Pune, India, February 22, 2019/MRFR Press Release/- Market Research Future published a half-cooked research report on Global Automotive Parking Sensors Market. The global Automotive Parking Sensors Market is expected to witness ~7.5% CAGR during the period, 2018 to 2023.
Automotive safety features such as airbags, anti-lock braking systems, central locking and parking sensors have witnessed a tremendous demand over the last three to five years. Increase in awareness regarding safety and increase in spending power of consumers have been the major factors that have driver the demand for these safety features.
Parking sensors, which are installed on the vehicle body, detect movable or stationary obstacles in the vehicle vicinity, and alert the driver while parking. These sensors get activated only at low speeds. Other factors responsible for the growth of this market include stringent safety regulations by automotive governing bodies, lack of parking spaces and increase in population and number of pedestrians on streets, especially in crowded metro cities. However, installation of these sensors increases the price of the vehicle, which is proving to be an obstacle to the growth of the market, in some developing countries.
Drivers: Automotive Parking Sensors
Market Research Analysis
In terms of region, the global Automotive Parking Sensors market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. Asia Pacific accounted for the largest market share in 2018. The market in this region is dominated by countries such as China and Japan. In 2017, this region was the largest manufacturer of passenger and commercial vehicles, accounting for over 50% of the global vehicle production.
Europe also accounted for a considerable market share in 2018. This region has some of the major automobile manufcaturing countries such as germany, France and UK, to name a few. Besides, this region has also witnessed an increased demand for luxury vehicles, which have pre-installed parking sensors.
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Scope of the Report
This study provides an overview of the global Automotive Parking Sensors Market, tracking five market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume, and share for North America, Europe, Asia-Pacific, and the Rest of the World. The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global Automotive Parking Sensors Market by type, vehicle type, business model and region.
The prominent players in the global Automotive Parking Sensors Market include Robert Bosch GmbH (Germany), Aptiv PLC (Greece), Denso Corporation (Japan), NXP Semiconductors N.V. (the Netherlands), Valeo (France), Autoliv Inc. (Sweden), Gentex Corporation (U.S.), Continental AG (Germany), TGS Group (UK) and Murata Manufacturing Co., Ltd. (Japan).