Press release
Global Parking Sensor Market Size, Share, Forecast 2023 - 2033 | Top key players : Quercus Technologies, LeddarVision, Tesla's, Aptiv, Murata Manufacturing Co., Ltd, Texas Instruments Incorporate, Denso Corporation, Ford Motor Company, Mercedes-Benz, NXP
Global Parking Sensor Market Size
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Multi-story parking garages use parking sensor to direct cars to open spots and provide real-time information on available spaces. Large, multi-level parking lots can operate more efficiently due to this application. For electric vehicles, specialized parking sensors help in managing special parking situations, such as making sure that vehicles are parked safely away from charging stations and adjusting the vehicle's alignment for effective charging. To improve accuracy and dependability, parking sensor are progressively integrating cutting-edge technologies including ultrasonic, electromagnetic, and camera-based systems. The increasing use of advanced driver assistance systems (ADAS) and artificial intelligence would also open up several options to accelerate the rise of parking sensors. Parking sensors have grown significantly as a result of the expanding automobile industry and stricter government requirements in many nations requiring cars to have improved safety features to reduce accidents and easily identify empty parking spaces. The growing demand for rear cameras in automobiles, the widespread use of cutting-edge technology, and the growing public awareness of the advantages of safety technology are the factors responsible for driving the expansion of the parking sensor market. However, the market for parking sensor is being restrained by the price of the raw materials used in their production, rising installation costs, and research and development initiatives.
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The ultrasonic segment is predicted to hold the largest market share through the forecast period.
Based on the technology, the parking sensor market is classified into ultrasonic and electromagnetic. Among these, the ultrasonic segment is predicted to hold the largest market share through the forecast period. Converting ultrasonic sound waves into electrical signals, ultrasonic sensors can determine the distance of any object.
The OEM segment is anticipated to hold the highest market share during the projected timeframe.
Based on the installation, the parking sensor market is divided into OEM and aftermarket. Among these, the OEM segment is anticipated to hold the highest market share during the projected timeframe. Genuine sensors for the particular vehicle model are installed by OEMs primarily. Moreover, OEM parking sensors have better fit and construction, which guarantees a longer lifespan.
North America is estimated to hold the largest share of the parking sensor market over the forecast period.
North America is estimated to hold the largest share of the parking sensor market over the forecast period. There are a lot many cars in North America, especially in the US and Canada. The need for these sensors is driven by high car ownership rates, as more owners look to improve convenience and safety features.
Asia Pacific is predicted to have the fastest CAGR growth in the parking sensor market over the forecast period. The quick installation of smart parking systems as part of infrastructure development initiatives is probably going to hasten the growth of the local sector. Regulatory agencies' efforts to guarantee pedestrian safety are credited with the Asia-Pacific region.
Major key players in the parking sensor market include Quercus Technologies, LeddarVision, Tesla, Aptiv, Murata Manufacturing Co., Ltd, Texas Instruments Incorporated, Denso Corporation, Ford Motor Company, Mercedes-Benz, NXP Semiconductors, Continental AG, Robert Bosch GmbH, Valeo, Autoliv Inc., and Others.
Key Target Audience
Market Players
Investors
End-users
Government Authorities
Consulting And Research Firm
Venture capitalists
Value-Added Resellers (VARs)
Recent Development
In December 2023, LeddarVision Parking (LVP-H), the company's newest fusion and perception software stack for automated parking and parking assist, was announced. LeddarTech is an automotive software company that offers patented disruptive AI-based low-level sensor fusion and perception software technology for ADAS, AD, and parking applications.
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Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the parking sensor market based on the below-mentioned segments:
Global Parking Sensor Market, By Technology
Ultrasonic
Electromagnetic
Global Parking Sensor Market, By Installation
OEM
Aftermarket
Global Parking Sensor Market, By Regional Analysis
North America
US
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
Russia
Rest of Europe
Asia Pacific
China
Japan
India
South Korea
Australia
Rest of Asia Pacific
South America
Brazil
Argentina
Rest of South America
Middle East & Africa
UAE
Saudi Arabia
Qatar
South Africa
Rest of the Middle East & Africa
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About the Spherical Insights & Consulting
Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.
Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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