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 drives 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 U.S. and Canada is expected 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 the 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 offer a substantial potential for the growth in the parking sensor market. As a result, the APAC region is projected to experience a 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.
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