In 2023, the parking sensors market boasted a valuation of USD 6.3 Billion. Anticipated growth projections suggest that by 2032, this market is poised to expand significantly, reaching a substantial size of USD 31.9 Billion, marking a remarkable Compound Annual Growth Rate (CAGR) of 19.7%.
The growing market for Advanced Driver Assistance Systems (ADAS) is driving growth in the parking sensors industry. These advanced systems, integrated into vehicles, provide vital support to drivers in common navigation and parking duties by combining computer technology, cameras, and a variety of sensors like as LiDAR and parking sensors. Among these, parking sensors are critical in the realm of ADAS since they quickly inform drivers of potential obstructions in their way.
The market is further invigorated by continuous technological advancements, notably the advent of smart sensors and the rise of connected vehicles. These innovations open up new avenues for leading market players and promise to foster market growth in the foreseeable future.
Smart sensors, in particular, establish connections with smartphone applications, furnishing users with features such as parking history tracking, real-time parking availability updates, remote vehicle monitoring, thereby enhancing user convenience and experience.
Additionally, the burgeoning demand for passenger vehicles among middle-income demographics in developing nations is poised to exert a positive influence on the demand for parking sensors, further driving market expansion.
Segmentation Overview:
The global parking sensors market has been segmented into type, technology, installation, application, and region. Based on the technology, the electromagnetic segment held a dominant market share. Based on installation, the OEM segment held a significant market share in 2023. This is primarily because genuine sensors installed by OEMs are made specifically for the make and model of the vehicle. Furthermore, the construction and fitment of OEM parking sensors are superior and long-lasting.
Parking Sensors Market Report Highlights:
- The global parking sensors market growth is anticipated at a CAGR of 19.7% by 2032.
- The increasing focus of OEMs and regulatory bodies on improving road safety and the growing demand for assistive driving systems are prominent factors contributing to the market growth.
- Asia Pacific region accounted for a significant market share in 2023. This can be attributed to initiatives by regulatory bodies in this region to ensure pedestrians’ safety. Furthermore, the high demand for automobiles in this region and the inclusion of advanced safety and assistive features contribute to market growth.
- Some prominent players in the parking sensors market report include Robert Bosch GmbH, Aptiv, Denso Corporation, Valeo, Continental AG, Murata Manufacturing Co., Ltd., Texas Instruments Incorporated, NXP Semiconductors, Mercedes-Benz, and Ford Motor Company.
Parking Sensors Market Segmentation:
· By Type: Front Parking and Reverse Parking
· By Technology: Ultrasonic, Electromagnetic and Others
· By Installation: OEM and Aftermarket
· By Application: Passenger cars, Light commercial vehicles, and Heavy commercial vehicles
· By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.