The automotive parking sensors market is expected to grow by USD 14.47 billion during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled Global Automotive Parking Sensors Market 2020-2024 (Graphic: Business Wire)
Parking sensors are the most extensively used assisted-parking systems. The sensors mounted on bumpers sense the distance of the obstacles from the range of the car and provide an audio or visual alert to the driver. Reverse parking systems are now combined with a digital graphics display screen that displays the part of the car closest to an obstacle and allows for a better, safer, and more accurate maneuver. Some of the luxury and mid-level cars, such as BMW X5, also feature a 360⁰ view of the car. These cars have numerous dotted cameras around the car, making driving much easier. The new Range Rover Evoque also offers an optional system that allows the driver to switch between each camera individually. As a result of these factors, the demand for assisted-parking systems is increasing, which will have a positive impact on the growth of the market.
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As per Technavio, the emergence of smart parking systems will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Automotive Parking Sensors Market: Emergence of Smart Parking Systems
The automotive industry is increasingly focusing on integrating various systems that are beyond car maneuvering. The number of sensors used for parking in automobiles has increased significantly. This has led to the emergence of smart parking systems, which provide semi-automatic or automatic parking and inform the drivers about the free parking spaces. The drivers collect information about the surrounding environment, traffic congestion, and the available parking spots and share it with the other drivers to make the roads traffic-free and safer. Moreover, OEMs are concentrating on refining the park assist system by integrating it with the cloud-based technologies. Thus, the emergence of smart parking systems is expected to drive the growth of the market.
“Factors such as the increasing adoption of reverse cameras along with parking sensors, and the integration with other automotive technologies will have a positive impact on the growth of the automotive parking sensors market value during the forecast period,” says a senior analyst at Technavio.
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Automotive Parking Sensors Market: Segmentation Analysis
This market research report segments the automotive parking sensors market by product (ultrasonic sensors and electromagnetic sensors), application (passenger cars and commercial vehicles), end-user (OEM and aftermarket), and geography (APAC, Europe, MEA, North America and South America).
The North American region led the automotive parking sensors market in 2019, followed by Europe, APAC, South America and MEA. During the forecast period, the North American region is expected to register the highest incremental growth due to the increased demand for luxury cars by baby boomers in the region.
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Some of the key topics covered in the report include:
- Ultrasonic sensors
- Electromagnetic sensors
- Passenger cars
- Commercial vehicles
- North America
- South America
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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