Parking Sensors Market Size Worth $9,782.9 Million By 2020

The global parking sensors market size is projected to value at USD 9,782.9 million by 2020, according to a new report published by Million Insights. Parking sensors help in protecting the vehicle against physical damages by informing the driver when the vehicle reaches an obstacle. Moreover, the sensors prevent any injuries to the pedestrians. Such features help in changing dimensions and shrinking parking spaces of a car, thereby, driving the market growth.

The ultrasonic technology held a market share of 65.1% in 2012. Electromagnetic parking sensors are predicted to witness a faster growth with a CAGR of 19.3% by 2020. The installation by the original equipment manufacturer (OEM) held a market share of 80.7% in 2012. These installations are more expensive as against their aftermarket counterparts, thus, generating higher revenue.

The key players include Freescale Semiconductor Ltd., BMW, Texas Instruments Inc., Audi, Robert Bosch GmbH, Volkswagen, and Continental AG among others. The key manufacturers provide parking sensor systems, with LCD displays that are optional to show the distance between the obstacle and the vehicle. The market players provide Advanced Driver Assistance Systems (ADAS) to alert the driver for making a timely and informed decisions.

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Further key findings from the report suggest:

• The global parking sensor market was worth USD 2,546 million in 2012 and is anticipated to register a CAGR of 18.4% over the forecast period.

• The ultrasonic parking sensors are anticipated to maintain its lead in the global market during the projected period. On the other hand, electromagnetic technology is predicted to observe the fastest growth due to its ability to overcome obstacles like the existence of visible parts on the vehicle’s bumper. Moreover, electromagnetic sensors are installed with a maintenance system and are self-diagnostic.

• Aftermarket parking sensors are less costly as compared to the OEM sensors since these are made especially to model the vehicle. OEM installed parking sensors provide higher fitment and construction therefore; these are predicted to generate higher revenue in the global industry over the forecast period.

• North America held a market share of 38.5% in 2012 and is projected to maintain its lead in the market throughout the forecast period. Government initiatives in the region are predicted to be the major driver for regional growth. Asia Pacific is poised to account for the fastest growth with a CAGR of 20.1% over the forecast period.

Million Insights has segmented the global parking sensors market on the basis of technology, installation and regional markets:

Parking Sensors Technology Outlook (Revenue in USD Million, 2012 - 2020)
    • Ultrasonic
    • Electromagnetic

Parking Sensors Installation Outlook (Revenue in USD Million, 2012 - 2020)
    • OEM
    • Aftermarket

Parking Sensors Regional Outlook (Revenue in USD Million, 2012 - 2020)
    • North America
        • North America Parking Sensors Market by Technology
           • Ultrasonic
           • Electromagnetic
       • North America Parking Sensors Market by Installation
           • OEM
           • Aftermarket
    • Europe
       • Europe Parking Sensors Market by Technology
           • Ultrasonic
           • Electromagnetic
       • Europe Parking Sensors Market by Installation
           • OEM
           • Aftermarket
    • Asia Pacific
       • Asia Pacific Parking Sensors Market by Technology
           • Ultrasonic
           • Electromagnetic
       • Asia Pacific Parking Sensors Market by Installation
           • OEM
           • Aftermarket
    • RoW
       • RoW Parking Sensors Market by Technology
           • Ultrasonic
           • Electromagnetic
       • RoW Parking Sensors Market by Installation
           • OEM
           • Aftermarket