Parking Sensors Market Size, Share, Growth, and Industry Analysis, By Type (Electromagnetic Parking Sensor and Ultrasonic Reversing Sensor), By Application (Passenger Vehicles and Commercial Vehicles), Regional Insights and Forecast to 2031

Updated On: 08 April 2024

PARKING SENSORS MARKET REPORT OVERVIEW

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The global parking sensors market size was USD 7486.1 million in 2020 and the market is projected to touch USD 16190 million by 2026, exhibiting a CAGR of 13.7% during the forecast period.

The parking sensors market is experiencing significant growth driven by the increasing emphasis on vehicle safety and the rising adoption of advanced driver assistance systems (ADAS). Parking sensors, also known as proximity sensors, play a pivotal role in enhancing safety by alerting drivers to obstacles in their vicinity during parking maneuvers. The market has witnessed a surge in demand for both original equipment manufacturer (OEM) installations in new vehicles and aftermarket installations as consumers seek to retrofit their existing vehicles with these safety features. The integration of ultrasonic or electromagnetic technologies in them enables accurate detection of obstacles, preventing collisions and reducing the likelihood of accidents, particularly in crowded urban environments.

In addition to safety concerns, consumer preferences for convenience and ease of parking have fueled the growth of the market. Modern parking sensor systems are equipped with advanced features such as automatic braking assistance, visual and audible alerts, and, in some cases, even semi-automated parking capabilities. As automotive manufacturers and technology providers continue to innovate, the market is witnessing the incorporation of artificial intelligence and machine learning algorithms, further enhancing the performance and adaptability of parking sensor systems. This technological evolution aligns with broader industry trends toward connected and autonomous vehicles, underscoring the pivotal role they play in the overall landscape of vehicle safety and smart mobility solutions.

COVID-19 Impact: Market Growth Restrained by Pandemic due to Supply Chain Disruption

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

The COVID-19 pandemic has had a significant impact on the parking sensors market share. The automotive sector experienced disruptions in supply chains, manufacturing, and sales channels, affecting the overall demand for them. During the initial phases of the pandemic, lockdowns and restrictions led to a significant decline in vehicle production and sales, directly impacting the integration of them in new vehicles. The demand for aftermarket parking sensors also faced challenges as economic uncertainties prompted consumers to delay non-essential purchases, including automotive accessories. The closure of automotive production facilities and restrictions on movement affected the availability of them and their components, leading to supply chain bottlenecks.

LATEST TRENDS

"Integration of Artificial Intelligence (AI) and Machine Learning Algorithms to Drive Market Growth"

An emerging trend in the market is the integration of artificial intelligence (AI) and machine learning algorithms. Traditional ones primarily rely on ultrasonic or electromagnetic technologies to detect obstacles, but the latest trend involves the use of AI for more intelligent and predictive parking assistance. AI-powered ones can analyze data from various sensors in real-time, enabling advanced object detection and recognition. This enhances the accuracy, reducing false alarms and improving overall system performance. Machine learning algorithms allow the parking sensor system to adapt to different parking scenarios, learning from user behavior and environmental conditions. Furthermore, AI-based ones contribute to the development of autonomous parking capabilities. As the automotive industry moves towards autonomous driving, they play a crucial role in enabling vehicles to navigate and park without human intervention. This trend aligns with the broader industry shift towards smart and connected vehicles, providing users with advanced parking assistance features.

PARKING SENSORS MARKET SEGMENTATION

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• By Type

Based on type the global market can be categorized into Electromagnetic Parking Sensor and Ultrasonic Reversing Sensor.

Electromagnetic parking sensors utilize electromagnetic fields to detect obstacles around a vehicle. These sensors are known for their precision in identifying objects in close proximity, providing drivers with accurate and real-time feedback. They are particularly effective in scenarios where obstacles may not be visible to the naked eye, making them a valuable addition to enhancing parking safety. On the other hand, Ultrasonic Reversing Sensors employ ultrasonic waves to detect objects in the vehicle's surroundings. These sensors emit sound waves and analyze the reflections to determine the distance and position of obstacles. Ultrasonic sensors are widely utilized for their reliability in various weather conditions and are commonly integrated into both OEM installations and aftermarket accessories.

• By Application

Based on application the global market can be categorized into Passenger Vehicles and Commercial Vehicles.

