Parking Sensors Market Size, Industry Outlook, Regional Analysis, Application Development, Competitive Landscape & Forecast, 2021 – 2027
Report ID: GMI1924
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.
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.
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