Global Automotive Parking Sensors Market is expected to witness exponential growth during the forecast period
Market Research Future published a Half Cooked Research Report Global Automotive Parking Sensors Market that contains the information from 2018 to 2023. The Global Automotive Parking Sensors Market is expected to progress with the CAGR of ~7.5% from 2018 to 2023.
Taste the market data and market information presented through more than 100 market data tables and figures spread in 88 numbers of pages of the project report. Avail the in-depth table of content & market synopsis on “Global Automotive Parking Sensors Market Information from 2018 to 2023"
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Parking sensors are installed on vehicles to ease the task of parking in tight spaces. Some parking sensors are connected to cameras and screens in the vehicles that help the driver locate obstacles looking into the screen. Other parking sensors are equipped with alarms that beep when obstacles are in the vehicle’s vicinity. Parking sensors are based on technologies such as infrared, ultrasonic and electromagnetic, to name a few.
Reducing parking spaces and increasing consumer spending on safety features of vehicles are expected to be the major drivers of this market over the forecast period. Besides, increase in government mandates to install safety features has forced automobile OEMs to offer these features, further boosting the market for parking sensors.
The Global Automotive Parking Sensors Market is estimated to witness ~7.5% CAGR during the forecast period.
Segmentation:
The global automotive parking sensors market is segmented on the basis of type, technology, sales channel, vehicle type and region. On the basis of type, the market has been segmented reverse parking sensors, front parking sensors and others. On the basis of technology, the market has been segmented into Ultrasonic sensors, Electromagnetic sensors, Infrared sensors, Laser and Others. On the basis of sales channel, the market has been segmented into OEM and aftermarket. By vehicle type, the market is segmented into passenger cars, LCV and HCV.  
On the basis of type, reverse parking sensors dominated the market in 2018. Reverse parking sensors are more commonly installed, even in lower price segments of vehicles. These sensors help the driver detect obstacles that are not easily visible, behind the vehicle. However, high-end vehicles are equipped with both, front and reverse parking sensors.
On the basis of technology, ultrasonic sensors dominated the market in 2018 due to low prices. However, electromagnetic sensors, which are characterized by high accuracy, are expected to witness the highest growth over the forecast period, over to rising demand for electric vehicles.
The market is also segmented on the basis of sales channel. The OEM segment accounted for the larger market share than aftermarket. Stringent government regulations regarding vehicle safety have prompted automotive OEMs to install parking sensors in almost all vehicle models, which has played a key role in the growth of the market in this segment.
On the basis of vehicle type, passenger cars dominated the market in 2018. Increase in consumer spending capacity on luxury vehicles and safety features, has resulted in the growth of the market in the passenger car segment.
Key Players:
The prominent players in the global Automotive Parking Sensors Market include Robert Bosch GmbH (Germany), Aptiv PLC (Greece), Denso Corporation (Japan), NXP Semiconductors N.V. (the Netherlands), Valeo (France), Autoliv Inc. (Sweden), Gentex Corporation (U.S.), Continental AG (Germany), TGS Group (UK) and Murata Manufacturing Co., Ltd. (Japan).
This research report provides insights into various levels of analysis, such as industry analysis and market share analysis for the leading industry competitors, along with their profiles. It also helps in studying the target segments by providing views on the emerging & high-growth segments. The market data comprises the necessary assessment of the competitive scenarios and strategies in the global Automotive Parking Sensors Market, including high-growth regions and/or countries, and political and economic environments. The project report further provides both – historical market values and pricing & cost analysis.