Parking Sensors Market size is anticipated to witness healthy growth during 2023 to 2032, on account of the ongoing smart city initiatives across the globe and innovations in the field of connected vehicles. Several governments across the globe have made strong investments towards infrastructure development efforts, fueling smart city projects, and creating a notable demand for smart car parks.
Meanwhile, shifting customer inclination towards vehicles with ADAS features is also bolstering the parking sensors market outlook. In ADAS, parking sensors are often attached to a vehicle’s bumper to alert the driver about obstructions while parking. They generate a beeping tone to warn drivers of close objects as they estimate the distance between vehicles and the obstruction, either in front or behind.
With several governments mandating the use of safety features in vehicles, the use of these sensors in vehicle safety systems is also set to increase strongly going forward. In addition, efforts towards future-proofing tier-1 cities to effectively handle the anticipated urban migration is also putting emphasis on the use of these sensors to reduce parking issues and congestion.
Based on technology, the parking sensor market is expected to record notable gains from the ultrasonic segment by 2032, driven by technological innovations in the field of autonomous cars and automotive IoT. These ultrasonic sensors also find widescale use in dark underground parking spaces as they employ sound echo to compute the distance between the car and other objects.
Various modern-day parking systems employ ultrasonic sensors to determine parking space occupancy and compute the number of vehicles that have entered or vacated a parking space.
The Asia Pacific parking sensors market will gain remarkable momentum during the forecast timeline, spurred by the growing auto retail sales in the region. The removal of COVID-19 protocols and subsequent economy-boosting government initiatives in developing nations such as India and China is creating a strong customer capacity for new vehicle purchase.
In fact, in 2021, the electric cars sector experienced a three-fold sales growth in China, with over 3.4 million EVs being sold. Regional growth can also be ascribed to the construction of smart parking systems as part of their infrastructure development projects. Citing an instance, in March 2021, Ling gang, located in Shanghai, China got its first AGV automated parking system that employs AI for parking.
Prominent participants operating across the parking sensors market include Texas Instruments Inc., Mercedes-Benz (Daimler), BMW, NXP Semiconductors N.V., and Freescale Semiconductor, Ltd. Many of these firms often utilize product innovations, partnerships and collaborations, and mergers and acquisitions to enhance their industry position in a relatively quick manner. Citing an instance, in February 2023, BMW, the German luxury vehicles company, and Valeo, the French automotive supplier, partnered up and unveiled their collaboration on vehicle sensors, ADAS domain controller, and software for parking BMW’s upcoming Neue Klasse.
Both the companies are also focusing resources on the development of next-gen level 4 fully automated parking technologies.
Russia-Ukraine war impact on parking sensors market
Russia’s invasion of Ukraine has severely impacted the auto sector, as many vehicle firms had to leave or halt operations in the affected regions. Many car firms also left Russia as a sign of protest to the war. This has subsequently impacted the parking sensor industry as many carmakers are halting R&D progress to control losses. The conflict has also impacted the already worse-off semiconductors industry as chip shortages continue to create new challenges for the market.