Press release
Parking Sensors Market By Key Players: Analog Devices, Volkswagen AG, DENSO, Honda of America Mfg., Inc., Hyundai Motor Brasil, Continental, Robert Bosch GmbH, Ford Motor Company, AUDI AG, Mercedes-Benz USA, BMW Group
Global Market Insights, Inc.
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.
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Parking Sensors Market size is anticipated 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.
These components are Advanced Driver Assistance Systems (ADAS) that alert drivers in case of obstacles. They assemble real-time information about coordinates between the cars in a parking lot and the availability of free space through changeable message signs. It makes use of advanced technologies to help cars locate, reserve, and pay for parking. Consumers are increasingly becoming aware of safety technologies and systems and are taking interest in improving vehicle safety, thus propelling parking sensors market growth.
Top Key Players in Parking Sensors Market:
1. Analog Devices
2. Volkswagen AG
3. DENSO
4. Honda of America Mfg., Inc.
5. Hyundai Motor Brasil
6. Continental
7. Robert Bosch GmbH
8. Ford Motor Company
9. AUDI AG
10. Mercedes-Benz USA
11. BMW Group
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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.
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.
Some of the key parking sensors market players include Analog Devices, Volkswagen AG, DENSO, Honda of America Mfg., Inc., Hyundai Motor Brasil, Continental, Robert Bosch GmbH, Ford Motor Company, AUDI AG, Mercedes-Benz USA, NXP Semiconductors, Texas Instruments, NXP acquires Freescale Semiconductor., and BMW Group.
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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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Global Market Insights, Inc.
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