Global Automotive Parking Sensors Market size was valued US$XXBn. in 2019 and the total revenue is expected to grow about CAGR18.8% from 2020 to 2027, reaching nearly US$ XXBn.
Global Automotive Parking Sensors Market: Overview
Automotive Parking Sensor is used in parking assistance systems. These parking sensors are usually mounted on bumpers to sense the distance of obstacles from the car, this distance alert is sent to driver in the form of audio or visual display form. Now, development in technology has made it possible to view the part of vehicle, nearer to obstacle, in the car display with digital graphic. This system provides more safe and convenient parking of vehicle.Some premium segment and midrange car provide 360ocar view, cars such as BMW X5 provides this feature. As demand for such features is increasing, demand forGlobal Automotive Parking Sensors Market too will increase.
Global Automotive Parking Sensors Market: Key Development
The automotive sensors are more capable of providing visual input to the processors of car, thus requires more powerful processors in automobile. The processors used in ADAS system with incoming data has to process and present it in interpreted environment for the car. This environment is reliable enough to handle the car at low speed with driver or without driver.
Jacinto 7 Processor is designed by Texas Instrument to resolve this processing issue. They explained how this processor interact with system and can be used in building ADAS system and fully automated assisted parking solution. Ensure more safety and it is more comfortable in fully automated parking.
Global Automotive Parking Sensors Market: Drivers
Electromagnetic sensors are expected to be fastest growing segment owing to its functional capability which overcomes the problems associated with other proximity sensors like presence of visible parts on vehicle bumper. Electromagnetic sensors are equipped with maintenance system which are self-diagnose type. Superior design and finishing look can be achieved by installing electromagnetic sensors.Major vehicle manufacturers are offering parking sensors with digital graphical interface to maintain their position in global competition.
Increasing convenience and demand for safety from customers are driving the Global Automotive Parking Sensors Market.Increasing Urbanization and increasing demand for passenger vehicle are driving the growth of Global Automotive Parking Sensors Market.
Global Automotive Parking Sensors Market: Challenges
The parking sensors add cost in vehicle manufacturing; this market can be affected by cost effective car segment.
Global Automotive Parking Sensors Market: Regional Overview
Global Automotive Parking Sensors Market is segmented into regions Asia Pacific, North America, Europe, South America, and Middle East & Africa.North American region continues its dominance over Global Automotive Parking Sensors Marketand is accounted for 35% share in global prospective. Key Players operating in this region are Ford, Porsche, GM and Chrysler which are driving the Global Automotive Parking Sensor market. Safety concerns and safety precaution is growing in this region and thus driving Global Automotive Parking Sensors Market.
Asia Pacific is the leader in passenger vehicle market, owing to this Automotive Parking Sensorsare expected to show highest market growth in the future. Tight parking place and rising expensive cars are driving the market in the Asia Pacific region.
Global Automotive Parking Sensors Market: Segmentation
Global Automotive Parking Sensors Marketis segmented into Vehicle Type (Passenger Vehicle, Commercial Vehicle), Technology Type(Parking Sensors, Electromagnetic sensors)and Region (North America, Europe, Asia pacific, Middle East & Africa, and Latin America).
The report also helps in understanding Automotive Parking Sensors Marketdynamics, structure by analyzing the market segments and projects the Automotive Parking Sensors Marketsize. Clear representation of competitive analysis of key players by Supply Chain, price, financial position, Product portfolio, growth strategies, and regional presence in the Automotive Parking Sensors Marketmake the report investor’s guide.
Scope of the Automotive Parking Sensors Market
Automotive Parking Sensors Market, by Technologies
• Ultrasonic Sensors
• Electromagnetic sensors
Automotive Parking Sensors Market, by End User
• Passenger Vehicles
• Commercial Vehicles
Automotive Parking Sensors Market, by Region
• Asia Pacific
• North America
• South America
• Middle East & Africa
Key players operating in Automotive Parking Sensors Market
• Denso Corporation
• Autoliv Inc.
• Continental AG
• Murata Manufacturing Co., Ltd.
• NXP Semiconductors N.V.
• Gentex Corporation
• Aptiv PLC
• Robert Bosch GmbH
• TGS Group
Maximize Market Research provides B2B and B2C market research on 20,000 high growth emerging technologies & opportunities in Chemical, Healthcare, Pharmaceuticals, Electronics & Communications, Internet of Things, Food and Beverages, Aerospace and Defense and other manufacturing sectors.
Name: Vikas Godage
Organization: Maximize Market Research Pvt.Ltd.Pune
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