The Automotive Parking Sensors Market Size was valued at USD 12 billion in 2023 and is expected to reach USD 38.02 billion by 2031 and grow at a CAGR of 15.5% over the forecast period 2024-2031.
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.
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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.
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
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.
The global market has been divided into Reverse Parking Sensors, Front Parking Sensors, 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, Laser, and Infrared 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.
By Type:
Reverse Parking Sensors
Front Parking Sensors
By Technology:
Ultrasonic Sensors
Electromagnetic Sensors
Laser
Infrared
By Sales Channel:
OEM
Aftermarket
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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
US
Canada
Mexico
Europe
Eastern Europe
Poland
Romania
Hungary
Turkey
Rest of Eastern Europe
Western Europe
Germany
France
UK
Italy
Spain
Netherlands
Switzerland
Austria
Rest of Western Europe
Asia Pacific
China
India
Japan
South Korea
Vietnam
Singapore
Australia
Rest of Asia Pacific
Middle East & Africa
Middle East
UAE
Egypt
Saudi Arabia
Qatar
Rest of Middle East
Africa
Nigeria
South Africa
Rest of Africa
Latin America
Brazil
Argentina
Colombia
Rest of Latin America
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.), 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
| Report Attributes | Details |
|---|---|
| Market Size in 2023 | US$ 2.74 Billion |
| Market Size by 2031 | US$ 14.36 Billion |
| CAGR | CAGR of 23% From 2024 to 2031 |
| Base Year | 2023 |
| Forecast Period | 2024-2031 |
| Historical Data | 2020-2022 |
| 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) • by Technology (Ultrasonic Sensors, Electromagnetic Sensors, Laser, Infrared) • by Sales Channel (OEM, Aftermarket) |
| Regional Analysis/Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, 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.), 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. |
Ans:- 15.5% 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. Industry Flowchart
3. Research Methodology
4. Market Dynamics
4.1 Drivers
4.2 Restraints
4.3 Opportunities
4.4 Challenges
5. Impact Analysis
5.1 Impact of Russia-Ukraine Crisis
5.2 Impact of Economic Slowdown on Major Countries
5.2.1 Introduction
5.2.2 United States
5.2.3 Canada
5.2.4 Germany
5.2.5 France
5.2.6 UK
5.2.7 China
5.2.8 Japan
5.2.9 South Korea
5.2.10 India
6. Value Chain Analysis
7. Porter’s 5 Forces Model
8. Pest Analysis
9. Automotive Parking Sensors Market Segmentation, By Type
9.1 Introduction
9.2 Trend Analysis
9.3 Reverse Parking Sensors
9.4 Front Parking Sensors
10. Automotive Parking Sensors Market Segmentation, By Technology
10.1 Introduction
10.2 Trend Analysis
10.3 Ultrasonic Sensors
10.4 Electromagnetic Sensors
10.5 Laser
10.6 Infrared
11. Automotive Parking Sensors Market Segmentation, By Sales Channel
11.1 Introduction
11.2 Trend Analysis
11.3 OEM
11.4 Aftermarket
12. Regional Analysis
12.1 Introduction
12.2 North America
12.2.1 Trend Analysis
12.2.2 North America Automotive Parking Sensors Market by Country
12.2.3 North America Automotive Parking Sensors Market By Type
12.2.4 North America Automotive Parking Sensors Market By Technology
12.2.5 North America Automotive Parking Sensors Market By Sales Channel
12.2.6 USA
12.2.6.1 USA Automotive Parking Sensors Market By Type
12.2.6.2 USA Automotive Parking Sensors Market By Technology
12.2.6.3 USA Automotive Parking Sensors Market By Sales Channel
12.2.7 Canada
12.2.7.1 Canada Automotive Parking Sensors Market By Type
12.2.7.2 Canada Automotive Parking Sensors Market By Technology
