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Automotive Parking Sensors Market Report Scope & Overview:

The Automotive Parking Sensors Market Size was valued at USD 2.74 billion in 2022 and is expected to reach USD 14.36 billion by 2030 and grow at a CAGR of 23% over the forecast period 2023-2030.

Automotive parking sensors are proximity sensors that have been purpose-built for use in vehicles and can be installed on either the front, the back, or both ends of a vehicle. They are a component of the Advanced Driver Assistance System (ADAS), and their function is to warn the driver of any potential collision hazards when they are parking. These sensors also ensure that parking spaces are used to their full potential, which can help alleviate the issue of a lack of available parking in a limited way.

Automotive Parking Sensors Market Revenue Analysis

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Parking sensors inform the driver whenever the vehicle is getting close to an obstruction, so prevent the driver from causing any harm to the vehicle itself. In addition, they lessen the likelihood that pedestrians would sustain injuries. These features are especially helpful in light of the shrinking number of available parking spots and the increasing size of the typical car. Building smart parking sensors to deal with parking allocation concerns in smart cities has become an important trend, propelling the growth of the parking sensors market.

In December of 2021, Continental made an investment in Copernicus Automotive by purchasing minority ownership in the company. This investment was made with the intention of developing an automated parking method supported by car sensor data and intelligent infrastructure-based solutions. In 2021, JTAPE is excited to announce the launch of its newest product, Parking Sensor Masking Discs, which will be added to its extensive line of goods for automotive refinishing.

MARKET DYNAMICS: 

KEY DRIVERS: 

  • Rising demand for passenger cars, combined with increased public awareness of safety

  • Driver assistance devices are becoming increasingly automotive

  • The demand for sophisticated automotive technologies

RESTRAINTS: 

  • Automotive Parking Sensors have high upfront and installation costs

  • The high replacement costs associated with automobile parking sensors

OPPORTUNITIES: 

  • Some insurance firms provide discounts on insurance premiums for automobiles equipped with technologies

  • Several governments have begun to enact rigorous automotive safety standards

CHALLENGES: 

  • Overcrowding in populated cities has led to a shortage of parking spots for many years

  • Rising vehicle prices, as well as costly design and testing costs, are expected to stymie expansion

  • Overreliance on safety devices is affecting driving skills, which is also a market challenge

IMPACT OF COVID-19:

The pandemic caused by the fatal coronavirus has been felt throughout a variety of industrial sectors, one of which being the globally integrated automotive industry. The industry has been significantly thrown off-kilter as a result of the widespread manufacturing setbacks and the shutting down of various assembly factories all around the world.

However, the shift in emphasis during the pandemic toward the use of smart and connected vehicles may help the parking sensors market regain traction. Because of the high demand for contactless delivery, which has led to an increase in the consumption of AVs for distribution in confined areas such as hospitals and airports, the spread of the coronavirus has been slowed significantly. In the context of these smart vehicle technologies, developments such as these could lead to an increased demand for parking sensor systems that are both effective and efficient. 

Market, By Type:

The global market has been divided into Reverse Parking Sensors, Front Parking Sensors, and Others based on the type segment. Reverse Parking Sensors have a broader scope than Front Parking Sensors as they are frequently integrated with rear-facing cameras instead of only audio. There are some recent sensors that can be fitted everywhere around the vehicle.

Market, By Technology:

The global market has been divided into Ultrasonic Sensors, Electromagnetic Sensors, and Others based on the industry type segment. The market share for electromagnetic sensors is significantly higher. They are superior to ultrasonic sensors in terms of desirability due to the fact that they feature built-in maintenance systems and self-diagnostic capabilities.

Market, By Sales Channel:

The global market has been divided into OEM and aftermarket based on the sales channel segment. The cost-effectiveness of aftermarket components has led to an increase in market share. The vehicle's manufacturer and model are taken into consideration when making OEMs.

MARKET SEGMENTATION:

By Type:

  • Reverse Parking Sensors

  • Front Parking Sensors

  • Others

By Technology:

  • Ultrasonic Sensors

  • Electromagnetic Sensors

  • Others

By Sales Channel:

  • OEM

  • Aftermarket

Automotive Parking Sensors Market Segmentation Analysis

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REGIONAL ANALYSIS:

North America, Europe, Asia-Pacific, and the Rest of the World are the four major regions in the worldwide Automotive Parking Sensors market. Automotive parking sensors have a large market share in Europe, according to industry estimates. Car-producing countries like Germany and France are the dominant players in this sector. Aside from tight regulations addressing pedestrian safety, automotive OEMs have been required to install safety equipment such as parking sensors in automobiles.

Over the course of the projection period, the Asia Pacific market is expected to develop at the fastest rate. Some of the fastest-growing economies in the world, such as China and India, are located in this region. In addition, the high population density in these countries means that parking places are always at a premium, increasing the demand for parking sensors and other assistive technologies. There has also been an increase in middle-class earnings and an increase in the population's understanding of the need for car and pedestrian safety.

REGIONAL COVERAGE:

  • North America

    • The USA

    • Canada

    • Mexico

  • Europe

    • Germany

    • The UK

    • France

    • Italy

    • Spain

    • The Netherlands

    • Rest of Europe

  • Asia-Pacific

    • Japan

    • south Korea

    • China

    • India

    • Australia

    • Rest of Asia-Pacific

  • The Middle East & Africa

    • Israel

    • UAE

    • South Africa

    • Rest of Middle East & Africa

  • Latin America

    • Brazil

    • Argentina

    • Rest of Latin America

KEY PLAYERS:

Continental AG (Germany), Robert Bosch GmbH (Germany), NXP Semiconductors N.V. (the Netherlands), Valeo (France), Aptiv PLC (Greece), Denso Corporation (Japan), Autoliv Inc. (Sweden), Gentex Corporation (U.S.), JTAPE, TGS Group (UK) and Murata Manufacturing Co., Ltd. (Japan) are some of the affluent competitors with significant market share in the Automotive Parking Sensors Market.

