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Parking Sensors Market Overview
The global parking sensors market is registering significant growth due to growing automotive industry and government regulations in various countries for adopting advanced safety standards in vehicles to reduce accidents and easy identification of vacant parking spaces. For instance, it has been observed that governments in countries such as Russia, France, and India are installing parking sensors for parking space management, and traffic management.
Based on type, parking sensors market is categorized into reverse parking sensors, and front parking sensors. Among these, reverse parking sensor type dominated the parking sensors market; owing to increasing number of government regulations for installing reverse parking sensors in vehicles to reduce accidents. For instance, in 2017, the Ministry of Road Transport and Highways (MoRTH) of India, announced to issue a notification making rear view sensors mandatory on all vehicles.
Based on technology, parking sensors market is classified into ultrasonic sensors, electromagnetic sensors, and infrared sensors. Of these, ultrasonic sensors category held the largest share in the market. However, electromagnetic sensor category is expected to register fastest growth in the coming years, as it can be easily mounted inside the bumper, and there is no need to drill the bumper. Thus, it preserves the aesthetic appearance of the vehicles.
Based on installation, parking sensors market is categorized into original equipment manufacturers (OEM), and aftermarket. Of the two, OEM category held a larger revenue share in the market, however aftermarket is expected to be the fastest growing category, globally in the coming years.
Based on application, parking sensors market is categorized into passenger vehicle, light commercial vehicle, and medium & heavy commercial vehicle. Among these, passenger vehicle held the largest share in the market, in 2017. This is attributed to growing demand for passenger vehicles in countries such as China, U.S., Japan and Germany. In terms of region, Asia-Pacific (APAC) recorded highest passenger vehicle sales in 2017, with China witnessing 25 million sales, an increase of 2.4% from 2016 to 2017.
Additionally, increasing government regulations regarding safety of passengers would support the market growth in the coming years. For instance, the European Commission mandated all new cars to adopt 11 advanced safety features as a standard from 2021 onwards. The safety features would include accident data recorder, reverse camera or parking sensors, emergency stop signal, and others.
Geographically, North America is the largest parking sensors market, due to large customer base in the region. The growing need for improving potential damage to vehicles and ensuring the safety of pedestrians in the region, supporting the growth of North America market. In North America, U.S. recorded highest number of passenger vehicle sales with numbers crossing 6.1 million in 2017.
Moreover, initiatives taken-up by regulatory bodies in the region are also expected to drive the growth of the market in the coming years. For instance, Boston’s Department of Transportation deployed smart parking sensors in parking areas in the city for helping drivers in finding parking spots and reducing the traffic on roads. However, Asia-Pacific (APAC) is expected to register fastest growth in the coming years; owing to increasing government initiative in the region, particularly in India and Australia for the installation of parking sensors in vehicles.
Parking Sensors Market Dynamics
The growing automotive industry along with supporting government initiatives in various countries such as U.S., Australia, and India, for reducing accidents, are the major factors driving the growth of parking sensors market, globally. Further, governments in several countries are implementing strict regulations to mandate the installation of parking sensors to minimize fatalities.
Moreover, with increasing government support, the automobile manufacturers are likely to deploy advanced safety features in vehicles, which would promote the growth of parking sensors market. For instance, in August 2018, the government of Australia announced the launch of a project to install 450 smart parking sensors to help drivers access information on available parking information via apps.
Parking Sensors Competitive Landscape
The intensity of rivalry among players in the parking sensors market is moderate. The market is highly fragmented with the presence of several Chinese players, offering low cost parking sensors. Additionally, with increasing technological advancements in the market, more players are expected in the next five years. Some of the key players operating in the parking sensors market are Denso Corporation, Robert Bosch GmbH, Audi AG, Volkswagen AG, Texas Instruments Incorporated, Ford Motor Company, Rosen Hyundai, Parking Dynamics and BMW AG.
The report will provide country-wise parking sensors market analysis. Some of the major countries that is covered in the report include U.S., Canada, China, Japan, India, Thailand, South Korea, Saudi Arabia, U.A.E., Iran, Italy, Germany, U.K., Spain, France, Russia, Brazil, Mexico, Turkey, and South Africa.