Fort Collins, Colorado, April 03, 2024 (GLOBE NEWSWIRE) -- The Parking Sensors Market size was valued at USD 6.3 Billion in 2023 and is expected to have a market size of USD 31.9 Billion by 2032 with a CAGR of 19.7%.
The increasing demand for ADAS (Advanced Driver Assistance Systems) is a significant factor driving the parking sensors market growth. These systems are installed in the vehicle and help drivers in routine navigation and parking with the help of computers, cameras, and multiple sensors such as LiDAR and parking sensors. Parking sensors are also part of ADAS, which are very resourceful in alerting drivers about path obstructions.
Technological advancements such as smart sensors and connected vehicles present growth avenues to prominent market players and can contribute to market expansion during the forecast period. These sensors connect to smartphone applications, providing functionalities like parking history, real-time parking availability, remote vehicle monitoring, and improving user convenience. Furthermore, the growing demand for passengers vehicles from middle-income groups in developing countries is also anticipated to positively influence the demand for parking sensors.
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Segmentation Overview:
The global parking sensors market has been segmented into type, technology, installation, application, and region. Based on the technology, the electromagnetic segment held a dominant market share. Based on installation, the OEM segment held a significant market share in 2023. This is primarily because genuine sensors installed by OEMs are made specifically for the make and model of the vehicle. Furthermore, the construction and fitment of OEM parking sensors are superior and long-lasting.
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Parking Sensors Market Report Highlights:
- The global parking sensors market growth is anticipated at a CAGR of 19.7% by 2032.
- The increasing focus of OEMs and regulatory bodies on improving road safety and the growing demand for assistive driving systems are prominent factors contributing to the market growth.
- Asia Pacific region accounted for a significant market share in 2023. This can be attributed to initiatives by regulatory bodies in this region to ensure pedestrians' safety. Furthermore, the high demand for automobiles in this region and the inclusion of advanced safety and assistive features contribute to market growth.
- Some prominent players in the parking sensors market report include Robert Bosch GmbH, Aptiv, Denso Corporation, Valeo, Continental AG, Murata Manufacturing Co., Ltd., Texas Instruments Incorporated, NXP Semiconductors, Mercedes-Benz, and Ford Motor Company.
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Parking Sensors Market Segmentation:
By Type: Front Parking and Reverse Parking
By Technology: Ultrasonic, Electromagnetic and Others
By Installation: OEM and Aftermarket
By Application: Passenger cars, Light commercial vehicles, and Heavy commercial vehicles
By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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