12.2.7.3 Canada Automotive Parking Sensors Market By Sales Channel
12.2.8 Mexico
12.2.8.1 Mexico Automotive Parking Sensors Market By Type
12.2.8.2 Mexico Automotive Parking Sensors Market By Technology
12.2.8.3 Mexico Automotive Parking Sensors Market By Sales Channel
12.3 Europe
12.3.1 Trend Analysis
12.3.2 Eastern Europe
12.3.2.1 Eastern Europe Automotive Parking Sensors Market by Country
12.3.2.2 Eastern Europe Automotive Parking Sensors Market By Type
12.3.2.3 Eastern Europe Automotive Parking Sensors Market By Technology
12.3.2.4 Eastern Europe Automotive Parking Sensors Market By Sales Channel
12.3.2.5 Poland
12.3.2.5.1 Poland Automotive Parking Sensors Market By Type
12.3.2.5.2 Poland Automotive Parking Sensors Market By Technology
12.3.2.5.3 Poland Automotive Parking Sensors Market By Sales Channel
12.3.2.6 Romania
12.3.2.6.1 Romania Automotive Parking Sensors Market By Type
12.3.2.6.2 Romania Automotive Parking Sensors Market By Technology
12.3.2.6.4 Romania Automotive Parking Sensors Market By Sales Channel
12.3.2.7 Hungary
12.3.2.7.1 Hungary Automotive Parking Sensors Market By Type
12.3.2.7.2 Hungary Automotive Parking Sensors Market By Technology
12.3.2.7.3 Hungary Automotive Parking Sensors Market By Sales Channel
12.3.2.8 Turkey
12.3.2.8.1 Turkey Automotive Parking Sensors Market By Type
12.3.2.8.2 Turkey Automotive Parking Sensors Market By Technology
12.3.2.8.3 Turkey Automotive Parking Sensors Market By Sales Channel
12.3.2.9 Rest of Eastern Europe
12.3.2.9.1 Rest of Eastern Europe Automotive Parking Sensors Market By Type
12.3.2.9.2 Rest of Eastern Europe Automotive Parking Sensors Market By Technology
12.3.2.9.3 Rest of Eastern Europe Automotive Parking Sensors Market By Sales Channel
12.3.3 Western Europe
12.3.3.1 Western Europe Automotive Parking Sensors Market by Country
12.3.3.2 Western Europe Automotive Parking Sensors Market By Type
12.3.3.3 Western Europe Automotive Parking Sensors Market By Technology
12.3.3.4 Western Europe Automotive Parking Sensors Market By Sales Channel
12.3.3.5 Germany
12.3.3.5.1 Germany Automotive Parking Sensors Market By Type
12.3.3.5.2 Germany Automotive Parking Sensors Market By Technology
12.3.3.5.3 Germany Automotive Parking Sensors Market By Sales Channel
12.3.3.6 France
12.3.3.6.1 France Automotive Parking Sensors Market By Type
12.3.3.6.2 France Automotive Parking Sensors Market By Technology
12.3.3.6.3 France Automotive Parking Sensors Market By Sales Channel
12.3.3.7 UK
12.3.3.7.1 UK Automotive Parking Sensors Market By Type
12.3.3.7.2 UK Automotive Parking Sensors Market By Technology
12.3.3.7.3 UK Automotive Parking Sensors Market By Sales Channel
12.3.3.8 Italy
12.3.3.8.1 Italy Automotive Parking Sensors Market By Type
12.3.3.8.2 Italy Automotive Parking Sensors Market By Technology
12.3.3.8.3 Italy Automotive Parking Sensors Market By Sales Channel
12.3.3.9 Spain
12.3.3.9.1 Spain Automotive Parking Sensors Market By Type
12.3.3.9.2 Spain Automotive Parking Sensors Market By Technology
12.3.3.9.3 Spain Automotive Parking Sensors Market By Sales Channel
12.3.3.10 Netherlands
12.3.3.10.1 Netherlands Automotive Parking Sensors Market By Type
12.3.3.10.2 Netherlands Automotive Parking Sensors Market By Technology
12.3.3.10.3 Netherlands Automotive Parking Sensors Market By Sales Channel
12.3.3.11 Switzerland
12.3.3.11.1 Switzerland Automotive Parking Sensors Market By Type
12.3.3.11.2 Switzerland Automotive Parking Sensors Market By Technology
12.3.3.11.3 Switzerland Automotive Parking Sensors Market By Sales Channel
12.3.3.1.12 Austria
12.3.3.12.1 Austria Automotive Parking Sensors Market By Type
12.3.3.12.2 Austria Automotive Parking Sensors Market By Technology
12.3.3.12.3 Austria Automotive Parking Sensors Market By Sales Channel
