Global Parking Sensors Market Size, Insights, Drivers, Opportunities, By Technology (Electromagnetic Parking Sensor, Ultrasonic Reversing Sensor), By Sales Channel (OEM, Aftermarket), By Vehicle Type (Passenger Cars, LCVs, HCVs), By Region, Growth, Trends and Forecast from 2019 to 2027
Global Parking Sensors Market Size, Insights, Drivers, Opportunities, By Technology (Electromagnetic Parking Sensor, Ultrasonic Reversing Sensor), By Sales Channel (OEM, Aftermarket), By Vehicle Type (Passenger Cars, LCVs, HCVs), By Region, Growth, Trends and Forecast from 2019 to 2027
Historic years: 2015 to 2017 Base Year: 2018 Forecast Years: 2019 to 2027
Number of pages: 100 Category: Automotive Report Id: MISAU5002
Market Insights
The global parking sensors market size was valued at USD 8.99 billion in 2018 and is estimated to reach a value of USD 85.44 billion in 2027. The market is analyzed to rise at a CAGR of 28.42% over the forecast period of 2019 to 2027. The rise in sales from the due to the easy identification of the vacant spaces for parking and the cost savings for the efficiency in fuel and effectiveness of the vehicle and products drives the growth of the parking sensors market. Moreover, the trends in the market towards the artificial intelligence leading to the technological advancements have also been estimated to maintain the growth in the parking sensors industry over the forecast period.Global parking sensors market size by region, 2018 (USD Billion)
Primary and secondary researchers have identified Denso Corporation, Abbott Analog Devices Inc., Continental AG., Robert Bosch GmbH, Freescale Semiconductor Ltd., Audi, Honda, NXP Semiconductors N.V., Texas Instruments Inc., Hyundai, BMW, Mercedes Benz, Ford Motor Company, and Volkswagen as the top players in the global parking sensors market. However, considering about the analysis of this segment, factors like company revenue, industry trends towards selecting a particular group and penetration of the parking sensors companies for different vehicle types are being considered.
The growth in the market is anticipated by the rising concerns towards the safety of the passengers, demand of technology advanced products with proper navigation and parking space along with the popularity of the hybrid and electric vehicles. The competition is high in the industry due to the number of established players in the industry. The entry of new players in the market creates the demand of the new development in the parking sensors, thereby increasing the growth of the product over the forecast period.
Technology Insights
Ultrasonic reversing sensor is estimated to be the largest segment holding a share of about 70.44% share. In 2018, the ultrasonic reversing sensor segment was estimated to be USD 6.34 billion and is expected to reach USD 62.38 billion in 2027 with a CAGR of 29.02% over the forecast period of 2019 to 2027. The rise in the concerns towards the safety by the consumers with the demand for high premium navigation systems drives the growth of the segment over the forecast period. Moreover, the cost effectiveness along with the easy availability of the electromagnetic sensors makes it to grow at a CAGR of about 26.88% over the forecast period of 2019 to 2027.Sales Channel Insights
OEM channel is estimated to be the largest segment holding a share of about 79.23% share. In 2018, the OEM channel was estimated to be USD 7.13 billion and is expected to reach USD 63.71 billion in 2027 with a CAGR of 27.56% over the forecast period of 2019 to 2027. The rise in the sales towards the vehicles in the industry provides a larger share for the OEM products, along with the unique and flexible driven equipments drives the growth of the segment over the forecast period. Moreover, the reliability and the servicing in the aftermarkets segment makes it to grow at a fastest CAGR of about 31.34% over the forecast period of 2019 to 2027.Vehicle Type Insights
Passenger cars are the largest segment and are expected to grow at a CAGR of 27.71% over the forecasted period of 2019 to 2027. The rising in the sales of vehicles due to the technological advancements such as hybrid and electric vehicles makes it to provide a higher demand in the segment. The rise in the commercial growth in different sectors anticipates LCVs being a fastest segment with a CAGR of 30.82% over the forecast period.Global parking sensors market value share by vehicle type, 2027 (%)
Regional Insights
As of 2018, North America accounts for the largest share, with a share of over 39.60% of the global market. The larger inclination of the commercial and passenger vehicles towards the growth in high class population provides the region, a reasonable demand from the global level. The rise of the parking systems due to low spaces in countries such as U.S. and Canada drives the growth of the industry over the forecast period. The report is a thorough market study which includes top companies, their annual presentations, industry publications, press releases and their drivers, opportunities, trends and the market understanding through different modes (Application, Vehicle Type and Regional analysis) with growth factors and future expectancies in the parking sensors market.Research Methodology
The following report consists of market analysis including both primary and secondary research. Primary research comprises the interaction between manufacturers, industry experts and channel partners, while the secondary research presents an analytical interpretation of relevant publications which contains details like proprietary databases, purchased database, company annual reports, and financial reports. For single, team and corporate user license, we will provide 15% free customization of the report. However, alternatively, if you are looking for additional data or insight related to the scope of the report, you may purchase the "Customized Research License". Please put an enquiry for the pricing details.Segments covered in the report
Technology Outlook
- Electromagnetic Parking Sensor
- Ultrasonic Reversing Sensor
Sales Channel Outlook
- OEM
- Aftermarket
Vehicle Type Outlook
- Passenger Cars
- LCVs
- HCVs
Regional Outlook
- North America
- U.S
- Canada
- Mexico
- Europe
- Germany
- U.K
- France
- Italy
- Asia Pacific
- China
- Japan
- India
- Central & South America
- Middle East & Africa
Highlights of the report:
- All market drifts, drivers and opportunities
- Understanding the dynamics of the parent market
- Prime fluctuations of the business dynamics
- Historical, current, and projected size of the market with respect to production and sales
- Segmentation and comprehensive analysis in the second or third level
- Reporting and evaluation of recent industry developments
- Detailed profiling of leading companies
- Opportunities to newer trends in global, regional and country markets
- Analyzing the trajectory line of the business
- Measures to consider for automotive electronics products in the industry