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The Automotive Parking Sensors market is emerging strongly as it is reflected in the variety of market factors that fulfill the market requirement of growing in-car safety elements and other convenient features on the vehicles. The increase in road safety consciousness and risk awareness prove to be a key factor in expanding this market. Governments and regulatory bodies through the world deploy tough safety standards that automakers have to comply with, and hence they integrate advanced safety systems into their vehicles. The addition of parking sensors, which aid drivers in first-class parking spaces and prevent collisions, has become an integral part in the effort to meet more safety.
One of the main aspects driving the Automotive Parking Sensors market is the rapid rise in urbanization and the corresponding rise in the number of vehicles in the cities around the globe. As a city becomes more overcrowded spaces for parking become hardly available and narrower. Parking sensors resolve problems of parking crowded places by giving drivers the real time information about the obstacles nearby and hence reducing the chance of collisions and making the overall maneuverability much better for the drivers. This feature is especially functional for people who live in a busy city, leading to the gradual use of sensing technologies in parking spaces.
Improved safety is a major factor contributing to the growth of the Automotive Parking Sensors market through the implementation of advanced driver assistance systems (ADAS) in modern vehicles. Customers continue to ask for cars that are automated with systems, which improve the vehicle's safety and create comfort. Parking sensors, which are part of the bigger of Advanced Driver Assistant System ecosystem, reduce the probability of parking accidents occurrence and this element is critical for safety-minded consumer. As automobile manufacturers’ preference is raised to ADAS technologies, the demand for parking sensors is anticipated to increase in step.
In addition to this the fast growing demand for electric as well as autonomous vehicles is having its effect on the Automotive Parking Sensors market. In addition to nice-to-have technologies, electric vehicles usually come with parking sensors, to cater to the preferences of environment friendly consumers. On the other hand, autonomous vehicles also depend a great deal on sensors such as parking sensors to help navigation that is precise and secure.
Consumer likings and willingness for better convenience decide the consumer acceptance of the Automotive Parking Sensors. During the age of technology, when people get used to a more convenient way of doing things, there is an increased demand for cars with advanced parking assistance features which include sensors, and so on. Parking sensors not only aid in reducing cases of accidents but simplify the whole parking process hence address the needs of the consumers who wants easy and stress free driving.
Automotive Parking Sensors Market Highlights:
Automotive Parking Sensors Market Synopsis:
The Automotive Parking Sensors Market is projected to grow from 9.1 USD Bn in 2021 to 22.1 USD Bn by 2032, exhibiting a compound annual growth rate (CAGR) 15.3% during the forecast period (2023 - 2032).
Automotive parking sensors are specially designed proximity sensors that are fitted either on the front, rear or both ends of vehicles. They are a part of the Advanced Driver Assistance System (ADAS) and alert the driver of any obstacles while parking. These sensors also ensure optimum utilization of parking space, which can reduce the problem of parking space scarcity, slightly. Lack of parking spaces, especially in crowded cities due to overcrowding has been a cause of concern for many years. However, this challenge can be overcome by using a set of parking sensors, that come fitted with the vehicle via OEMs or can be installed in the aftermarket.
The development of parking sensors is considered to be one of the successes in the recent technological developments in the automotive industry. Some of the vehicles are equipped with screens in the dashboards, that are connected to a camera, enabling the driver to have a clear view of the spaces that are otherwise considered blind spots. This also leads to safety of pedestrians, particularly children are not easily visible to the driver. Growing safety concerns have also prompted automotive agencies to mandate the pre-installation of parking sensors in vehicles. However, an increase in vehicle cost due to these additional features could prove to be a hindrance to the growth of this market, particularly in cost-sensitive regions.
The prominent players in the global Automotive Parking Sensors Industry include Robert Bosch GmbH (Germany), Aptiv PLC (Greece), Denso Corporation (Japan), NXP Semiconductors N.V. (the Netherlands), Valeo (France), Autoliv Inc. (Sweden), Gentex Corporation (U.S.), Continental AG (Germany), TGS Group (UK) and Murata Manufacturing Co., Ltd. (Japan).
Automotive Parking Sensors Market Segmentation
The global automobiles parking sensors market is segmented on the basis of type, technology, sales channel, vehicle type and region. On the basis of type, the market has been segmented reverse parking sensors, front parking sensors and others. On the basis of technology, the market has been segmented into Ultrasonic sensors, Electromagnetic sensors, Infrared sensors, Laser and Others. On the basis of sales channel, the market has been segmented into OEM and aftermarket. By vehicle type, the market is segmented into passenger cars, LCV and HCV.
Geographically, the global Automotive Parking Sensors market has been segmented into four major regions namely North America, Europe, Asia-Pacific, and the Rest of the World. Europe is estimated to account for a significant market share in the global automotive parking sensor market. The market in this region is dominated by major automobile manufacturing countries such as Germany and France. Besides, stringent regulations regarding pedestrian safety have compelled automotive OEMs to install safety features such as parking sensors in vehicles.
The market in the Asia pacific region is projected to grow at the highest CAGR over the forecast period. This region is home to some of the emerging countries such as China and India, where the demand and production of automobiles is on the rise. Also, due to high population, these countries have a perennial problem of parking spaces, which has further increased the importance of features such as parking sensors. Growing disposable incomes and increase in middle class population with awareness regarding vehicle and pedestrian safety have also played key roles in the growth of the market in this region.
The report for global Automotive Sensors Market of Market Research Future covers extensive primary research. This is accompanied with detailed analysis of qualitative and quantitative aspects by various industry experts and key opinion leaders to gain deeper insights into the market and industry performance. The report gives a clear picture of the current market scenario, which includes the historical and forecasted market size, in terms of value and volume, technological advancement, macroeconomic, and governing factors of the market. The report provides comprehensive information about the strategies of the top companies in the industry, along with a broad study of the different market segments and regions.
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