Global Parking Sensor Market – Industry Trends and Forecast to 2029

Parking Sensor Market Analysis and Size

Parking sensors are largest adopted sensors in the automotive sector since last few decades. These sensors prevent physical damages to the vehicle by notifying the driver when the automotive or vehicle approaches to an obstacle. Moreover, the “ultrasonic parking sensors” is the highest growing technology segment because it helps to overcome issues such as presence of visible parts on the vehicle’s bumper. Parking sensors are extensively used in several application such as passenger cars, light commercial vehicles, heavy commercial vehicles among others passenger cars, light commercial vehicles, heavy commercial vehicles among others because it help to prevent potential injury to pedestrians and useful in changing dimensions of the average car and light of reducing parking spaces.

Data Bridge Market Research analyses that the parking sensor market was valued at USD 3,224.45 million in 2021 and is expected to reach USD 10,390.19 million by 2029, registering a CAGR of 15.75 % during the forecast period of 2022 to 2029. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Parking Sensor Market Scope and Segmentation

Market Definition

Parking sensors are proximity sensors designed for road vehicles to alert the driver of obstacles while parking. These parking sensor use either ultrasonic or electromagnetic sensors. These systems invokes ultrasonic proximity detectors which measure the distances to nearby objects via sensors located in the rear or front bumper.

Global Parking Sensor Market Dynamics

Drivers

• Rising adoption of parking sensor  for various applications

Parking sensor is widely used in several applications such as passenger cars, light commercial vehicles, and heavy commercial vehicles to reduce accidents and easily identify vacant parking spaces.  This is one of the major factors expected to drive the growth of the parking sensor market.

• Growing regulations by government

The growing regulations by the government towards the safety of passengers is the major factor which are expected to drive the parking sensors market. For instance, The Hon Paul Fletcher MP, which was the former Australian minister of urban infrastructure had told that the government has initiated a project for installing the parking sensors and thus allowing the drivers to link the parking information which is available through mobile applications.

Furthermore, Increasing need of rear cameras in vehicles, rising usages of sensor due to its fuel efficiency, time effectiveness, cost saving and others, prevalence of advanced technology, growing awareness among the people regarding the benefits of safety technology which will likely to accelerate the growth of the parking sensor market in the forecast period of 2022-2029. 

Opportunities

• Growing adoption of advanced technology

The significant growth of parking sensors is due to mounting automotive industry and increasing government regulations in several countries for adopting advanced safety standards in vehicles to easily identify vacant parking spaces and decrease accidents. For instance, it has been witnessed that the governments in some countries such as India, Russia and France are installing parking sensors for traffic management and parking space management.

Moreover, growing adoption of artificial intelligence and advanced driver assistance system (ADAS) will also create several opportunities to boost the parking sensor's growth during the forecast period.  

Restraints/ Challenges

• High cost associated with parking sensor raw materials

Volatility in the cost of raw materials which is used for the manufacturing of parking sensor along with increasing cost of installation and research and development activities are acting as restraints for parking sensor market in the above mentioned forecasted period.

Complexity in probability and system design of component failure along with limited detection range are acting as market restraints for the demand of parking sensor and might hinder the growth of the global parking sensor market during the forecast period of 2022-2029.

This parking sensor market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the parking sensor market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays

Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.

Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

COVID-19 Impact on Parking Sensor Market

The COVID-19 negatively impacted the parking sensor market due to the stringent rules for social distancing and lockdowns imposed by government in several nations. The partial shutdown of the business, uncertainty in economic growth and low consumer confidence has mainly impacted the demand of the parking sensor based technology. The decrease in the demand of automotive, and disruption in supply chain has hindered the growth of the parking sensor market during this pandemic along with the delay logistics activities. However, the parking sensor market is projected to recover its pace during the post pandemic scenario.

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Recent Development

• In August 2021, Continental company acquired a minority stake in Kopernikus automotive to create an autonomous parking procedure backed by intelligent infrastructure-based solutions and vehicle sensor data.
• In October 2020, Robert Bosch, LLC revealed its new ADAS and body electronics catalogue, that includes various features including park pilot ultrasonic parking sensors. This catalogue was designed with a goal to provide accurate information, high visibility and access to images and application data of around body electronics parts and 230 ADAS.

Global Parking Sensor Market Scope

The parking sensor market is segmented on the basis of type, technology, sales channel and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

• Reverse Parking
• Front Parking
• Others

Technology

• Ultrasonic Sensors
• Electromagnetic Sensors
• Infrared Sensors
• Others

Component

• Displays
• Control Modules
• Sensors
• Others

Sales Channel

• OEM
• Aftermarket

Application

• Passenger Cars
• Light Commercial Vehicles
• Heavy Commercial Vehicles

Parking Sensor Market Regional Analysis/Insights

The parking sensor market is analysed and market size insights and trends are provided by country, type, technology, sales channel and application as referenced above.

The countries covered in the parking sensor  market report  U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the parking sensor market in terms of revenue growth and market share. This is due to the growing cases of potential damage due to driver error along with increasing sensor application in this region's automotive sector.

Asia-Pacific is projected to be the fastest developing region during the forecast period of 2022-2029 due to growing demand for compact and mid-sized vehicles with safety features.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Parking Sensor Market Share Analysis

The parking sensor market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to parking sensor market.

Some of the major players operating in the parking sensor market are:

• Robert Bosch GmbH (Germany)
• Aptiv (U.S.)
• Denso Corporation (Japan)
• Valeo (France)
• Autoliv (Sweden)
• Gentex Corporation (U.S.)
• Continental AG (Germany)
• Murata Manufacturing Co., Ltd. (Japan)
• Analog Devices, Inc. (U.S.)
• Freescale Semiconductor (U.S.)
• STMicroelectronics (Switzerland)
• NXP Semiconductors (Japan)
• Texas Instruments Incorporated (U.S.)
• Mercedes-Benz (Germany)
• Ford Motor Company (U.S.)
• Hyundai Motor India (south Korea)
• American Honda Motor Co., Inc. (U.S.)

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