Automotive Parking Sensors Market by Product, Application, End-user, and Geography - Forecast and Analysis 2021-2025

  • Published: May 2021
  • Pages: 120
  • SKU: IRTNTR41292
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The automotive parking sensors market size has the potential to grow by USD 7.28 billion during 2021-2025, and the market’s growth momentum will accelerate at a CAGR of 17.68%. 

This report provides a detailed analysis of the market by product (ultrasonic sensors and electromagnetic sensors), end-user (OEM and aftermarket), application (passenger cars and commercial vehicles), and geography (North America, Europe, APAC, South America, and MEA). 

Automotive Parking Sensors Market Share

Automotive-Parking-Sensors-Market-Market-Size-2020-2025

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Market Competitive Analysis

The report analyzes the market’s competitive landscape and offers information on several market vendors, including: 

 

  • Analog Devices Inc.
  • Aptiv Plc
  • Continental AG
  • CTS Corp.
  • DENSO Corp.
  • Murata Manufacturing Co. Ltd.
  • NXP Semiconductors NV
  • Robert Bosch GmbH
  • SENSATA TECHNOLOGIES HOLDING PLC
  • Valeo SA

 

The automotive parking sensors market is fragmented and the vendors are deploying various organic and inorganic growth strategies to compete in the market. Click here to uncover other successful business strategies deployed by the vendors. 

The market players also significantly leverage external market drivers such as growing demand for assisted-parking systems to achieve growth opportunities. However, factors such as the limited effectiveness of parking sensors will challenge the growth of the market participants. To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

Download a free sample of the automotive parking sensors market forecast report for insights on complete key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies. 

This automotive parking sensors market analysis report also provides detailed information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities. 

Automotive Parking Sensors Market: Key Drivers and Trends

  • The growing demand for assisted-parking systems is one of the primary factors that will drive the automotive parking sensors market growth.
  • Parking sensors are extensively used in assisted parking systems as they can sense the hurdles from the car range and alert the driver by producing an audio or visual alert.
  • Reverse parking systems, coupled with digital graphics display screens, unveil a part of the car closest to a hurdle and offers better, safer, and more accurate movement.
  • Leveraging the market growth scope, vendors have introduced new parking assist systems that have rear-facing cameras.
  • Key automotive parking sensors market trends, such as the advent of smart parking systems, will also fuel market growth.
  • The automotive industry is focusing on incorporating several advanced car sensors systems that are beyond car maneuvering.
  • Parking sensor manufacturers are focusing on increasing the number of parking sensors that have various functions, semi-automatic or automatic parking alerts about available parking spaces.
  • OEMs are enhancing the parking assist system by integrating it with cloud-based technologies.

 

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Automotive Parking Sensors Market: Segmentation by Geography

Automotive-Parking-Sensors-Market-Market-Share-by-Region-2020-2025

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35% of the market’s growth will originate from North America during the forecast period. The US is a key market for automotive parking sensors in North America. Market growth in this region will be faster than the growth of the market in Europe and South America.

To garner further competitive intelligence and regional opportunities in store for vendors, view our sample report. 

Automotive Parking Sensors Market: Segmentation by Product

Automotive-Parking-Sensors-Market-Market-Share-by-Product-2020-2025

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The automotive parking sensors market share growth by the ultrasonic sensors segment will be significant during the forecast period. Earlier, park assist systems were found only in luxury vehicles. However, its demand is growing in entry-level and mid-segment vehicles. This will drive the ultrasonic sensor segment of the automotive parking sensors market during the forecast period. 

Fetch actionable market insights on post COVID-19 impact on each segment. This report provides an accurate prediction of the contribution of all the segments to the growth of the automotive parking sensors market size.

 

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Key Highlights of the Automotive Parking Sensors Market Report for 2021-2025

  • CAGR of the market during the forecast period 2021-2025
  • Detailed information on factors that will drive automotive parking sensors market growth during the next five years
  • Precise estimation of the automotive parking sensors market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the automotive parking sensors industry across North America, Europe, APAC, South America, and MEA
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of automotive parking sensors market vendors

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Automotive Parking Sensors Market Scope

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Accelerate at a CAGR of 18%

Market growth 2021-2025

$ 7.28 billion

Market structure

Fragmented

YoY growth (%)

9.87

Regional analysis

North America, Europe, APAC, South America, and MEA

Performing market contribution

North America at 35%

Key consumer countries

US, China, Germany, UK, and Japan

Competitive landscape

Leading companies, competitive strategies, consumer engagement scope

Companies profiled

Analog Devices Inc., Aptiv Plc, Continental AG, CTS Corp., DENSO Corp., Murata Manufacturing Co. Ltd., NXP Semiconductors NV, Robert Bosch GmbH, SENSATA TECHNOLOGIES HOLDING PLC, and Valeo SA

Market Dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for forecast period,

Customization purview

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Research Framework

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

TechnavioINFORMATION SOURCES

Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases
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TechnavioDATA ANALYSIS

Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts
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TechnavioREPORT WRITING

Qualitative

  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis

Quantitative

  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape
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The automotive parking sensors market growth will increase by $14.47 billion during 2019-2024.
The automotive parking sensors market is expected to grow at a CAGR of 26.56% during 2019-2024.
Technavio has segmented the automotive parking sensors market by product (Ultrasonic sensors and Electromagnetic sensors) ,application (Passenger cars and Commercial vehicles) , and geographic (North America, Europe, APAC, and South America).
Analog Devices Inc., Aptiv PLC, Continental AG, CTS Corp., DENSO Corp., Murata Manufacturing Co. Ltd. , NXP Semiconductors NV, Robert Bosch GmbH, Sensata Technologies Holding plc, Valeo SA are a few of the key vendors in the automotive parking sensors market.
North America will register the highest growth rate of 37.23% among the other regions. Therefore, the automotive parking sensors market in North America is expected to garner significant business opportunities for the vendors during the forecast period.
The key factors driving the automotive parking sensors market growth are:
  • Growing demand for assisted-parking systems
  • Increasing emergence of customized home fragrance candles
The automotive parking sensors market vendors should focus on grabbing business opportunities from the ultrasonic sensors segment as it accounted for the largest market share in the base year.
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