Mitigation of Physical Damage to the Vehicle and Shrinking Parking Spaces to Drive the Global Market
San Francisco, CA (PRWEB) February 11, 2014
The global market for parking sensors is expected to reach USD 9,782.9 million by 2020, according to a new study by Grand View Research, Inc. Parking sensors prevent physical damage to the vehicle by alerting the driver when the automotive approaches an obstacle. Furthermore, they help prevent potential injury to pedestrians. These features are particularly useful in light of reducing parking spaces and changing dimensions of the average car, thus acting as a key driver for industry growth.
Parking sensors employing ultrasonic technology accounted for 65.1% of the overall market share in 2012.
Electromagnetic parking sensors are expected to grow faster than the global average at a CAGR of 19.3% from 2013 to 2020. Installation by original equipment manufacturers (OEM) accounted for 80.7% of the market in 2012. The price range for these installations is much higher as compared to their aftermarket counterparts, thereby contributing largely to revenue.
The report “Parking Sensors Market Analysis And Segment Forecasts To 2020,” is available now to Grand View Research customers at http://www.grandviewresearch.com/industry-analysis/parking-sensors-market
Further Key findings from the study suggest:
The global parking sensors market was estimated to be valued at USD 2,546 million in 2012, and is expected to grow at a CAGR of 18.4% from 2013 to 2020.
Ultrasonic parking sensors are expected to continue dominating the global market over the forecast period. However, electromagnetic technology is expected to be a fast growing segment, primarily because it helps combat issues such as presence of visible parts on the vehicle’s bumper. Additionally, electromagnetic sensors are self diagnostic and are equipped with a maintenance system. Preservation of the aesthetic appearance of the automotive coupled with superior design in the form of a transceiver adhesive strip is expected to be the chief driver for this segment.
Aftermarket parking sensors are cost effective as compared to those installed by the OEM, since the latter are made specific to the make and model of the vehicle. OEM installed parking sensors ensure superior construction and fitment, as a result of which they are expected to contribute to majority of the global industry revenue in the coming years.
North America accounted for 38.5% of the global market share in 2012, and is expected to continue being the largest regional segment over the forecast period. Initiatives by regulatory authorities in the region are expected to be the key driving force for regional market growth. Asia Pacific is expected to be the fastest growing region, with an estimated CAGR of 20.1% from 2013 to 2020.
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Companies operating in the market include parking sensor manufacturers as well as OEMs. Major automotive companies offer parking sensor systems, with optional LCD displays that show the distance between the vehicle and obstacle. Industry participants offer Advanced Driver Assistance Systems (ADAS), in order for the driver to make an informed decision. Key players in the market include Continental AG, Freescale Semiconductor Ltd., Robert Bosch GmbH, Texas Instruments Inc., BMW, Audi and Volkswagen among others.
For the purpose of this study, Grand View Research has segmented the parking sensors market on the basis of technology, installation and regional markets:
Parking Sensors Technology Outlook (Revenue in USD Million, 2012 to 2020)
Parking Sensors Installation Outlook (Revenue in USD Million, 2012 to 2020)
Parking Sensors Regional Outlook (Revenue in USD Million, 2012 to 2020)
North America Parking Sensors Market by Technology
North America Parking Sensors Market by Installation
Europe Parking Sensors Market by Technology
Europe Parking Sensors Market by Installation
Asia Pacific Parking Sensors Market by Technology
Asia Pacific Parking Sensors Market by Installation
RoW Parking Sensors Market by Technology
RoW Parking Sensors Market by Installation
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About Grand View Research
Grand View Research, Inc. is a market research and consulting company that provides off-the-shelf, customized research reports and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and energy. With a deep-seated understanding of varied business environments, Grand View Research provides strategic objective insights. For more information, visit Grand View Research.
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