Automotive Parking Sensors Market Trends, Growth, Top Key Players Profiles and Future Prospects 2023
Market Dynamics:
Market Research Future (MRFR) expects the automotive parkingsensors market 2020 to thrive at a steady rate of 7.5% between 2018 and 2023(assessment period). We will provide covid-19 impact analysis with the report.The COVID-19 impact on the market has been studied in the report, which offersan in-depth analysis post the coronavirus disease outbreak.
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COVID-19 Analysis
The SARS-CoV-2 outbreak hasbrought the manufacturing sector to a halt, with a number of OEMs as well as componentssuppliers trying to revive their usual production. The COVID-19 outbreak isresulting in substantial delays in product deliveries, postponing of various launches,supply chains turning fragile, SMEs facing financial crunch, and vehicle salesdeclining exponentially. The novel coronavirus is also expected to further worsenthe situation for the automotive industry, in the form of more stringent CO2emissions regulations paired with the rising need for investments in advanced technologies.However, the pandemic has shed light on the benefits of automation androbotics, which have noted higher adoption post COVID-19 outbreak. With IoT,digitalization and industrial automation becoming highly relevant to the Tier 1manufacturers following the SARS-CoV-2 outbreak, these can emerge assignificant opportunities for the automakers.
Companies in the automotive parking sensors market are rigorouslyworking on exploring techniques to deal with the issues brought on by thedreadful pandemic. These companies are trying to adjust to the current lockdownby adopting various mitigation measures that can ensure uninterrupted productionand reduced revenue loss. COVID-19 has completely altered the market outlookfor the auto manufactures and has steered their focus towards development ofadvanced solutions within their vehicles. This can be a great opportunity for theautomotive parking sensors market, in addition to the automotive industry’s intenseefforts to join the healthcare sector in their mission to find COVID-19breakthrough.
Key Drivers and Main Barriers
In June 2020, Maruti Suzuki Indiarevealed that it is planning to launch CNG models, electric cars and SUVs inthe country by 2021. Considering the safety aspect, Maruti Suzuki’s first electriccar is expected to feature rear parking sensors, along with side airbags, seatbelt reminder as well as a speed alert system. Notable launches by topcompanies, wherein the car models are equipped with the latest technologiessuch as parking sensors, not only helps them gain extensive profits but alsobenefitthe automotive parking sensors market, as it gives a significant boostto the vehicle sales across regions.
Assisted-parking systems areobserving massive demand among consumers, which could be a prominent growthinducer in the automotive parking sensors market. Parkingsensors find extensiveuse in assisted-parking systems since they help sense any hurdles within the carrange and then produce a visual or audio alert for the driver. Digital graphicsdisplay screens along with reverse parking systems reveal the hurdle that the caris closest to and provide safer, more accurate and better movement. Leveragingthe growth potential of the market, more and more players are introducingadvanced parking assist systems that feature rear-facing cameras to draw in ahigher number of customers.
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AutomotiveParking Sensors Market Segmentation
The parking sensors market can beconsidered for type, technology, sales channel and vehicle type.
The types of automotive parkingsensors include front parking sensors, reverse parking sensors, and more.
The technology-wise marketcategories are Electromagnetic sensors, Ultrasonic sensors, Laser, Infraredsensors, and others.
Depending on the sales channel,the primary segments listed in the study are OEM as well as aftermarket.
Vehicle types that have beentaken in account by MRFR experts are LCV, HCV and passenger cars.
AutomotiveParking Sensors Market Regional Overview
The Automotive Parking Sensors market is spread across themain regions of North America, APAC or Asia Pacific, Europe, and RoW or Rest ofthe World.
In the coming years, it isexpected that Europe could claim the biggest share in the global market, withthe lead projected to be taken by the top automobile manufacturing economiessuch as France and Germany. Strict regulations in the region that pertain to pedestrianand vehicle safety are also prompting automotive OEMs to equip their vehicleswith safety features like parking sensors.
The APAC market could possiblyprocure the fastest expansion rate over the review period, with the topcontributors to the growth being the developing countries of India and China. Theproduction as well as the demand for automobiles across these countries is consistentlygrowing, which is also encouraged by the booming population. Due to thesefactors, these nations are perennially faced with parking space issues, whichhave enhanced the significance of features like parking sensors. Besides, theescalating disposable income of the people in the region along with theexpanding middle classpopulace that are highly aware of pedestrian and vehicle safetyalso result in a positive industry outlook.
Significant Players
Significant players that areadopting various marketing hacks to boost their share in the Automotive ParkingSensors industry are NXP Semiconductors N.V. (the Netherlands), DensoCorporation (Japan), Valeo (France), Gentex Corporation (U.S.), Aptiv PLC(Greece), Continental AG (Germany), TGS Group (UK), Robert Bosch GmbH(Germany), Autoliv Inc. (Sweden), Murata Manufacturing Co., Ltd. (Japan), andmore.
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