San Francisco, 27 December 2018, Parking Sensors Market Analysis By
Technology (Ultrasonic, Electromagnetic) And Segment Forecasts To 2020
The global parking sensors market is expected to reach USD
9,782.9 million by 2020, according to a new study by Grand View Research, Inc.
Parking sensors prevent physical damage to the vehicle by alerting the driver
when the automotive approaches an obstacle. Furthermore, they help prevent
potential injury to pedestrians. These features are particularly useful in
light of reducing parking spaces and changing dimensions of the average car,
thus acting as a key driver for industry growth.
Parking sensors employing
ultrasonic technology accounted for 65.1% of the overall market share in 2012.
Electromagnetic parking sensors are expected to grow faster than the global
average at a CAGR of 19.3% from 2013 to 2020. Installation by original
equipment manufacturers (OEM) accounted for 80.7% of the market in 2012. The
price range for these installations is much higher as compared to their
aftermarket counterparts, thereby contributing largely to revenue.
Access Full Research
Report On Parking Sensors Market Analysis:
www.grandviewresearch.com/industry-analysis/parking-sensors-market
www.grandviewresearch.com/industry-analysis/parking-sensors-market
Further Key findings from the study suggest:
·
The global parking sensors
market was estimated to be valued at USD 2,546 million in 2012, and is expected
to grow at a CAGR of 18.4% from 2013 to 2020.
·
Ultrasonic parking sensors are
expected to continue dominating the global market over the forecast period.
However, electromagnetic technology is expected to be a fast growing segment,
primarily because it helps combat issues such as presence of visible parts on
the vehicle’s bumper. Additionally, electromagnetic sensors are self diagnostic
and are equipped with a maintenance system. Preservation of the aesthetic
appearance of the automotive coupled with superior design in the form of a
transceiver adhesive strip is expected to be the chief driver for this segment.
·
Aftermarket parking sensors are
cost effective as compared to those installed by the OEM, since the latter are
made specific to the make and model of the vehicle. OEM installed parking
sensors ensure superior construction and fitment, as a result of which they are
expected to contribute to majority of the global industry revenue in the coming
years.
·
North America accounted for
38.5% of the global market share in 2012, and is expected to continue being the
largest regional segment over the forecast period. Initiatives by regulatory
authorities in the region are expected to be the key driving force for regional
market growth. Asia Pacific is expected to be the fastest growing region, with
an estimated CAGR of 20.1% from 2013 to 2020.
·
Companies operating in the
market include parking sensor manufacturers as well as OEMs. Major automotive
companies offer parking sensor systems, with optional LCD displays that show
the distance between the vehicle and obstacle. Industry participants offer
Advanced Driver Assistance Systems (ADAS), in order for the driver to make an
informed decision. Key players in the market include Continental AG, Freescale
Semiconductor Ltd., Robert Bosch GmbH, Texas Instruments Inc., BMW, Audi and
Volkswagen among others.
Browse More Reports Of This
Category By Grand View Research At: www.grandviewresearch.com/industry/sensors-and-controls
Grand View Research has segmented the parking sensors
market on the basis of technology, installation and regional markets:
Parking Sensors Technology
Outlook (Revenue in USD Million, 2012 -
2020)
·
Ultrasonic
·
Electromagnetic
Parking Sensors Installation
Outlook (Revenue in USD Million, 2012 -
2020)
·
OEM
·
Aftermarket
Parking Sensors Regional
Outlook (Revenue in USD Million, 2012 -
2020)
·
North
America
o
North America Parking Sensors
Market by Technology
o Ultrasonic
o Electromagnetic
o
North America Parking Sensors
Market by Installation
o OEM
o Aftermarket
·
Europe
o
Europe Parking Sensors Market
by Technology
o Ultrasonic
o Electromagnetic
o
Europe Parking Sensors Market
by Installation
o OEM
o Aftermarket
·
Asia Pacific
o
Asia Pacific Parking Sensors
Market by Technology
o Ultrasonic
o Electromagnetic
o
Asia Pacific Parking Sensors
Market by Installation
o OEM
o Aftermarket
·
RoW
o
RoW Parking Sensors Market by
Technology
o Ultrasonic
o Electromagnetic
o
RoW Parking Sensors Market by
Installation
o OEM
o Aftermarket
Access Full Press Release of this Report:
www.grandviewresearch.com/press-release/global-parking-sensors-market
www.grandviewresearch.com/press-release/global-parking-sensors-market
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and
consulting company, registered in the State of California and headquartered in
San Francisco. The company provides syndicated research reports, customized
research reports, and consulting services. To help clients make informed
business decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
For more information: www.grandviewresearch.com/
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