Industry Trend Analysis
The global parking sensors market is expected registering itself at a significant compound annual growth rate (CAGR) over the forecast period. Parking sensors can be referred as proximity sensors that are utilized in vehicles in an attempt to allow the vehicle driver to park vehicle safely. These are Advanced Driver Assistance Systems (ADAS) that warn the driver to any obstructions and are demonstrating to be predominantly useful owing to decreasing parking places and rising number of automobiles. The standard car has been experiencing altering dimensions, making it gradually more complex to park without inducing physical harm to the automobile. Also, parking sensors improve safety and can avert possible injury to pedestrians. According to the Transportation Department, a significant percentage of accidents happen while the automobile is in the reverse gear. These can be alleviated to a substantial degree utilizing parking sensors, which are introduced in the rear bumper bar of the automobile. In an attempt to preserve the aesthetical value of the automobile, they can be color synchronized with the exterior. They function in association with an internal siren or buzzer, which progressively increases in occurrence when the automobile draws close towards an object. An LCD display which is optional can also be mounted. It demonstrates the space between the vehicle and the obstruction. This assists as an efficient warning to the vehicle driver and can avoid a possible accident.
Technology Outlook and Trend Analysis
Reverse and parking sensor technologies involve electromagnetic and ultrasonic technologies. The ultrasonic technology was earlier one and utilizes sound waves in an attempt to calculate the distance amid close by objects. Typically 4 to 6 sensors are installed on the vehicle bumper with the assistance of bore-holes and have to be tinted to go with the bumper’s color. A significant advantage of this technology is its capability to spot obstacles and objects even when the automobile is at a standstill. Though, these sensor systems have some drawbacks like restricted detection range. Also, ultrasonic parking sensors might confirm to be physically too deep for mounting in the bumper of the vehicle owing to the existence of the crash protection barricade. Electromagnetic technology presents a huge number of benefits, the primary of which is the lack of noticeable components. Electromagnetic parking sensors get rid of the need for bore-holes, thus continuing to preserve the look of the automobile. A transceiver adhesive band is positioned down the length of the internal side of the vehicle bumper. When the vehicle is in reverse gear, the system produces a magnetic field which is then transmitted to the adhesive strip. Consequently, these sensors also assist in noticing objects at the bumper side rather than just straight in the rear the bumper. Electromagnetic parking sensors are self-diagnostic as they have an integrated maintenance system that renders immediate feedback.
Installation Outlook and Trend Analysis
Parking sensors might be set up by the original equipment manufacturer (OEM) or during aftermarket services. The aftermarket sensors are considerably cost-effective than those which installed through OEM installation. This is mainly as genuine sensors set up by OEMs are built particularly for the model and make of the automobile being considered. Moreover, the fitment and construction of OEM parking sensors are advanced, hence it assures that they are long-lasting. Ultrasonic parking assist is comparatively cost-efficient, and cost of aftermarket systems is around USD 50. These ultrasonic parking sensors could also be set up by OEMs; though, costs in this situation vary from USD 500 to around USD 1,000. Electromagnetic sensors are more costly than their equivalents, with the costing of aftermarket installation around USD 100.
Regional Outlook and Trend Analysis
In 2012 North American regional market reported for 38.5% of the overall market and is anticipated to preserve its lead over the forecast years. Rising need for avoiding possible damage to the automobile due to driver’s fault and guarantee the safety for pedestrians is projected to be the major driving factors for the regional market growth. In addition, approaches by regulatory authorities are projected to fuel demand for the product in the approaching years. Ensuring safety is vital in thickly populated regions, which is anticipated to ensure as growing acceptance. The European market also reported for extensive market revenue share, and increasing high-end vehicles sales equipped with better-quality sensors is projected to boost the market growth. Asia Pacific region is predicted to be the highest growing regional industry, with an anticipated compound annual growth rate of 20.1% over the forecast period.
Competitive Outlook and Trend Analysis
There are a huge number of industry participants, mainly representing sensor producers and key original equipment producers. For instance, BMW presents Park Distance Control, which is integrated with the ultrasound sensors that function in combination with an audio signal. While the automobile is 30 cm afar the nearby large blockage, an uninterrupted warning tone functions as an indication to brake. The major market players are Denso Corporation, Abbott Analog Devices Inc., Continental AG., Robert Bosch GmbH, Freescale Semiconductor Ltd., NXP Semiconductors N.V., Texas Instruments Inc., BMW, Mercedes Benz, Hyundai, Ford Motor Company, Honda, Volkswagen, and Audi.
The global parking sensors market is segmented as follows –
Rest of Europe
Rest of Asia Pacific
Rest of the World
United Arab Emirates
Some of the key questions answered by the report are:
· What was the market size in 2014 and forecast from 2015 to 2023?
· What will be the industry market growth from 2015 to 2023?
· What are the major drivers, restraints, opportunities, challenges, and industry trends and their impact on the market forecast?
· What are the major segments leading the market growth and why?
· Which are the leading players in the market and what are the major strategies adopted by them to sustain the market competition?