The global automotive parking sensor market is projected to grow at a CAGR of 12.93% during the forecast period, reaching a total market size of US$3.454 billion in 2024 from US$1.665 billion in 2018. An automotive parking sensor is a type of proximity sensor which is used to guide and assist the driver in parking the vehicle. The parking sensor warns the driver of any obstacles in the way while parking the car. The parking sensors are either present in the front of the vehicle, rear or the vehicle or both ends of the vehicle. The growing popularity of smarter parking systems and solutions due to the rising number of accidents is significantly fueling the demand for parking sensors across different car model manufacturers. Rising investments in ADAS solutions will continue to bolster the growth of the automotive parking sensor market during the forecast period.
By Sensor Type
By sensor type, the global automotive parking sensor market has been segmented as front parking sensors and reverse parking sensors. The most widely used is the reverse parking sensors as they ease the parking process and thus hold a significant share in the market
By Technology
By technology, the global automotive parking sensor market has been segmented as ultrasonic and electromagnetic. Out of these Electromagnetic Sensors are used more as they provide a wider view while parking and can be easily mounted inside the bumper of a car.
By End-User
By End-user, the global automotive parking sensor market has been segmented as OEMs and Aftermarket.
OEMs hold a significant share in the market as most of the major car companies now manufacture cars that have the parking sensor already, whereas Aftermarket can grow its share over the coming years.
By Vehicle Type
By Application, the global automotive parking sensor market has been segmented as Passenger Vehicles, Light Commercial Vehicles, and Heavy Commercial Vehicles. Passenger vehicles seem to hold a significant share in the market due demand of more passenger cars and better parking aids
By Geography
Geographically, the global automotive parking sensor market is segmented as North America, Europe, Middle East & Africa, Asia-Pacific and South America. Currently, the Americas hold a great amount of share in the market and are expected to increase over the coming years. Europe also holds a significant amount of share which is said to increase over the coming years
Competitive Intelligence
The global automotive parking sensor market is competitive owing to the presence of well-diversified global and regional players. The key players are Robert Bosch GmbH, Valeo, Continental AG, Xvision Ltd, Scorpion Automotive Ltd, Aptiv plc, and Murata Manufacturing Co., Ltd. among others.
Segmentation
The global automotive parking sensor market has been analyzed through the following segments:
By Sensor Type
Front Parking
Reverse Parking
By Technology
Ultrasonic
Electromagnetic
By End-user
OEMs
Aftermarket
By Vehicle Type
Passenger
Light Commercial Vehicle
Heavy Commercial Vehicle
By Geography
North America
United States
Canada
Mexico
South America
Brazil
Argentina
Others
Europe
Germany
France
United Kingdom
Spain
Others
Middle East and Africa
Saudi Arabia
Israel
UAE
Others
Asia Pacific
China
Japan
South Korea
India
Others
Frequently Asked Questions (FAQs)
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