Automotive Parking Sensors Market Growth, Size, Trends, Analysis Report by Type, Application, Region and Segment Forecast 2021-2025

The automotive parking sensors market size has the potential to grow by USD 7.28 billion during 2020-2025, 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

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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

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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

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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	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.