Global Parking Sensors Market Study Analysis: Autonomous vehicles and parking sensor technology advancements will boost the market growth

The global Parking Sensors market size was valued at $ Million in 2020 and is expected to reach $ Billion by 2028 growing at the CAGR of 48.2% from 2021 to 2028. Parking sensors are the proximity sensors installed in vehicles to assist the drivers with convenient and hassle-free car parking. The sensors are mounted on the rear, front, or both the ends of the cars to sense the between car and the obstacles and provide an audio or visual alert to the driver. Parking sensors collect the data about the available space and coordinates between the car and obstacles such as walls, pedestrians, fences, pillars, or other cars to find free space for parking. Some systems are also combined with a digital display system that displays the graphical representation of the space between a car and an obstacle to assist a better, safer, and more accurate maneuver. In Advanced Driver Assistance Systems (ADAS), parking sensors use advanced technologies to assist drivers to locate, pay and reserve parking spaces. The sensors provide real-time information to provide a communication link between drivers.

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Global Parking Sensors Market Drivers And Restrain:
The major factors that have impacted the growth of the Parking sensors including stringent government regulation to curb the road fatalities and increasing demand for intelligent parking assist system which needs parking sensors, among others.

Stringent government regulations:
Governments across the world are forming stringent government reforms to integrate safety features in vehicles. The increasing road fatality which has resulted in life losses has increased government efforts for reducing the fatality rates. The authorities in many countries have initiated smart parking systems programs for parking space management, and traffic management thereby helping drivers with parking aid. The government of Australia has launched a project for installing parking sensors that will help the driver by providing them information regarding parking spaces through mobile applications. European Union has mandated manufacturers to integrate the advanced safety features in new vehicles including accident data recorder, reverse camera, parking sensors, emergency stop signal, and others. The growing stringent reforms have motivated the automotive manufacturers to install parking sensors in their vehicles which in turn is expected to drive the parking sensors market growth.

Increasing demand for intelligent parking assist systems:
Intelligent parking assist systems assist the driver in parking the vehicle. The IPAS makes use of image sensors that senses the situation around the vehicle and steer itself into a parking space with little input from the user. Many of the drivers find parking a more difficult part of car driving thus IPAS makes parking easy and convenient for the drivers. The intelligent parking assist system is equipped with a camera that gives the driver the bird’s eye view through an around-view monitor and automatically operates the steering and leaving the driver to follow the audio signals and instructions displayed on the screen and concentrate on breaks and accelerator. The car crash during parking is one of the major concerns of the owner. The system provides easy identification of vacant parking spaces and saves fuel and time which in turn results in cost-saving. The increasing demand for vehicle safety by the owner is expected to drive the parking sensors market growth.
The market is hampered by increased vehicle costs due to high implementation costs.

Impact Of COVID-19 on the Parking Sensors Market:
• Impact on Market Size
• End-User Trend, Preferences, and Budget Impact
• Regulatory Framework/Government Policies
• Key Players Strategy to Tackle Negative Impact
• Opportunity Window

Global Parking Sensors Market Segments:
The global Parking Sensors market is further segmented into technology, type, installation, vehicle type, and geography.

By Technology: Ultrasonic sensors, Electromagnetic sensors, and Infrared sensors
By Type: Reverse parking and Front parking
By Installation: OEM, Aftermarket
By Vehicle Type: Passenger Cars and Commercial Vehicles

Key Region/ Countries Covered
• North America (US, Canada, Mexico)
• Europe (Germany, U.K., France, Italy, Russia, Rest of Europe)
• Asia-Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
• Rest of the World (the Middle East & Africa and South America)

North America is projected to have a significant market share due to the increasing sales of high and mid-level cars, and the increased adoption of luxury cars by the young population. The Asia Pacific is expected to dominate the market due to the increasing passenger vehicles sale in emerging economies such as India, China, and Japan. Moreover, increasingly stringent government reforms and initiatives to install parking sensors in vehicles are also estimated to drive the Parking sensors market growth. Europe is expected to have significant growth in the market owing to increasing demand for high-end cars with advanced driver assistance systems.

Key Players of Global Parking Sensors Market:
• Analog Devices Inc
• Parking Dynamics
• Continental AG
• Denso Corporation
• Robert Bosch GmbH
• INRIX
• Nedap
• NXP Semiconductors N.V
• Texas Instruments Incorporated
• Freescale Semiconductor Ltd

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Key Questioned Answered Through The Report:
• The Impact of COVID-19 on the global market
• What are the potential opportunities for new entrants in the global market
• What is the market Size and Forecast from 2020 to 2028?
• Key Players associated with the global Parking Sensors Market
• Value Chain Analysis of Global Parking Sensors Market
• What is the CAGR of the global Parking Sensors Market from 2021 to 2028
• Major Growth Factor, Challenges, Trends, and Opportunities in the global market
• Key outcomes of SWOT Analysis

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