The North America Parking Sensor Market would witness market growth of 14.4% CAGR during the forecast period (2024-2031).
The US market dominated the North America Parking Sensor Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $8.13 billion by 2031. The Canada market is experiencing a CAGR of 16.8% during 2024-2031. Additionally, the Mexico market would exhibit a CAGR of 15.8% during 2024-2031.
These sensors are electronic devices installed in vehicles to assist drivers in parking and avoiding collisions with obstacles. They use a combination of sensors and technology to detect the proximity of objects around the vehicle, providing alerts and guidance to help drivers park safely and accurately. These sensors have become integral to various applications in the automotive industry, addressing various parking-related challenges and enhancing driver safety. These sensors specifically aid in parallel parking by providing real-time distance measurements from the curb and surrounding vehicles. This application is particularly useful in urban environments where parking space is limited, and precision is crucial.
In advanced automated parking systems, these sensors facilitate hands-free parking. They work with other sensors and cameras to autonomously navigate the vehicle into a parking space, reducing the need for driver intervention. These sensors adapted for larger vehicles like RVs and motorhomes help drivers manage the challenges of parking and manoeuvring these oversized vehicles. They provide alerts and distance measurements in tight or crowded parking environments.
With the rise in vehicle production, there is a growing demand for locally manufactured these sensors. This increased production in Mexico can lead to establishing local sensor manufacturing facilities, reducing lead times and costs. According to the International Trade Administration (ITA), Mexico is the world’s seventh-largest passenger vehicle manufacturer, producing 3.5 million vehicles annually. Eighty-eight percent of vehicles produced in Mexico are exported. Mexico is the world’s fifth-largest manufacturer of heavy-duty vehicles for cargo, hosting 14 manufacturers and assemblers of buses, trucks, and tractor trucks, as well as two manufacturers of engines. The high vehicle production volume drives the development of robust automotive supply chains, including these sensors. This enhanced infrastructure supports the region's efficient distribution and availability of these sensors. As vehicle registrations increase, the potential market for these sensors grows. More vehicles on the road create a larger customer base for OEM installations and aftermarket upgrades, boosting overall demand for these sensors. According to Statistics Canada, 34,313 new zero-emission vehicles (ZEVs) were registered in the third quarter of 2022, comprising 8.7% of total new motor vehicle registrations. The number of new ZEVs registered continued to increase, up 43.2% year over year. Plug-in hybrid electric vehicles (PHEVs) comprised 14.4% of new ZEV registrations. Year over year, BEVs (+85.4%) experienced the largest percentage increase among all fuel types. Higher vehicle registration rates lead to greater vehicle density on roads and parking areas. These sensors become increasingly valuable in managing and mitigating parking challenges caused by this higher density. In conclusion, the rising automobile industry and increasing vehicle registration in the region drive the market's growth.
The US market dominated the North America Parking Sensor Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $8.13 billion by 2031. The Canada market is experiencing a CAGR of 16.8% during 2024-2031. Additionally, the Mexico market would exhibit a CAGR of 15.8% during 2024-2031.
These sensors are electronic devices installed in vehicles to assist drivers in parking and avoiding collisions with obstacles. They use a combination of sensors and technology to detect the proximity of objects around the vehicle, providing alerts and guidance to help drivers park safely and accurately. These sensors have become integral to various applications in the automotive industry, addressing various parking-related challenges and enhancing driver safety. These sensors specifically aid in parallel parking by providing real-time distance measurements from the curb and surrounding vehicles. This application is particularly useful in urban environments where parking space is limited, and precision is crucial.
In advanced automated parking systems, these sensors facilitate hands-free parking. They work with other sensors and cameras to autonomously navigate the vehicle into a parking space, reducing the need for driver intervention. These sensors adapted for larger vehicles like RVs and motorhomes help drivers manage the challenges of parking and manoeuvring these oversized vehicles. They provide alerts and distance measurements in tight or crowded parking environments.
With the rise in vehicle production, there is a growing demand for locally manufactured these sensors. This increased production in Mexico can lead to establishing local sensor manufacturing facilities, reducing lead times and costs. According to the International Trade Administration (ITA), Mexico is the world’s seventh-largest passenger vehicle manufacturer, producing 3.5 million vehicles annually. Eighty-eight percent of vehicles produced in Mexico are exported. Mexico is the world’s fifth-largest manufacturer of heavy-duty vehicles for cargo, hosting 14 manufacturers and assemblers of buses, trucks, and tractor trucks, as well as two manufacturers of engines. The high vehicle production volume drives the development of robust automotive supply chains, including these sensors. This enhanced infrastructure supports the region's efficient distribution and availability of these sensors. As vehicle registrations increase, the potential market for these sensors grows. More vehicles on the road create a larger customer base for OEM installations and aftermarket upgrades, boosting overall demand for these sensors. According to Statistics Canada, 34,313 new zero-emission vehicles (ZEVs) were registered in the third quarter of 2022, comprising 8.7% of total new motor vehicle registrations. The number of new ZEVs registered continued to increase, up 43.2% year over year. Plug-in hybrid electric vehicles (PHEVs) comprised 14.4% of new ZEV registrations. Year over year, BEVs (+85.4%) experienced the largest percentage increase among all fuel types. Higher vehicle registration rates lead to greater vehicle density on roads and parking areas. These sensors become increasingly valuable in managing and mitigating parking challenges caused by this higher density. In conclusion, the rising automobile industry and increasing vehicle registration in the region drive the market's growth.
List of Key Companies Profiled
- Robert Bosch GmbH
- Aptiv PLC
- Denso Corporation
- Valeo SA
- ZF Friedrichshafen AG
- Continental AG
- NXP Semiconductors N.V.
- Ford Motor Company
- Mercedes-Benz Group AG
- Infineon Technologies AG
Market Report Segmentation
By Technology
- Ultrasonic
- Electromagnetic
By Installation
- OEM
- Aftermarket
By Country
- US
- Canada
- Mexico
- Rest of North America
Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market at a Glance
Chapter 3. Market Overview
Chapter 4. Competition Analysis - Global
Chapter 5. North America Parking Sensor Market by Technology
Chapter 6. North America Parking Sensor Market by Installation
Chapter 7. North America Parking Sensor Market by Country
Chapter 8. Company Profiles
Companies Mentioned
- Robert Bosch GmbH
- Aptiv PLC
- Denso Corporation
- Valeo SA
- ZF Friedrichshafen AG
- Continental AG
- NXP Semiconductors N.V.
- Ford Motor Company
- Mercedes-Benz Group AG
- Infineon Technologies AG
Methodology
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