Parking Sensor Market Growth & Trends
The global parking sensor market size is expected to reach USD 27.00 billion by 2030, expanding at a CAGR of 15.4% from 2024 to 2030. Parking sensor 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 sensor employing ultrasonic technology accounted for 62.2% of the overall market share in 2023. Electromagnetic parking sensor are expected to grow faster than the global average at a CAGR of 16.7% from 2024 to 2030. Installation by original equipment manufacturers (OEM) accounted for 78.1% of the market in 2023. The price range for these installations is much higher as compared to their aftermarket counterparts, thereby contributing largely to revenue.
Parking Sensor Market Report Highlights
- The global parking sensor market was estimated to be valued at USD 10.26 billion in 2023, and is expected to grow at a CAGR of 15.4% from 2024 to 2030.
- Ultrasonic parking sensor 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 sensor 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 sensor 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 sensor 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 43.9% of the global market share in 2023, 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.
- 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.
Why should you buy this report?
- Comprehensive Market Analysis: Gain detailed insights into the global market across major regions and segments.
- Competitive Landscape: Explore the market presence of key players worldwide.
- Future Trends: Discover the pivotal trends and drivers shaping the future of the global market.
- Actionable Recommendations: Utilize insights to uncover new revenue streams and guide strategic business decisions.
This report addresses:
- Market intelligence to enable effective decision-making
- Market estimates and forecasts from 2018 to 2030
- Growth opportunities and trend analyses
- Segment and regional revenue forecasts for market assessment
- Competition strategy and market share analysis
- Product innovation listing for you to stay ahead of the curve
- COVID-19's impact and how to sustain in these fast-evolving markets
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Table of Contents
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. Parking Sensor Market Variables, Trends, & Scope
Chapter 4. Parking Sensor Market: Technology Estimates & Trend Analysis
Chapter 5. Parking Sensor Market: Installation Estimates & Trend Analysis
Chapter 6. Parking Sensor Market: Regional Estimates & Trend Analysis
Chapter 7. Competitive Landscape
Companies Mentioned
- Robert Bosch GmbH
- Aptiv
- Denso Corporation
- Valeo
- Autoliv Inc.
- Continental AG
- Murata Manufacturing Co., Ltd.
- Texas Instruments Incorporate
- NXP Semiconductors
- Mercedes-Benz
- Ford Motor Company
- Tesla
Methodology
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