Global Automotive Parking Sensors Market 2018-2022
About Automotive Parking Sensors
The parking sensors are designed to alert the driver about obstacles while parking or reversing. The use of display along with parking sensor gives a more precise look to understand quickly about the distance and representation of the obstacle.
Technavio’s analysts forecast the global automotive parking sensors market to grow at a CAGR of 25.15% during the period 2018-2022.
Covered in this report
The report covers the present scenario and the growth prospects of the global automotive parking sensors market for 2018-2022. To calculate the market size, the report considers the revenue generated from the sales of automotive parking sensors.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Automotive Parking Sensors Market 2018-2022
Technavio recognizes the following companies as the key players in the global automotive parking sensors market: Bosch, Delphi, DENSO, NXP Semiconductors, Valeo
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Emergence of smart parking systems. Currently, the automotive industry is concentrating on integrating various systems that are beyond car maneuvering. The number of sensors used for parking in automobiles has increased significantly. Smart parking systems provide semi-automatic or automatic parking and informs the drivers about the free parking spaces. The drivers collect information about the surrounding environment, traffic congestion, and the available parking spots and share it with the other drivers to make the roads, traffic free and safer.”
According to the report, one of the major drivers for this market is Growing demand for assisted-parking systems. Parking sensors are the most widely used assisted-parking systems. The sensors mounted on bumpers sense the distance of the obstacles from the range of the car and produce an audio or visual alert to the driver.
Further, the report states that one of the major factors hindering the growth of this market is High replacement cost associated with parking systems. The global automotive parking sensors market faces a considerable challenge when comes to the high replacement costs related to the sensors system.
Bosch, Delphi, DENSO, NXP Semiconductors, Valeo
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook