Global Automotive Parking Sensors Market Analysis
Automotive Parking Sensors Market Research Report – Global Forecast till 2023
Automotive parking sensors are specifically developed proximity sensors that are set either on the rear, front, or both ends of vehicles. They form a significant portion of the Advanced Driver Assistance System (ADAS) and alert the driver of any hindrances during parking. These sensors also facilitate optimum usage of parking space, which can curb the issues related to scarcity of parking space, to an extent. Lack of parking spaces, particularly in crowded areas owing to overcrowding has been a factor of concern for the past few years. However, this issue can be overcome by the application of a set of parking sensors, that come installed with the vehicle through OEMs or can be fitted within the vehicle in the aftermarket. The growth of parking sensors is witnessed as one of the successful achievements in the recent technological progressions within the automotive sector. Some of the vehicles come well equipped with displays in the dashboards, that are linked to a camera, allowing the driver to have a clear vision of the spaces that are otherwise seen as blind spots. This also paves the way for safety of pedestrians, specifically because kids do not appear easily within the vicinity of the driver. Rising safety concerns have also triggered automotive agencies to mandate the pre installation of parking sensors in automotive. However, a surge in vehicle cost on account of these additional attributes could appear to be a restriction to the expansion of this market, particularly in the developing and underdeveloped countries.
Key Players
Global automotive parking sensors market is ruled by key players such as Aptiv PLC (Greece), Robert Bosch GmbH (Germany), Denso Corporation (Japan), Valeo (France), NXP Semiconductors N.V. (the Netherlands), Autoliv Inc. (Sweden), Continental AG (Germany), Gentex Corporation (U.S.), Murata Manufacturing Co., Ltd. (Japan), and TGS Group (UK).
Market Segmentation
Market Research Future has conducted an intricate study on the global automotive parking sensors market. According to its recently published report, the global automotive parking sensors market is segmented on the basis of technology, type, vehicle type, region, and sales channel. Based on technology, the global automotive parking sensors market has been categorized into Infrared sensors, Electromagnetic sensors, Ultrasonic sensors, Laser and Others. Based on type, the global automotive parking sensors market is segmented into front parking sensors, reverse parking sensors, and others. According to vehicle type, the market is segmented into LCV, HCV, and passenger cars. Based on sales channel, the global automotive parking sensors market has been segmented into aftermarket and OEM.
Regional Analysis
Region wise, the global automotive parking sensors market has been segmented into four key regions such as Europe, North America, Asia-Pacific, and the Rest of the World. Europe market is predicted to represent a substantial share in the global automotive parking sensors industry. The market in the Europe region is ruled by prominent automobile manufacturing countries such as France and Germany. Besides, strict government regulations related to pedestrian safety have directed the automotive OEMs to fit safety features like parking sensors in automotive. The market in the APAC is likely to develop at the largest CAGR throughout the forecast period. This market is home to some of the developing economies such as India and China, where the production and demand of automobiles is witnessing exponential upsurge. Also, because of high population, these economies experience a perennial concern related to parking spaces, which has further propelled the significance of attributes such as parking sensors. Rising disposable incomes and expansion of middle class population with cognizance regarding pedestrian and vehicle safety have also played vital roles in fueling the growth of the market in this region.
Other Related Market Research Blog: