Parking Sensors Market size is expected to witness substantial growth over 2021-2027. This is attributable to the increasing deployment of parking sensor systems to gain an accurate insight into space occupancy and reduce congestion. Likewise, the significant adoption of radar and magnetic technology in smart parking sensors, to generate real-time updates on the nearest disabled parking bay, will also contribute to the industry growth.
Parking sensors or proximity sensors refer to devices located on the bumpers of vehicles to assist drivers while parking. They can measure the proximity of the vehicles to an approaching object, either behind or in front, and alert drivers of the nearby objects, usually by emitting a beeping tone.
Robust focus on building smart parking sensors to address the parking allocation issues in modern cities is the prominent trend expediting the parking sensors market expansion. The rapid advancement in information technology, communication, and the internet has paved the way for the efficient development of low-cost smart parking sensors. In addition, strict regulations mandating the installation of safety equipment in cars, including rear parking sensors, will further stimulate the industry demand over the coming years.
Global parking sensors market from the ultrasonic segment is likely to garner high revenue by 2027. This is a result of the rise of automotive IoT and rapid technological advancements in autonomous cars. Various smart parking systems utilize ultrasonic sensors to count the number of vehicles that have entered or exited a parking space and to detect parking lot occupancy, which could augment segmental growth.
On the regional front, the Asia Pacific parking sensors industry will account for a remarkable share by 2027. This can be attributed to the considerable increase in auto retail sales due to the gradual ease in coronavirus restrictions in emerging economies like India and China. In July 2021, passenger vehicle sales surged by 63% to 2,61,744 units in India. Moreover, the rapid establishment of smart parking systems is projected to further push the demand for parking sensors in the region. Hong Kong Science and Technology Parks Corporation, for instance, unveiled its first automated robotic parking system, featuring sensors and other technologies, to deliver an enhanced car parking experience.
Prominent players operating in the parking sensors market include BMW, Freescale Semiconductor, Ltd., Texas Instruments Inc., NXP Semiconductors N.V., Mercedes-Benz (Daimler), Audi (Volkswagen), Ford Motor Company, Robert Bosch GmbH, Continental AG, Hyundai, Honda, Denso Corporation, and Abbott Analog Devices, among others. These industry players are focusing on new product launches, mergers and acquisitions, and business expansions, among other strategies to strengthen their presence in the global market.
For instance, in August 2021, Continental acquired a minority stake in Kopernikus Automotive to build an autonomous parking procedure backed by vehicle sensor data and intelligent infrastructure-based solutions.
In October 2020, Robert Bosch, LLC unveiled its new ADAS and body electronics catalog, which features various parts including Park Pilot ultrasonic parking sensors. This catalog was designed with an aim to offer high visibility, accurate information, and access to images and application data of around 230 ADAS and body electronics parts.
Escalating impacts of the deadly coronavirus pandemic have been felt across industrial sectors, including the globally integrated automotive industry. The large-scale manufacturing interruptions and the closure of multiple assembly plants worldwide have severely disrupted the industry. For example, Tata Motors’ commercial vehicles sales plunged from 36,955 units to 14,435 units between March 2021-April 2021, potentially impacting parking sensor installations in vehicles.
However, the shifting focus towards the adoption of smart and connected vehicles during the pandemic may help the parking sensors market regain traction. In order to curb the spread of the coronavirus, there has been strong demand for contactless delivery, which has led to the increased consumption of AVs for delivery in constrained environments like hospitals and airports. Developments such as these could contribute to higher demand for efficient parking sensor systems in these smart vehicle technologies.