Press release
Parking Sensors Market By 2024 Key Players: Abbott Analog Devices, Volkswagen, Denso Corporation, Honda, Hyundai, Continental AG, Robert Bosch GmbH, Ford Motor Company, Audi, Mercedes Benz, NXP Semiconductors N.V
Global Market Insights
Parking Sensors Market is set to witness growth during the forecast period owing to the ability of these devices to alleviate risks to pedestrians and enhance the driver safety. The introduction of regulations that mandate the installation of rear cameras in vehicles is anticipated to drive parking sensors market growth over the next eight years.
Parking sensors are proximity sensors required in vehicles to assist the driver for hassle-free and safe car parking. These are installed in the car’s rear bumper and help in the detection of objects, which are concealed from the view & mitigate the risk of accidents when the car is in the reverse mode. In addition to its benefits, time effectiveness, fuel efficiency, and cost savings are expected to be major factors that drive the parking sensors market during the forecast period.
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Top Key Players: -
Some of the key parking sensors market players include Abbott Analog Devices, Inc., Volkswagen, Denso Corporation, Honda, Hyundai, Continental AG, Robert Bosch GmbH, Ford Motor Company, Audi, Mercedes Benz, NXP Semiconductors N.V., Texas Instruments, Inc., Freescale Semiconductor, Ltd., and BMW.
Market share calculation in this report is not done based on companies covered in it. The calculation of parking sensors market share is done based on a regional approach and countries covered. On request, additional companies can be covered as well as regional data for particular country / countries can be provided.
Regional Segmentations: -
North America is expected to dominate the parking sensors market during the forecast period. The rapid growth is attributed to increased sales of mid- and high-level cars and rising population of baby boomers & resultant adoption of luxury cars by them is expected to propel parking sensors market growth in the region.
The introduction of legislations compelling the OEMs to produce advanced systems is expected to propel the growth. The parking sensors market growth in the Asia Pacific region is anticipated to be driven by a consistent increase in demand for mid-sized and compact vehicles equipped with safety features, particularly in China and India.
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Technological advancements in the artificial intelligence technology to make the system operator independent is expected to provide viable growth opportunities to the parking sensors market. One of the major trends in the market is the adoption of LiDAR. Growth and advent of LiDAR are attributed to the increasing need for better sensors. These have better capabilities in terms of detection of objects even in the absence of light.
The parking sensors market is segmented on the basis of installation and technology. On the basis of technology, these components are classified into electromagnetic and ultrasound. The ultrasonic sensors use sound waves to sense obstacles and electromagnetic type uses magnetic waves. The electromagnetic type is equipped with maintenance system and is self-diagnostic. Superior design due to transceiver adhesive strips and preservation of vehicles’ aesthetic appearance are expected to drive parking sensors market growth during the forecast period.
On the basis of installation, the parking sensors market is segmented into OEM and aftermarket. Aftermarket components are cost-effective as compared to OEM components. OEM components are made specifically for a vehicle model and ensure superior fitment & construction.
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About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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