12.3.3.13 Rest of Western Europe
12.3.3.13.1 Rest of Western Europe Automotive Parking Sensors Market By Type
12.3.3.13.2 Rest of Western Europe Automotive Parking Sensors Market By Technology
12.3.3.13.3 Rest of Western Europe Automotive Parking Sensors Market By Sales Channel
12.4 Asia-Pacific
12.4.1 Trend Analysis
12.4.2 Asia-Pacific Automotive Parking Sensors Market by Country
12.4.3 Asia-Pacific Automotive Parking Sensors Market By Type
12.4.4 Asia-Pacific Automotive Parking Sensors Market By Technology
12.4.5 Asia-Pacific Automotive Parking Sensors Market By Sales Channel
12.4.6 China
12.4.6.1 China Automotive Parking Sensors Market By Type
12.4.6.2 China Automotive Parking Sensors Market By Technology
12.4.6.3 China Automotive Parking Sensors Market By Sales Channel
12.4.7 India
12.4.7.1 India Automotive Parking Sensors Market By Type
12.4.7.2 India Automotive Parking Sensors Market By Technology
12.4.7.3 India Automotive Parking Sensors Market By Sales Channel
12.4.8 Japan
12.4.8.1 Japan Automotive Parking Sensors Market By Type
12.4.8.2 Japan Automotive Parking Sensors Market By Technology
12.4.8.3 Japan Automotive Parking Sensors Market By Sales Channel
12.4.9 South Korea
12.4.9.1 South Korea Automotive Parking Sensors Market By Type
12.4.9.2 South Korea Automotive Parking Sensors Market By Technology
12.4.9.3 South Korea Automotive Parking Sensors Market By Sales Channel
12.4.10 Vietnam
12.4.10.1 Vietnam Automotive Parking Sensors Market By Type
12.4.10.2 Vietnam Automotive Parking Sensors Market By Technology
12.4.10.3 Vietnam Automotive Parking Sensors Market By Sales Channel
12.4.11 Singapore
12.4.11.1 Singapore Automotive Parking Sensors Market By Type
12.4.11.2 Singapore Automotive Parking Sensors Market By Technology
12.4.11.3 Singapore Automotive Parking Sensors Market By Sales Channel
12.4.12 Australia
12.4.12.1 Australia Automotive Parking Sensors Market By Type
12.4.12.2 Australia Automotive Parking Sensors Market By Technology
12.4.12.3 Australia Automotive Parking Sensors Market By Sales Channel
12.4.13 Rest of Asia-Pacific
12.4.13.1 Rest of Asia-Pacific Automotive Parking Sensors Market By Type
12.4.13.2 Rest of Asia-Pacific Automotive Parking Sensors Market By Technology
12.4.13.3 Rest of Asia-Pacific Automotive Parking Sensors Market By Sales Channel
12.5 Middle East & Africa
12.5.1 Trend Analysis
12.5.2 Middle East
12.5.2.1 Middle East Automotive Parking Sensors Market by Country
12.5.2.2 Middle East Automotive Parking Sensors Market By Type
12.5.2.3 Middle East Automotive Parking Sensors Market By Technology
12.5.2.4 Middle East Automotive Parking Sensors Market By Sales Channel
12.5.2.5 UAE
12.5.2.5.1 UAE Automotive Parking Sensors Market By Type
12.5.2.5.2 UAE Automotive Parking Sensors Market By Technology
12.5.2.5.3 UAE Automotive Parking Sensors Market By Sales Channel
12.5.2.6 Egypt
12.5.2.6.1 Egypt Automotive Parking Sensors Market By Type
12.5.2.6.2 Egypt Automotive Parking Sensors Market By Technology
12.5.2.6.3 Egypt Automotive Parking Sensors Market By Sales Channel
12.5.2.7 Saudi Arabia
12.5.2.7.1 Saudi Arabia Automotive Parking Sensors Market By Type
12.5.2.7.2 Saudi Arabia Automotive Parking Sensors Market By Technology
12.5.2.7.3 Saudi Arabia Automotive Parking Sensors Market By Sales Channel
12.5.2.8 Qatar
12.5.2.8.1 Qatar Automotive Parking Sensors Market By Type
12.5.2.8.2 Qatar Automotive Parking Sensors Market By Technology
12.5.2.8.3 Qatar Automotive Parking Sensors Market By Sales Channel
12.5.2.9 Rest of Middle East
12.5.2.9.1 Rest of Middle East Automotive Parking Sensors Market By Type
12.5.2.9.2 Rest of Middle East Automotive Parking Sensors Market By Technology
12.5.2.9.3 Rest of Middle East Automotive Parking Sensors Market By Sales Channel
12.5.3 Africa
