The global reverse parking alert system market is projected to grow at a CAGR of 10.79% to reach US$1,132.467 million by 2027, from US$552.781 million in 2020. The reverse parking alert system adds to the safety of the vehicle and the occupants. The system emits waves behind the vehicle to sense the presence of any objects. If there are any objects present at the back of the vehicle, then the waves, which were emitted by the sensor, bounce back off the obstacles behind the vehicle and are sent to the Electronic Control Unit (ECU). There the signal is processed on the basis of the time taken by the wave to return and change in the spectrum of the wave, then the computer determines if an obstacle, is within the permitted proximity or not. If the vehicle is in the proximity of the obstacle then the reverse parking sensor starts to give out alerts to the driver about the situation so that the driver can take action quickly without causing damage to the vehicle and other objects.
Rising disposable income, in tandem with higher vehicle ownership, is boosting the demand for Reverse Parking Alert Systems. Moreover, mounting concerns over vehicle safety are leading to the addition of safety features such as parking sensors, and obstacle detection. Efforts being made by the key players to include this safety feature in entry-level vehicles are further boosting the market’s growth over the forecast period.
Furthermore, the market players are making investments in research and development activities. For instance, in October 2019, SenRa, which is a provider of Low-Power Wide-Area Network (LPWANs), working with PAN India, announced its partnership with Bosch, one of the leaders in the proving of global automobile solutions and services, to develop Low-Range (LoRa-based) Internet of Things (IoT) integrated reverse parking sensors to further improve their capabilities and provide faster and more accurate results.
In addition, governments across the world are taking initiatives and formulating policies to promote and encourage the use of these sensors to reduce the number of road accidents. For instance, in January 2019, the Ministry of Transport of India made some necessary amendments to the Motor Vehicle Bill and laid the guidelines which said that from July 1, 2019, it would be compulsory for all vehicles to be fitted with reverse parking alert systems in a bid to increase safety and reduce damage, which is also anticipated to drive the market growth.
The reverse parking alert system market has been segmented based on sensor type, vehicle type, sales channel, and geography. By sensor type, the market has been segmented into ultrasonic sensors, radar sensors, and image sensors. By vehicle type, the market has been segmented into passenger vehicles and commercial vehicles. By the sales channel, the market has been segmented as OEMs and aftermarkets.
Ultrasonic sensors hold a significant market share
There are different types of sensors used in the reverse parking alert system. These include ultrasonic, infrared, and image sensors. All the sensors have their own functionality and benefits. Based on sensor type, the ultrasonic sensor segment is expected to hold a market share, which is attributable to the fact that these sensors are most commonly used for this application.
The Asia Pacific will dominate the reverse parking alert system market
Based on geography, Asia Pacific is expected to hold a major market share owing to increasing automobile production in countries like India and China. Moreover, these countries are hubs for automotive component manufacturing.
Some of the major players mentioned as a part of this report are Valeo, Robert Bosch, and TGS Group, among others.
Key Developments
The industrial industry has been paralysed by the SARS-CoV-2 outbreak, and many OEMs and component suppliers are working to resume normal production. Companies in the reverse parking alert market size are actively researching ways to address the problems caused by the terrible pandemic. These businesses are attempting to adapt to the present lockout by implementing a variety of mitigating strategies that can guarantee continuous production and minimal income loss. The COVID-19 market scenario has entirely changed for the automakers, who are now focusing on creating cutting-edge solutions for their automobiles. The market for automobile parking sensors may benefit greatly from this as well as the automotive industry's aggressive efforts to collaborate with the healthcare industry on the search for COVID-19 breakthroughs.
| Report Metric | Details |
| Market Size Value in 2020 | US$552.781 million |
| Market Size Value in 2027 | US$1,132.467 million |
| Growth Rate | CAGR of 10.79% from 2020 to 2027 |
| Base Year | 2020 |
| Forecast Period | 2022–2027 |
| Forecast Unit (Value) | USD Million |
| Segments Covered | Sensor Type, Vehicle Type, Sales Channel, And Geography |
| Regions Covered | North America, South America, Europe, Middle East and Africa, Asia Pacific |
| Companies Covered | Valeo, AISIN SEIKI Co., Ltd., Robert Bosch GmbH, Gentex Corporation, TGS Group, Murata Manufacturing Co., Ltd. |
| Customization Scope | Free report customization with purchase |
Market Segmentation
Frequently Asked Questions (FAQs)
Q1. What is the size of the global reverse parking alert system market?
A1. Reverse Parking Alert System Market was valued at US$552.781 million in the year 2020.
Q2. What will be the reverse parking alert system market size by 2027?
A2. The global reverse parking alert system market is projected to reach a market size of US$1,132.467 million by 2027.
Q3. What are the growth prospects for the reverse parking alert system market?
A3. The reverse parking alert system market is projected to grow at a CAGR of 10.79% over the forecast period.
Q4. What factors are anticipated to drive the reverse parking alert system market growth?
A4. Rising disposable income, in tandem with higher vehicle ownership, is boosting the demand for reverse parking alert systems.
Q5. Which region holds the largest market share in the reverse parking alert system market?
A5. The Asia Pacific is expected to hold a major share in the reverse parking alert system market owing to increasing automobile production in countries like India and China.
Valeo
AISIN SEIKI Co., Ltd.
Robert Bosch GmbH
TGS Group
Murata Manufacturing Co., Ltd.
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