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Automotive Parking Sensor Market Segmented By technology that is Electromagnetic and Ultrasonic with vehicle type such as PC (Passenger Cars), LCV (Light Commercial Vehicles), HCV (Heavy Commercial Vehicles).
Automotive Parking sensor is proximity sensor that is integrated with driver assistance system and acknowledge the driver with required information on the proximity of the automobile to an object. Automotive Parking Sensor also provide safety to an automobile and information to the driver on the availability within the designated area.
Automotive Parking Sensor gives better driving experience and enhance the rear view of the driver. There are basically two types of parking sensors ultrasonic and electromagnetic. In ultrasonic sensor using the ultrasonic wave and an electronic control unit to detect the obstacle in the back and rear side of the vehicle while electromagnetic sensor utilize magnetic waves to detect obstructions.
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Automotive Parking Sensor Market is projected to boost the growth due to increase in demand for drive assistance sensors and aftermarket sales of parking Sensors of automobiles. The increasing impact of new car assessment program (NCAP) is one of the main factor that accelerate the growth of global automotive Parking Sensor market in the future.
Rising demand of passenger cars incorporated with increasing awareness of the people toward safety, in turn, boost the sales and demand of automotive Parking Sensor. This factor will fuel the growth of automotive Parking Sensor market. Increasing demand of driver assistance systems as well as demand of advanced technologies in the automobiles are some other factors that lifted the automotive Parking Sensor market.
Moreover, some insurance company offer insurance premium discount for vehicles equipped with advanced technologies. This factor is anticipated for the growth of the automotive parking sensor market. Government of several countries across the globe started implementing stringent safety regulations regarding automobiles that mandate the development and adoption of these systems.
High initial and installation cost of automotive Parking Sensors in automobiles as well as high replacement cost associated with automotive parking sensors can act as a restraint to the sales of the automotive Parking Sensor in the market.
Moreover, rising prices of vehicles along with high cost incurred in design and testing is also estimated to hinder the growth of said market in the future. Over dependency of safety system is impacting the driving skills that is also a challenge for the automotive parking sensor market.
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Get a Customized VersionAsia Pacific is expected to contribute considerable share throughout the forecast period, owing to increasing disposable income of the middle class population with high living standard as well as increasing number of automobile sales. These factors are estimated to boost the demand for automotive Parking Sensor market in the upcoming years.
Europe also holds a prominent share for the automotive Parking Sensor market due to large number of automobile manufacturers in the region. Furthermore, North America is expected to dominate the automotive Parking Sensor market, owing to increasing demand for luxury vehicles in U.S. and Canada.
This factor is coupled with increasing installation of advanced driver-assistance systems (ADAS) in the same. The Latin America, Middle East and Africa are projected to increase the demand of automobiles, owing to increasing urbanization and economic growth, which in turn, accelerate the growth of automotive parking sensor market in the forecast period.
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Examples of some of the market participants identified across the value chain of the global automotive Parking Sensor market includes:
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