Parking
Sensors industry analysis is covered
in this latest research report that aims to help those taking daily business
decisions by providing market trends information, competitive landscape
scenario, forecasts and more.
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.
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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.
The governments in several countries are implementing
strict regulations that mandate the installation and development of these
systems to ensure safety and reduce the impact & occurrences of collisions.
Increasing number of vehicle accidents due to drivers’ faults is forcing the governing
bodies to mandate adherence to regulatory standards for adopting advanced
technologies in vehicles to minimize fatalities and accidents. For instance,
76% of vehicle fatalities are accounted to be due to drivers’ faults. Growing
legislative pressure is anticipated to force the automobile manufacturers to
install automotive safety systems, which would promote the growth of parking
sensors market.
The limited detection range of this equipment is
anticipated to be a major restraining factor. Furthermore, the lack of
awareness regarding the technology is expected to hinder the market growth. The
introduction of these systems in vehicles has increased the complexity of
vehicle consoles, probability of system component failures, errors in system
design, and spontaneous driver errors. This is anticipated to negatively impact
parking sensors’ market growth.
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.
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
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.
The global parking sensors market ecosystem comprises
several international vendors. There are several domestic players, who cater to
needs in respective regions. Increasing focus of automotive manufacturers to
implement safety systems as a differentiator is anticipated to drive market
during the forecast period. Driver safety system manufacturers including
Autoliv and Bosch are collaborating with the OEMs to manufacture and develop
low-cost ADAS for compact cars. This is anticipated to help these companies
reduce price and attain economies of scale.
This latest Parking
Sensors Market research
report offers in-depth analysis, key industry insights, market sizing &
forecast on a granular level for key products, applications across number of
regional markets. The report also analyzes the Parking
Sensors from
business strategy perspective, describing in detail growth drivers, pitfalls
&challenges for participants, accompanied by a detailed competitive
benchmarking including company market share analysis and detailed business
profiles.
Reasons to Buy This Report
•
Global Parking Sensors Market size & forecast by product & application.
•
Growth drivers, pitfalls & industry challenges.
•
Key Parking Sensors Market growth opportunities & emerging business models.
•
Competitive benchmarking with market share analysis and company
profiles.
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Insights
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