According to a research report published by Grand View Research, Inc.; the global parking sensors market is anticipated to witness growth at a strong CAGR of around 18.4% from 2013 to 2020. Parking sensors are a part of Advanced Driver Assistance Systems (ADAS) that are installed in vehicles. The system functions as an alarm by notifying the driver of that vehicle about any obstacles in close proximity. These devices assist in prevention of any physical damages to the vehicle and potential injury to pedestrians by alerting the driver in advance about a possible collision. According to traffic and transportation authorities around the globe, more number of accidents and damages happen when a vehicle is in reverse gear or is being parked. Parking sensors assist in curbing the number of such mishaps to a large extent.
Reduced parking spaces and changing dimensions of vehicles make it difficult for drivers to park their vehicles safely. Hence, parking sensors play a crucial role in vehicle and road safety. This factor is expected to be the key driver for the growth of the global parking sensors market. Furthermore, parking sensors are expected to witness a huge and ongoing demand from automobile industry over the next few years. Their ability to detect obstacles such as walls, pillars, fences, other vehicles, and pedestrians makes them suitable for urban areas. Parking sensors can be color coordinated as per the exteriors of vehicles to maintain the vehicle aesthetics. This is also projected to have a positive impact on the overall demand in the forthcoming years.
The global parking sensors market is categorized as per technology type, installation, and region. On the basis of technology type, the market is bifurcated into ultrasonic and electromagnetic parking sensors. Ultrasonic parking sensors technology accounted for 65.1% of the overall market share in 2012. It is likely to be the dominate segment even during the forecast years. The electromagnetic parking sensors segment, on the other hand, is anticipated to expand at a 19.3% CAGR from 2013 to 2020.
On the basis of installation, the market is segmented as aftermarket and Original Equipment Manufacturer or OEM. Installation by the OEM held around 80.7% of the global market share in the past. This is mainly because the superior quality and longer lifespan of the OEM sensors, as compared to the sensors installed through aftermarket services. On the basis of geographies, the market for parking sensors is divided into North America, Asia pacific, Europe, and Rest of the World (RoW).
The North America region accounted for 38.5% of the global parking sensors market in the past and is projected to grow further over the coming years. Initiatives undertaken by various regulatory authorities in North America are anticipated to be the prominent factor responsible for the regional growth. In addition, the number of parking sensors used in vehicles in this region is increasing constantly, which in turn, is estimated to drive the development. Furthermore, increasing need for ensured safety of pedestrians is also expected to spur the regional product demand in near future.
Asia Pacific is projected to be the fastest growing regional market for parking sensors and is estimated to experience a healthy growth at around 20.1% CAGR during the forecast years. The Europe regional market also held a significant market share in terms of revenue in the past and is likely to witness a steady expansion over the coming years. Growing sales of high-end and luxury cars equipped with sophisticated sensors is projected to be the key factor boosting the regional expansion.
Companies operating in this market include parking sensor developers, as well as OEMs. Some of the leading firms in the global parking sensors market include Bayerische Motoren Werke AG or BMW; Robert Bosch GmbH; Freescale Semiconductor, Inc.; Texas Instruments Inc.; and Continental AG. The key market strategies observed among these pioneers include product and technological developments, mergers and acquisitions, and research and development activities.