Parking Sensors Market Boosting Strategies, Top Companies and Competitive Strategies

Felton, Calif., USA, Oct. 12, 2020 — /EPR Network/ —

The global Parking Sensors Market research report provides complete insights on industry scope, global trends, regional estimates, key application, competitive landscape and financial performance of prominent players. It also offers ready, data-driven answers to several industry-level questions. This study enables numerous opportunities for the market players to invest in research and development.

Market Overview:

The global parking sensors market size is projected to value at USD 9,782.9 million by 2020, according to a new report published by Million Insights. Parking sensors help in protecting the vehicle against physical damages by informing the driver when the vehicle reaches an obstacle. 

Key Players: 

  • Freescale Semiconductor
  • BMW
  • Texas Instruments
  • Audi
  • Robert Bosch GmbH
  • Volkswagen
  • Continental AG 

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Growth Drivers: 

The ultrasonic technology held a market share of 65.1% in 2012. Electromagnetic parking sensors are predicted to witness a faster growth with a CAGR of 19.3% by 2020. The installation by the original equipment manufacturer (OEM) held a market share of 80.7% in 2012. These installations are more expensive as against their aftermarket counterparts, thus, generating higher revenue.

Further key findings from the report suggest:

  • The global parking sensor market was worth USD 2,546 million in 2012 and is anticipated to register a CAGR of 18.4% over the forecast period.
  • The ultrasonic parking sensors are anticipated to maintain its lead in the global market during the projected period. On the other hand, electromagnetic technology is predicted to observe the fastest growth due to its ability to overcome obstacles like the existence of visible parts on the vehicle’s bumper. Moreover, electromagnetic sensors are installed with a maintenance system and are self-diagnostic.
  • Aftermarket parking sensors are less costly as compared to the OEM sensors since these are made especially to model the vehicle. OEM installed parking sensors provide higher fitment and construction therefore; these are predicted to generate higher revenue in the global industry over the forecast period.

Regional Insight:

North America held a market share of 38.5% in 2012 and is anticipated to maintain its lead over the forecast period. The rising concerns for the safety of pedestrians and combating damages to the vehicles due to the driver’s mistakes are predicted to be the major factor boosting the regional parking sensors market. Moreover, government initiatives are poised to drive the demand for the product in the near future. Boston’s Department of Transportation, with regards to the shrinking parking space has developed an app for its sensors project that is predicted to increase its adoption.

Europe held a significant share in terms of revenue, and the rising sales of high-end cars equipped with high-quality sensors is anticipated to drive market growth in the near future. Asia Pacific is poised to account for the fastest growth with a CAGR of 20.1% from 2013 to 2020.

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