Pedestrian Safety Regulations Influencing Automotive Parking Sensors Market Growth

Automobiles are equipped with parking sensors to help drivers park without running the risk of an accidental oversight. They are special proximity sensors that are a part of the Advanced Driver Assistance System (ADAS) which alert the driver of any obstacle in its proximity. Parking sensors are among the most successful automotive technological developments that the industry has witnessed in recent years and have gained widespread acceptability. Market Research Future (MRFR) has recently published an in-depth report on the global automotive parking sensors market. The report compiles the various key trends and patterns that could affect market growth over the forecast period of 2018-2023. As per MRFR’s analysis, the automotive parking sensors market is a positive track to reach a significant market valuation by the end of 2023.

Convenience remains the key selling proposition for the automotive sensors market. Parking sensors assist in parking even in the most congested of areas and help in the optimum utilization of parking spaces. Other advantages include easy maneuverability in traffic and assistance in parking in dark parking lots. Parking sensors are able to detect the distance between the car and other objects which help to alert the driver in case the safe distance is crossed.

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Pedestrian safety has gained serious attention in recent years. Moreover, parking mishaps are common in case of children, who are not easily visible to the driver while parking. This has evoked major concerns among automotive agencies which have prompted them to enact regulations mandating the pre-installation of parking sensors in vehicles. Such laws have driven the automotive parking sensors market considerably.

On the flip side, additional features such as parking sensors are not a part of low range cars and incorporating them raises the overall cost of the vehicle which might hinder the growth of the market, especially in price-sensitive regions.

Segmentation

The global automotive parking sensors market has been segmented based on type, technology, sales channel, and vehicle type.

By type, the automotive parking sensors market has been segmented into reverse parking sensors, front parking sensors, and others.

By technology, the automotive parking sensors market has been segmented into ultrasonic sensors, electromagnetic sensors, infrared sensors, laser, and others.

By sales channel, the automotive parking sensors market has been segmented into OEM and aftermarket.

By vehicle type, the automotive parking sensors market has been segmented into passenger cars, LCV, and HCV.

Regional Analysis

By region, the automotive sensors market has been segmented into North America, Rest-of-the-World (RoW), Europe, and Asia Pacific (APAC).

Europe being a major automotive manufacturing hub accounts for the most significant share of the global automotive parking sensors market. Severe pedestrian safety regulations have prompted automotive OEMs to equip vehicles with safety features such as parking sensors to stay compliant with regulations. High sales of premium range cars in which parking sensors are standard features have also driven the market considerably. Germany, France, and the UK being major automotive manufacturing countries, are contributing substantially to the growth of the Europe automotive parking sensors market.

The APAC automotive parking sensors market is anticipated to showcase remarkable growth over the forecast period. The sales of automobiles have increased sharply in the emerging economies, in part due to the expansion of the spending capabilities of consumers and burgeoning population growth. The inherent problem of parking spaces in densely populated areas of the region provides many opportunities for the growth of the market. Rising awareness regarding pedestrian safety, which is further reinforced by emerging regulations have added fuel to the growth of the market. Moreover, the APAC is a major manufacturer of passenger and commercial vehicles which generates high demand for automotive parking sensors.

Competitive Landscape

Aptiv PLC (Greece), TGS Group (UK), Continental AG (Germany), Gentex Corporation (U.S.), Denso Corporation (Japan), Valeo (France), Robert Bosch GmbH (Germany), Autoliv Inc. (Sweden), Murata Manufacturing Co., Ltd. (Japan), and NXP Semiconductors N.V. (the Netherlands) are the eminent players in the automotive parking sensors market.

Industry Updates

May 2019 – ON Semiconductor, a leading supplier of semiconductor-based solutions,  showcased its portfolio of automotive sensors at the AutoSens Conference in Detroit, MI. it demonstrated the next-generation RGB-IR image sensor solution for in-cabin applications, viewing automotive camera systems, and the Hayabusa™ family of CMOS image sensors for advanced driver assistance systems (ADAS). These sensors are designed to comply with the European New Car Assessment Program (NCAP) 2020 standards and feature surround view systems and automated parking systems.

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Key Questions Addressed by the Report

What was the historic market size?

Which segmentation (Product/ Capacity) is driving market?

What will be the growth rate?

How are the key players in this market?

What are the strategies adopted by key players?

TABLE OF CONTENTS

 

1 EXECUTIVE SUMMARY

 

2 SCOPE OF THE REPORT

2.1 MARKET DEFINITION

2.2 SCOPE OF THE STUDY

2.2.1 DEFINITION

2.2.2 RESEARCH OBJECTIVE

2.2.3 ASSUMPTIONS

2.2.4 LIMITATIONS

2.3 RESEARCH PROCESS

2.3.1 PRIMARY RESEARCH

2.3.2 SECONDARY RESEARCH

2.4 MARKET SIZE ESTIMATION

2.5 FORECAST MODEL

3 MARKET LANDSCAPE

3.1.1 THREAT OF NEW ENTRANTS

3.1.2 BARGAINING POWER OF BUYERS

3.1.3 THREAT OF SUBSTITUTES

3.1.4 SEGMENT RIVALRY

3.1.5 BARGAINING POWER OF BUYERS

3.2 VALUE CHAIN/SUPPLY CHAIN ANALYSIS

4 MARKET DYNAMICS

4.1 INTRODUCTION

4.2 MARKET DRIVERS

4.3 MARKET RESTRAINTS

4.4 MARKET OPPORTUNITIES

4.5 MARKET TRENDS

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