This report provides exclusive insights into the COVID-19 impact on the Parking Sensor Market. The detailed analysis provides information about the impact of the outbreak on the demand and supply conditions, trends and forecasts of the Parking Sensor Market. Moreover, the impact analysis covers the study of the COVID-19 on the supply chain of Parking Sensor Market. The sectoral impact shall provide insights into both short term and long term effects of the pandemic on the related and support industries.
A recent report published by
Infinium Global Research on parking sensor market provides an in-depth analysis
of segments and sub-segments in global as well as regional parking sensor
market. The study also highlights the impact of drivers, restraints, and macro
indicators on the global and regional parking sensor market over the short term
as well as long term. The report is a comprehensive presentation of trends,
forecast and dollar values of global parking sensor market. According to the
report, the global parking sensor market is projected to grow at a CAGR of 11%
over the forecast period of 2018-2024.
Parking sensors are the proximity
sensors that are used in automotive vehicles. These sensor alert as well assist
the driver to park their vehicles safely. The parking sensor helps the driver
by giving an alert signal in the form of sound or visual signals when there is
an obstacle while parking. The sensors located in the front or rear bumper
measure the distances to nearby objects and accordingly send alert signals.
Parking sensor systems either use either ultrasonic or electromagnetic sensors.
The electromagnetic sensor utilizes magnetic waves to detect obstructions while
the ultrasonic sensor uses ultrasonic wave and the electronic control unit to
detect the obstacles nearby to the vehicle.
Ever increasing demand for the
ultrasonic parking sensors drive the huge growth of parking sensor market.
Easy identification of parking spaces and effectiveness in terms of time and
cost accelerates the growth of the parking sensor market. Furthermore, the
increasing impact of new car assessment program (NCAP) is boosting the growth
of the global automotive Parking Sensor market. Increasing awareness of the
people towards safety as well as the demand for advanced technologies in the
automobiles is some of the factors lifting the growth of the parking sensor
market. However, a limited detection range of sensors and high installation
cost of sensors hampers the growth of the parking sensor market. On the other
hand, increasing popularity and opportunity for parking sensor market coupled
with technological advancement in artificial intelligence. Strong demand for
passenger and commercial vehicles from emerging markets is expected to
indirectly boost the demand for the parking sensor in the coming years.
Among the geography, Asia Pacific
region dominated the global automotive parking sensor market. Rapid growth in
automobile sales and increasing demand for luxury vehicles in the U.S. and
Canada is expected to propel the growth in this region. APAC region is expected
to grow at the highest CAGR during the forecast period. In addition, this
region is expected to overtake North America parking sensor market during the
forecast period owing to strong demand for passenger vehicles from countries
like India, China, and Australia. Moreover, Latin America, the Middle East, and
Africa are increasing the demand for automobiles.
The report on global parking
sensor market covers segments such as sensor type, technology, vehicle type,
and sales channel. On the basis of sensor type, the global parking sensor market
is categorized into a front parking sensor, and reverse parking sensor. On the
basis of technology, the global parking sensor market is categorized into
electromagnetic, ultrasonic, and infrared. On the basis of vehicle type, the
global parking sensor market is categorized into passenger cars and commercial
vehicles. On the basis of the sales channel, the global parking sensor market
is categorized into OEM, and aftermarket.
The report provides regional
analysis covering geographies such as North America, Europe, Asia-Pacific, and
Rest of the World. In this section, the key trends and market size for each
geography are provided over the period of 2016-2024. The countries covered in
the North America region include the U.S., Canada, and Mexico; while the
Asia-Pacific region includes countries such as China, Japan, India, South
Korea, Malaysia, and among others. Moreover, Germany, U.K., France, Spain, and
Rest of Europe are the major markets included in the European region. The U.S.
drives the growth in the North America region, as it is the largest market in
the region. In the Asia-pacific region, rapid industrial growth in India and
China offers substantial potential for the growth in the parking sensor
market. As a result, the APAC region is projected to experience growth at a
CAGR of x.x% over the forecast period 2018-2024.
The report provides profiles of
the companies in the global parking sensor market such as Autoliv Inc., Valeo
Inc., Gentex Corporation, DENSO Corporation, Delphi Automotive LLP, Abbott
Analog Devices Inc., Continental AG., Freescale Semiconductor Ltd., Robert
Bosch GmbH, and NXP Semiconductors N.V.
The report provides deep insights
into the demand forecasts, market trends, and micro and macro indicators. In
addition, this report provides insights into the factors that are driving and
restraining the global parking sensor market. Moreover, The IGR-Growth Matrix
analysis given in the report brings an insight into the investment areas that
existing or new market players can consider. The report provides insights into
the market using analytical tools such as Porter's five forces analysis and DRO
analysis of parking sensor market. Moreover, the study highlights current
market trends and provides forecast from 2018-2024. We also have highlighted
future trends in the parking sensor market that will affect the demand during
the forecast period. Moreover, the competitive analysis given in each regional
market brings an insight into the market share of the leading players. This
report will help manufacturers, suppliers, and distributors of the parking
sensor market to understand the present and future trends in this market and
formulate their strategies accordingly.