Parking Sensors Market

Parking Sensors Market Size

The global parking sensors market generated considerable revenues in 2024 and is projected to grow at a healthy CAGR during 2025-2034, driven by advanced safety technologies and increasing awareness about vehicle safety. Technological advancements, urbanization, and rising demand for improved safety and convenience in both passenger cars and commercial vehicles will drive these improved sales. As per UN.org, currently, 55% of the global population resides in urban areas, and this figure is projected to rise to 68% by 2050. Parking sensors provide audio or visual signals to drivers to help avoid collisions while parking and have become a common feature in current car models. As global vehicle safety continues to improve, more car manufacturers are contributing to this advancement, as parking sensors are becoming more common and are being included as a standard vehicle feature.

Parking sensors typically exist in two forms: ultrasonic and electromagnetic parking sensors. These sensors are evolving, becoming more advanced and incorporating features including 3D visualizations in real-time or distance alerts. As parking sensors become part of both passive and active driver-assist systems, they are also advancing the general automation aspects of driving and the future global development of autonomous vehicles. The increasing popularity of electric vehicles (EVs) and the rising fuel prices are driving the demand for energy-efficient and smart vehicles, where parking sensors are an integral part.

Parking Sensors Market Trends

Several important trends are impacting the future of the market. First is the growing trend towards smart parking solutions, where parking sensors are configured into cloud-based systems. This means that data is received and processed, and drivers get immediate access to parking availability data to assist them in finding a parking space in a seamless and timely manner. Not only does this provide a service to the driver to find a parking space, but it is also creating system efficiency, which contributes to development and urban planning, and effective traffic management.

 Another trend for future directions is related to the demand for parking sensors, which can provide the driver with a view of their surroundings in the direction they want to see. A 360-degree view is being developed and attached to parking sensors to provide the driver with better visibility and reduce blind spots while also taking further steps to improve safety outcomes while parking.

Additionally, manufacturers are applying their efforts to make parking sensors smaller and better while assuming attractive sharing designs to blend into the vehicle's design overall. Some sensor technology trends leverage devices built around traditional-sized ultrasonic sensors combined with cameras to help reduce obstacles. Finally, the autonomous vehicle and self-parking system trends continue to expand, which is expected to provide new growth opportunities in the market.

Parking Sensors Market Analysis

The ultrasonic parking sensors segment held a sustainable share in 2024, backed by their accuracy, cost-effectiveness, and ease of installation. These sensors have been commonplace installations in commercial and passenger vehicles and offer protection against the costly side effects. Ultrasonic parking sensors send out sound waves based on the distance from the obstacle to the vehicle, the sound waves reflect to the sensor and help determine the distance between the car and potential obstructions around the car's parking path. Next, visual or audio signals are used to alert the driver of the environment, and drivers can park their vehicle without damaging it or anything else around it.

As the demand for parking sensors rises, the ultrasonic segment is growing due to the widespread use and application in most vehicles and is considered a serious option in covered mid-range and luxury models. New technology advancements in sensors have improved the performance of parking sensors, including a wider range of higher frequency sound waves, assisting OEMs in detecting smaller objects or obstacles. Ultrasonic parking sensors and their ability to operate in a variety of climate conditions, like heavy rainy weather or fog, are added benefits to the growing parking sensors market and enhance the offering for OEMs on used emissions.

The passenger vehicle segment held a notable share in 2024, driven by the more propitious uptake of parking sensors in the mid-range and high-end vehicles. The increasing development in urbanization globally is causing driving in cities to be more challenging, bringing increasing tension for parking assistance technologies. The presence of parking sensors improves parking safety by providing at least two layers of physical safety to keep away from accidents, scratches, or collisions that could occur during the process of being in tune with the surroundings.  

The parking sensors not only present safety to vehicles when they park, but they also provide a means for convenience, making parking easier and more flexible, especially in tight parking spots. As people are investing in technology-led vehicles and devices, and their attractions, manufacturers are concluding to use more parking sensors as part of the infotainment systems. With many vehicles being on the road, people follow solutions that are both secure and ease to use, primarily in places with higher vehicle markets like North America, Europe, and perhaps, Asia.

Asia Pacific parking sensors market held a robust share in 2024, driven by automotive vehicle safety. Major Asian OEMs (original equipment manufacturers) are incorporating smart parking sensor technologies into their safety features for higher safety standards in cars sold in the Asia Pacific. With the ever-rising number of vehicles being registered, especially in urban centers of the Asia Pacific, the demand for smart vehicle parking solutions is enormous. Supported by the standardization of stricter vehicle safety in the Asia Pacific, there is rapid growth in the adoption of parking sensor technologies in several countries.

This is happening, especially in countries like Japan and South Korea, where advanced automotive safety is growing rapidly and parking sensors are becoming standard features in consumer vehicle models. In countries like China and India, where the rapidly growing middle class is more connected to vehicle ownership and parking issues, governments are pushing for mandating enforceable regulations that speed up the adoption of vehicle safety features, including parking sensors.

Parking Sensors Market Share

Prominent participants in the parking sensors industry include:

• Mercedes-Benz (Daimler)
• BMW
• Texas Instruments Inc.
• Freescale Semiconductor, Ltd.
• NXP Semiconductors N.V.
  

Recognized players in the parking sensors market have implemented various approaches to increase market share and strengthen their position in the industry. One of the approaches is innovation, as players are investing heavily in research and development, consequently enhancing the accuracy, size, and employing new technology, such as Artificial Intelligence (AI) and machine learning. Manufacturers are diversifying their product portfolio, such as parking sensors, by introducing more advanced features and technologies, such as automatic parking assistance and 360-degree vision technologies.

Strategic partnership and collaboration is another approach taken by companies to collaborate on the development of parking sensors with an automotive OEM (original equipment manufacturer) to manufacture them into vehicles. Companies are also enhancing their presence globally and collaborating with organizations in emerging markets. The market is growing due to increased vehicle ownership, with demand for advanced automotive technology. Another strategy in the market is to reach pricing models and sizes with smaller and more affordable parking sensors to a wider vehicle assortment, such as electric or low-income vehicle models.

Parking Sensors Industry News

• In August 2024, "Genetec Inc., a leading provider of unified security, public safety operations, and business intelligence solutions, launched a parking spot sensor integration with its Genetec Patroller™. This in-vehicle automatic license plate recognition (ALPR) software solution was integrated with Curb Sense™, a cloud-based parking management platform.
  
• In September 2023, Hyundai Mobis unveiled the upgraded Mobis Parking System (MPS), named the MPS 1.0P (Premium). This new system was an enhanced version of the MPS, featuring updated sensor arrays for greater functionality. Hyundai Mobis opted not to use LiDAR technology, instead relying on a combination of new video-based sensors, ultrasonic sensors, and surround view cameras.