Automotive Parking Sensors Market Overview -
This, as a result, indicates the Automotive Parking Sensors Market is projected to perceive substantial traction in the recent future. In this regard, Market Research Future (MRFR) confirms that the global Automotive Parking Sensors Market is expected to witness ~7.5% CAGR during the forecast period. Moreover, concerns for safety, security, and connectivity escalate market growth.
The introduction of such safety regulations also helps the automotive parking sensor industry to grow exponentially. Reverse parking sensors to alert drivers of obstacles when the reverse gear is activated, electronic stability control, and the autonomous emergency braking are being considered by governments worldwide to introduce in vehicles from the factory model itself by 2022–23.
The global automotive parking sensors market is growing at a rapid pace. The market growth attributes to the increasing deployments of advanced sensor technologies in vehicles to enhance vehicle safety. Various governmental approaches towards automobile, driver and passenger safety have imposed many regulations, mandating automakers to deliver vehicles with safety features installed.
Increasing numbers of vehicles create the need for efficient parking sensors and solutions. The growing urbanization and parking concerns due to the spurring increase in vehicle production and sales, population, and economic growth worldwide drive the market growth. The COVID 19 pandemic is also influencing the market growth exponentially, increasing the adoption of contactless parking solutions/ apps across the globe.
Significant Players
Significant players that are adopting various marketing hacks to boost their share in the Automotive Parking Sensors industry are NXP Semiconductors N.V. (the Netherlands), Denso Corporation (Japan), Valeo (France), Gentex Corporation (U.S.), Aptiv PLC (Greece), Continental AG (Germany), TGS Group (UK), Robert Bosch GmbH (Germany), Autoliv Inc. (Sweden), Murata Manufacturing Co., Ltd. (Japan), and more.
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Key Drivers and Main Barriers
In June 2020, Maruti Suzuki India revealed that it is planning to launch CNG models, electric cars and SUVs in the country by 2021. Considering the safety aspect, Maruti Suzuki’s first electric car is expected to feature rear parking sensors, along with side airbags, seat belt reminder as well as a speed alert system. Notable launches by top companies, wherein the car models are equipped with the latest technologies such as parking sensors, not only helps them gain extensive profits but also benefit the automotive parking sensors market, as it gives a significant boost to the vehicle sales across regions.
Assisted-parking systems are observing massive demand among consumers, which could be a prominent growth inducer in the automotive parking sensors market. Parking sensors find extensive use in assisted-parking systems since they help sense any hurdles within the car range and then produce a visual or audio alert for the driver. Digital graphics display screens along with reverse parking systems reveal the hurdle that the car is closest to and provide safer, more accurate and better movement. Leveraging the growth potential of the market, more and more players are introducing advanced parking assist systems that feature rear-facing cameras to draw in a higher number of customers.
Automotive Parking Sensors Market Segmentation
The parking sensors market can be considered for type, technology, sales channel and vehicle type.
The types of automotive parking sensors include front parking sensors, reverse parking sensors, and more.
The technology-wise market categories are Electromagnetic sensors, Ultrasonic sensors, Laser, Infrared sensors, and others.
Depending on the sales channel, the primary segments listed in the study are OEM as well as aftermarket.
Vehicle types that have been taken in account by MRFR experts are LCV, HCV and passenger cars.
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Regional Overview
The Automotive Parking Sensors market is spread across the main regions of North America, APAC or Asia Pacific, Europe, and RoW or Rest of the World.
In the coming years, it is expected that Europe could claim the biggest share in the global market, with the lead projected to be taken by the top automobile manufacturing economies such as France and Germany. Strict regulations in the region that pertain to pedestrian and vehicle safety are also prompting automotive OEMs to equip their vehicles with safety features like parking sensors.
The APAC market could possibly procure the fastest expansion rate over the review period, with the top contributors to the growth being the developing countries of India and China. The production as well as the demand for automobiles across these countries is consistently growing, which is also encouraged by the booming population. Due to these factors, these nations are perennially faced with parking space issues, which have enhanced the significance of features like parking sensors. Besides, the escalating disposable income of the people in the region along with the expanding middle-class populace that are highly aware of pedestrian and vehicle safety also result in a positive industry outlook
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