Valeo (France)-Company Financial Analysis

Automotive Parking Sensors Market Report Scope:
Report Attributes Details
Market Size in 2022 US$ 2.74 Billion
Market Size by 2030 US$ 14.36 Billion
CAGR CAGR of 23% From 2023 to 2030
Base Year 2022
Forecast Period 2023-2030
Historical Data 2020-2021
Report Scope & Coverage Market Size, Segments Analysis, Competitive  Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
Key Segments • by Type (Reverse Parking Sensors, Front Parking Sensors, Others)
• by Technology (Ultrasonic Sensors, Electromagnetic Sensors, Others)
• by Sales Channel (OEM, Aftermarket)
Regional Analysis/Coverage North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
Company Profiles Continental AG (Germany), Robert Bosch GmbH (Germany), NXP Semiconductors N.V. (the Netherlands), Valeo (France), Aptiv PLC (Greece), Denso Corporation (Japan), Autoliv Inc. (Sweden), Gentex Corporation (U.S.), JTAPE, TGS Group (UK) and Murata Manufacturing Co., Ltd. (Japan)
Key Drivers •Rising demand for passenger cars, combined with increased public awareness of safety.

•Driver assistance devices are becoming increasingly automotive.
RESTRAINTS •Automotive Parking Sensors have high upfront and installation costs.

•The high replacement costs associated with automobile parking sensors.

Frequently Asked Questions

Ans:- 23% is the CAGR of the Automotive Parking Sensors Market in the forecast period.

Ans:- Yes.

Ans:- Automotive parking sensors are proximity sensors that have been purpose-built for use in vehicles and can be installed on either the front, the back, or both ends of a vehicle.

Ans:- Rising vehicle prices, as well as costly design and testing costs, and over-reliance on safety devices are affecting driving skills are the most significant challenges facing the Automotive Parking Sensors Market.

Ans:- Raw material vendors, Distributors/traders/wholesalers/suppliers, Regulatory authorities, including government agencies and NGOs, Importers and exporters, Government organizations, research organizations, consulting firms, Trade/Industrial associations, and End-use industries are the stakeholder of this report.

Table of Contents

1. Introduction

1.1 Market Definition

1.2 Scope

1.3 Research Assumptions

2. Research Methodology

3. Market Dynamics

3.1 Drivers

3.2 Restraints

3.3 Opportunities

3.4 Challenges

4. Impact Analysis

4.1 COVID-19 Impact Analysis

4.2 Impact of Ukraine- Russia war

4.3 Impact of ongoing Recession

4.3.1 Introduction

4.3.2 Impact on major economies

4.3.2.1 US

4.3.2.2 Canada

4.3.2.3 Germany

4.3.2.4 France

4.3.2.5 United Kingdom

4.3.2.6 China

4.3.2.7 Japan

4.3.2.8 South Korea

4.3.2.9 Rest of the World

5. Value Chain Analysis

 

6. Porter’s 5 forces model

 

7.  PEST Analysis

 

8. Global Automotive Parking Sensors Market Segmentation, By Type

8.1 Reverse Parking Sensors
8.2 Front Parking Sensors
8.3 Others

9. Global Automotive Parking Sensors Market Segmentation, By Technology

9.1 Ultrasonic Sensors
9.2 Electromagnetic Sensors
9.3 Others

10. Global Automotive Parking Sensors Market Segmentation, By Sales Channel

10.1 OEM

10.2 Aftermarket

11. Regional Analysis

11.1 Introduction

11.2 North America

11.2.1 the USA

11.2.2  Canada

11.2.3  Mexico

11.3 Europe

11.3.1  Germany

11.3.2  the UK

11.3.3  France

11.3.4  Italy

11.3.5  Spain

11.3.6  The Netherlands

11.3.7  Rest of Europe

11.4 Asia-Pacific

11.4.1  Japan

11.4.2  South Korea

11.4.3  China

11.4.4  India

11.4.5  Australia

11.4.6  Rest of Asia-Pacific

11.5 The Middle East & Africa

11.5.1  Israel

11.5.2  UAE

11.5.3  South Africa

11.5.4  Rest

11.6 Latin America

11.6.1  Brazil

11.6.2  Argentina

11.6.3  Rest of Latin America

12. Company Profiles

12.1 Robert Bosch GmbH (Germany),

12.1.1 Financial

12.1.2 Products/ Services Offered

12.1.3 SWOT Analysis

12.1.4 The SNS view

12.2 Continental AG (Germany)

12.3 NXP Semiconductors N.V. (the Netherlands)

12.4 Valeo (France)

12.5 Aptiv PLC (Greece)

12.6 Denso Corporation (Japan)

12.7 Autoliv Inc. (Sweden)

12.8 Gentex Corporation (U.S.)

12.9 TGS Group (UK)

12.10 Murata Manufacturing Co., Ltd. (Japan)

12.11 JTAPE

13. Competitive Landscape

13.1 Competitive Benchmarking

13.2 Market Share analysis

13.3 Recent Developments

14. Conclusion

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Secondary Research

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Primary Research

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Data Bank Validation

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