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Parking Sensors Market Revenue, Share, Major Players, Demand and Opportunities by 2023

Image result for parking sensorsThe global parking sensors market is growing, due to several enhanced features provided by parking sensors, such as cost savings related to fuel efficiency, effectiveness in terms of time and easy identification of vacant parking spaces. The technological advancements in artificial intelligence which makes the system operator independent, is one of the major factors providing ample growth opportunities for the market.

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Among all the regions, North America led the global parking sensors market and is also expected to maintain its dominance during the forecast period. This is particularly due to growing automotive industry in the region. The increasing need for improving potential damage to the vehicle and ensuring the safety of pedestrians in the region is also supporting the dominance of North America in the global market. The Asia-Pacific market is expected to grow with the highest rate among all the regions. Europe also holds a significant share in the market, due to increasing sales of high-end cars, equipped with superior quality sensors in the region.

Among all the installation types, the original equipment manufacturer (OEM) segment led the market; whereas, the aftermarket category is growing with the highest rate. The aftermarket parking sensors are cost effective, in comparison to original equipment manufacturer. This is because sensors installed by OEM are made precise to the model of the vehicle.

The sensors installed by OEM ensure superior fitment and construction, which is further driving the growth of the category. Parking sensors coordinate between the cars for monitoring them to find free space for parking and collects the information about the availability of space in the parking lots. Changeable message signs are used by the sensors for providing real-time information to the drivers.

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Some of the competitors in the global parking sensors market are NXP Semiconductors NV, Freescale Semiconductor Inc., Ford Motor Company, Texas Instruments Incorporated, Robert Bosch GmbH, Denso Corporation, Volkswagen AG, and Parking Dynamics.

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