For Passenger Vehicles, parking sensors have become an integral part of enhancing driver safety and convenience. As urban spaces become more congested, parking becomes a challenging task, and passenger vehicle owners seek advanced solutions to navigate tight parking spaces with ease. The integration of parking sensors, whether as a standard feature in new vehicles or through aftermarket installations, addresses these challenges and contributes to a safer and more convenient driving experience. In the Commercial Vehicles segment, they play a crucial role in improving the safety and maneuverability of larger vehicles, such as trucks and vans. The challenges associated with parking larger vehicles in crowded urban areas make them a valuable asset, reducing the risk of collisions and improving overall operational efficiency for commercial vehicle operators. The adoption of them in both passenger and commercial vehicles underscores their versatile applications in diverse automotive settings.

DRIVING FACTORS

"Increasing Vehicle Safety Regulations to Boost the Market"

One of the primary driving factors for the market is the escalating focus on vehicle safety regulations globally. Governments and regulatory bodies are imposing stringent safety standards, mandating the integration of advanced safety technologies in vehicles. Parking sensors, with their ability to mitigate collisions and enhance driver awareness, have become a crucial component to meet these regulatory requirements.

"Rising Consumer Demand for Advanced Driver Assistance Systems (ADAS) to Expand the Market"

The growing awareness and acceptance of Advanced Driver Assistance Systems (ADAS) among consumers are driving the demand for them. ADAS features, including parking assistance, have become key selling points for vehicles. Consumers increasingly prioritize safety and convenience, stimulating the integration of them in both new vehicles and as aftermarket accessories.

RESTRAINING FACTORS

"High Cost of Installation and Maintenance to Potentially Impede Market Growth"

Despite the positive growth drivers, a notable restraining factor for the market is the high cost of installation and maintenance. While the benefits are evident, the initial cost of integrating these systems into vehicles can be a deterrent for price-sensitive consumers. Additionally, the complexity of repairing or replacing malfunctioning sensors can contribute to higher ownership costs, limiting widespread adoption.

PARKING SENSORS MARKET REGIONAL INSIGHTS

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"Asia Pacific Region Dominating the Market due to Strategic Market Expansion"

Asia-Pacific is expected to be the highest parking sensors market growth. Several factors contribute to this trend, including the rapid urbanization, increasing disposable income, and the expansion of the automotive industry in countries like China and India. The growing number of vehicles on the road, coupled with the rising awareness of safety features, has driven the demand for them in the region. Additionally, stringent government regulations related to vehicle safety in countries like Japan and South Korea have accelerated the adoption of them in new vehicles. The Asia-Pacific market's robust growth can also be attributed to the flourishing aftermarket for automotive accessories, with consumers seeking to retrofit their vehicles with advanced safety technologies.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market through Innovation and Market Expansion"

The parking sensors market is significantly influenced by key industry players that play a pivotal role in driving market dynamics and shaping consumer preferences. These key players possess extensive retail networks and online platforms, providing consumers with easy access to a wide variety of wardrobe options. Their strong global presence and brand recognition have contributed to increased consumer trust and loyalty, driving product adoption. Moreover, these industry giants continually invest in research and development, introducing innovative designs, materials, and smart features in cloth wardrobes, catering to evolving consumer needs and preferences. The collective efforts of these major players significantly impact the competitive landscape and future trajectory of the market.

List of Market Players Profiled

• Bosch (Germany)

• DENSO (Japan)

• Valeo (France)

• Proxel (South Korea)

• Texas Instruments (U.S)

• NXP Semiconductors (Netherlands)

• Heraeus Sensor Technology (Germany)

• Xvision (UK)

• Steelmate Automotive (China)

• Steelmate (China)

INDUSTRIAL DEVELOPMENT

November 2022:  The latest industrial development in the market is the development of 360-degree camera systems. This technology provides drivers with a comprehensive view of their vehicle's surroundings, aiding not only in parking but also in navigating tight spaces and avoiding obstacles. The 360-degree camera system is a holistic solution that complements traditional parking sensors by offering a visual representation of the vehicle's environment. Launched in [year of launch], the 360-degree camera system utilizes multiple cameras strategically placed around the vehicle to create a seamless, bird's-eye view. This real-time visual feedback enhances parking precision and minimizes blind spots, contributing to an overall improvement in vehicle safety. The integration of this innovative camera system showcases the continuous evolution of parking sensor technologies to meet the evolving needs of drivers in an increasingly complex urban environment.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.