- Regulations mandating the pre-installation of parking sensors in vehicles have driven the automotive parking sensors market considerably.
- Parking sensors are not a part of low range cars and incorporating them raises the overall cost of the vehicle which might hinder the growth of the market.
- Convenience remains the key selling proposition for the automotive sensors market.
The global Automotive Parking Sensors Market is expected to witness 7.5% CAGR during the period, 2018 to 2023. Automotive Parking Sensors Market Research Report: Information by Type (Reverse sensors, front sensors), Technology (Ultrasonic, Electromagnetic, Infrared, Laser), Sales Channel (OEM, Aftermarket), Vehicle Type (Passenger Car, LCV, HCV) and Region with Global Forecast till 2023.
Major Automotive Parking Sensors Companies covered in the market report include Aptiv PLC (Greece), TGS Group (UK), Continental AG (Germany), Gentex Corporation (U.S.), Denso Corporation (Japan), Valeo (France), Robert Bosch GmbH (Germany), Autoliv Inc. (Sweden), Murata Manufacturing Co., Ltd. (Japan), and NXP Semiconductors N.V. (the Netherlands).
Automotive safety features such as airbags, anti-lock braking systems, central locking and parking sensors have witnessed a tremendous demand over the last three to five years. Increase in awareness regarding safety and increase in spending power of consumers have been the major factors that have driver the demand for these safety features.
Parking sensors, which are installed on the vehicle body, detect movable or stationary obstacles in the vehicle vicinity, and alert the driver while parking. These sensors get activated only at low speeds. Other factors responsible for the growth of this market include stringent safety regulations by automotive governing bodies, lack of parking spaces and increase in population and number of pedestrians on streets, especially in crowded metro cities. However, installation of these sensors increases the price of the vehicle, which is proving to be an obstacle to the growth of the market, in some developing countries.
Pedestrian safety has gained serious attention in recent years. Moreover, parking mishaps are common in case of children, who are not easily visible to the driver while parking. This has evoked major concerns among automotive agencies which have prompted them to enact regulations mandating the pre-installation of parking sensors in vehicles. Such laws have driven the automotive parking sensors market considerably.
On the flip side, additional features such as parking sensors are not a part of low range cars and incorporating them raises the overall cost of the vehicle which might hinder the growth of the market, especially in price-sensitive regions.
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Automotive Parking Sensors Market Growing in Line with the Automotive Industry
Automobiles are equipped with parking sensors to help drivers park without running the risk of an accidental oversight. They are special proximity sensors that are a part of the Advanced Driver Assistance System (ADAS) which alert the driver of any obstacle in its proximity. Parking sensors are among the most successful automotive technological developments that the industry has witnessed in recent years and have gained widespread acceptability. Market Research Future (MRFR) has recently published an in-depth report on the global automotive parking sensors market. The report compiles the various key trends and patterns that could affect market growth over the forecast period of 2018-2023. As per MRFR’s analysis, the automotive parking sensors market is a positive track to reach a significant market valuation by the end of 2023.
Convenience remains the key selling proposition for the automotive sensors market. Parking sensors assist in parking even in the most congested of areas and help in the optimum utilization of parking spaces. Other advantages include easy maneuverability in traffic and assistance in parking in dark parking lots. Parking sensors are able to detect the distance between the car and other objects which help to alert the driver in case the safe distance is crossed.