The Global Parking Sensor Market size is expected to reach $27.7 billion by 2031, rising at a market growth of 14.9% CAGR during the forecast period.
Europe has stringent automotive safety regulations that encourage or mandate the inclusion of advanced safety features, including these sensors, in new vehicles. Compliance with these regulations drives demand for these sensors across the region. Consequently, the European region would acquire nearly 30% of the total market share by 2031.
As consumers become more aware of the hazards associated with driving, there is an increasing demand for vehicles specifically designed to prevent accidents. In many regions, governments are introducing regulations that mandate the inclusion of certain safety features in vehicles, including these sensors. In conclusion, rising consumer demand for safety features drives the market's growth.
Additionally, Urbanization leads to a higher concentration of city vehicles, resulting in more crowded streets and parking lots. Likewise, modern cities are characterized by complex road networks and multi-level parking structures. Navigating these environments can be challenging, especially for inexperienced drivers. Thus, the surge in global urbanization is propelling the market's growth.
However, Advanced sensor systems, which often include features like 360-degree cameras, ultrasonic sensors, and radar technology, can be expensive. Advanced sensor systems may be inaccessible to a substantial portion of the population in regions with lower average incomes due to their high cost. Thus, the high costs of advanced parking systems are hampering the market's growth.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The above illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Acquisitions, and Partnerships & Collaborations.
Europe has stringent automotive safety regulations that encourage or mandate the inclusion of advanced safety features, including these sensors, in new vehicles. Compliance with these regulations drives demand for these sensors across the region. Consequently, the European region would acquire nearly 30% of the total market share by 2031.
As consumers become more aware of the hazards associated with driving, there is an increasing demand for vehicles specifically designed to prevent accidents. In many regions, governments are introducing regulations that mandate the inclusion of certain safety features in vehicles, including these sensors. In conclusion, rising consumer demand for safety features drives the market's growth.
Additionally, Urbanization leads to a higher concentration of city vehicles, resulting in more crowded streets and parking lots. Likewise, modern cities are characterized by complex road networks and multi-level parking structures. Navigating these environments can be challenging, especially for inexperienced drivers. Thus, the surge in global urbanization is propelling the market's growth.
However, Advanced sensor systems, which often include features like 360-degree cameras, ultrasonic sensors, and radar technology, can be expensive. Advanced sensor systems may be inaccessible to a substantial portion of the population in regions with lower average incomes due to their high cost. Thus, the high costs of advanced parking systems are hampering the market's growth.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The above illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Acquisitions, and Partnerships & Collaborations.
Driving and Restraining Factors
Drivers
- Rising consumer demand for safety features
- Surge in global urbanization
- Increasing vehicle ownership worldwide
Restraints
- High costs of advanced parking sensor systems
- Lack of standardization across different vehicle manufacturers
Opportunities
- Growing demand for autonomous vehicles
- Enhanced data for predictive maintenance
Challenges
- Vulnerability to malfunctions and maintenance challenges
- Increasing competition from alternative technologies
Installation Outlook
On the basis of installation, the market is segmented into OEM and aftermarket. In 2023, the aftermarket segment attained 23% revenue share in the market. Installing these sensors in older vehicles can extend their usability and relevance. As vehicles age, owners may want to add new features to maintain their vehicle’s value and functionality, driving demand for aftermarket solutions.
Technology Outlook
Regional Outlook
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America region witnessed a 42% revenue share in the market in 2023. North America, particularly the United States and Canada, has many vehicles. High vehicle ownership rates drive demand for these sensors as more vehicle owners seek to enhance safety and convenience features.Recent Strategies Deployed in the Market
- Aug-2024: Robert Bosch GmbH signed a partnership with PARK360, a smart parking & authorization solutions provider, to revolutionize parking with advanced technology and seamless solutions. Combining Bosch’s mobility expertise with PARK360’s smart parking systems, the partnership would provide innovative features, enhanced user experience, and scalable, sustainable solutions for urban and commercial spaces.
- Jan-2024: Robert Bosch GmbH teamed up with Qualcomm, a semiconductor company, to unveil central vehicle computer integrating infotainment and ADAS functionalities on a single Snapdragon Ride Flex SoC. This platform supports diverse vehicle features, enhancing cost-effectiveness and scalability.
- Jan-2024: Robert Bosch GmbH took over TSI Semiconductors, a semiconductor manufacturing company. This acquisition strengthens Bosch’s semiconductor capabilities and enhances its electromobility portfolio.
- Jan-2024: NXP Semiconductors introduced the SAF86xx radar SoC, advancing automotive radar with integrated high-performance transceivers, processors, and secure data communication. It supports up to 1 Gbit/s data streaming, software-defined features, and Over-the-Air updates.
- Nov-2023: Denso Corporation partnered with KOITO, an automotive lighting products manufacturer, to enhance nightime driving safety by integrating KOITO's advanced lighting technologies with DENSO's image sensor expertise. This partnership would improve object recognition and visibility at night.
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 Geography
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
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. Global Parking Sensor Market by Technology
Chapter 6. Global Parking Sensor Market by Installation
Chapter 7. Global Parking Sensor Market by Region
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
LOADING...