12.5.3.1 Africa Automotive Parking Sensors Market by Country
12.5.3.2 Africa Automotive Parking Sensors Market By Type
12.5.3.3 Africa Automotive Parking Sensors Market By Technology
12.5.3.4 Africa Automotive Parking Sensors Market By Sales Channel
12.5.3.5 Nigeria
12.5.3.5.1 Nigeria Automotive Parking Sensors Market By Type
12.5.3.5.2 Nigeria Automotive Parking Sensors Market By Technology
12.5.3.5.3 Nigeria Automotive Parking Sensors Market By Sales Channel
12.5.3.6 South Africa
12.5.3.6.1 South Africa Automotive Parking Sensors Market By Type
12.5.3.6.2 South Africa Automotive Parking Sensors Market By Technology
12.5.3.6.3 South Africa Automotive Parking Sensors Market By Sales Channel
12.5.3.7 Rest of Africa
12.5.3.7.1 Rest of Africa Automotive Parking Sensors Market By Type
12.5.3.7.2 Rest of Africa Automotive Parking Sensors Market By Technology
12.5.3.7.3 Rest of Africa Automotive Parking Sensors Market By Sales Channel
12.6 Latin America
12.6.1 Trend Analysis
12.6.2 Latin America Automotive Parking Sensors Market by country
12.6.3 Latin America Automotive Parking Sensors Market By Type
12.6.4 Latin America Automotive Parking Sensors Market By Technology
12.6.5 Latin America Automotive Parking Sensors Market By Sales Channel
12.6.6 Brazil
12.6.6.1 Brazil Automotive Parking Sensors Market By Type
12.6.6.2 Brazil Automotive Parking Sensors Market By Technology
12.6.6.3 Brazil Automotive Parking Sensors Market By Sales Channel
12.6.7 Argentina
12.6.7.1 Argentina Automotive Parking Sensors Market By Type
12.6.7.2 Argentina Automotive Parking Sensors Market By Technology
12.6.7.3 Argentina Automotive Parking Sensors Market By Sales Channel
12.6.8 Colombia
12.6.8.1 Colombia Automotive Parking Sensors Market By Type
12.6.8.2 Colombia Automotive Parking Sensors Market By Technology
12.6.8.3 Colombia Automotive Parking Sensors Market By Sales Channel
12.6.9 Rest of Latin America
12.6.9.1 Rest of Latin America Automotive Parking Sensors Market By Type
12.6.9.2 Rest of Latin America Automotive Parking Sensors Market By Technology
12.6.9.3 Rest of Latin America Automotive Parking Sensors Market By Sales Channel
13. Company Profiles
13.1 Continental AG
13.1.1 Company Overview
13.1.2 Financial
13.1.3 Products/ Services Offered
13.1.4 SWOT Analysis
13.1.5 The SNS View
13.2 Robert Bosch GmbH
13.2.1 Company Overview
13.2.2 Financial
13.2.3 Products/ Services Offered
13.2.4 SWOT Analysis
13.2.5 The SNS View
13.3 NXP Semiconductors N.V
13.3.1 Company Overview
13.3.2 Financial
13.3.3 Products/ Services Offered
13.3.4 SWOT Analysis
13.3.5 The SNS View
13.4 Valeo
13.4.1 Company Overview
13.4.2 Financial
13.4.3 Products/ Services Offered
13.4.4 SWOT Analysis
13.4.5 The SNS View
13.5 Aptiv PLC
13.5.1 Company Overview
13.5.2 Financial
13.5.3 Products/ Services Offered
13.5.4 SWOT Analysis
13.5.5 The SNS View
13.6 Denso Corporation
13.6.1 Company Overview
13.6.2 Financial
13.6.3 Products/ Services Offered
13.6.4 SWOT Analysis
13.6.5 The SNS View
13.7 Autoliv Inc.
13.7.1 Company Overview
13.7.2 Financial
13.7.3 Products/ Services Offered
13.7.4 SWOT Analysis
13.7.5 The SNS View
13.8 Gentex Corporation
13.8.1 Company Overview
13.8.2 Financial
13.8.3 Products/ Services Offered
13.8.4 SWOT Analysis
13.8.5 The SNS View
13.9 TGS Group
13.9.1 Company Overview
13.9.2 Financial
13.9.3 Products/ Services Offered
13.9.4 SWOT Analysis
13.9.5 The SNS View
13.10 Murata Manufacturing Co. Ltd
13.10.1 Company Overview
13.10.2 Financial
13.10.3 Products/ Services Offered
13.10.4 SWOT Analysis
13.10.5 The SNS View
14. Competitive Landscape
14.1 Competitive Benchmarking
14.2 Market Share Analysis
14.3 Recent Developments
14.3.1 Industry News
14.3.2 Company News
14.3.3 Mergers & Acquisitions
15. Use Case and Best Practices
16. Conclusion
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