to overcrowding has been the chief cause of its development, which is becoming popular at present.
Market Drivers & Trends
Safety for vehicles has become a significant concern among people owing to vehicle damage and more, which is why the automotive industry introduced the concept of parking sensors. The development of parking sensors is touted to be one of the successes with top-notch technological developments and thus aiming the market of parking sensors to achieve high valuation. The optimum utilization of parking sensors has also contributed to the market’s growth over the years, which is estimated to grow more in the forecast period.
Apart from this, the factor of growing safety concerns has also prompted the automotive industry to mandate the pre-installation of parking sensors in vehicles, which is also largely contributing to the market’s growth. The developed countries, across the globe, are now offering world-class parking sensors along with screens in the dashboards connected to the camera, enabling the driver to have a clear view of the parking spaces. Therefore, getting thrust from it, the global automotive parking sensors market is ready to expand double-digit during its growth period. Furthermore, the rise in vehicles on roads and massive demand for parking sensors have also impacted the market to proliferate substantially in the coming years.
On the flip side, factors such as an upsurge in cost of vehicles owing to additional features are touted to be a hindrance to the growth of this market during the forecast period, predominantly in cost-sensitive regions.
The global automotive parking sensors market, as per the study, is segmented by type, technology, sales channel, and vehicle type.
In terms of type, the market includes sub-segments such as reverse parking sensors, front parking sensors, and many more.
In terms of technology, the market splits into ultrasonic sensors, electromagnetic sensors, Infrared sensors, laser, and many more.
In terms of the sales channel, the market splits into OEM and aftermarket.
In terms of vehicle type, the market is gets split into passenger cars, LCV, and HCV.
The regional analysis of the global automotive parking sensors market includes regions, namely North America, Europe, Asia-Pacific, and the Rest of the World.
North America is the front-runner when it comes to the parking sensors market during the forecast period. The rapid growth is mainly due to a surge in sales of mid and high-level cars, and intensifying population of baby boomers & resultant adoption of luxury cars by them are likely to propel parking sensors market growth. With these, the introduction of legislation compelling the OEMs to produce advanced systems is also powering the growth inevitably.
Europe is currently holding a premiere shot and is estimated to have a significant market share in the coming years as it is lied by significant automobile manufacturing countries such as Germany and France. Also, in this region, the stringent regulations regarding pedestrian safety are mandatory for the people, which in turn, has compelled automotive OEMs to install safety features such as parking sensors in vehicles.
The market for automotive parking sensors in the Asia Pacific region is witnessing the highest CAGR during the forecast period. It is due to emerging countries such as China and India, where demand, as well as the production of automobiles, always stay on the rise. High population is the reason for the non-occupancy problem of parking spaces, which has propelled the value of parking sensors, resulting in market’s progress at a higher rate. Apart from this, the rising disposable incomes and surge in middle-class population with awareness about vehicle and pedestrian safety have also played pivotal roles in the growth of the market in this region.
The bulging players in the global automotive parking sensors market are listed as Robert Bosch GmbH (Germany), Aptiv PLC (Greece), Denso Corporation (Japan), NXP Semiconductors N.V. (the Netherlands), Valeo (France), Autoliv Inc. (Sweden), Gentex Corporation (U.S.), Continental AG (Germany), TGS Group (UK) and Murata Manufacturing Co., Ltd. (Japan).
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