PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1515562
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1515562
Ultrasonic Parking Sensors for Smart Parking Market size was valued at USD 3,459.2 Million in 2023, expanding at a CAGR of 10.60% from 2024 to 2032.
Parking sensors have become critical components of modern vehicles technology, transforming how drivers perceive and handle parking spots. Parking sensors are increasingly using modern technologies including ultrasonic, electromagnetic, and camera-based systems to improve accuracy and dependability. These technologies help vehicles recognize barriers more efficiently, lowering the risk of accidents and property damage. The introduction of smart parking solutions that use sensors allows vehicles to find accessible parking spots quickly and efficiently. Smart parking systems use sensor data to deliver real-time information on parking availability, hence improving traffic flow and the entire parking experience.
Ultrasonic Parking Sensors for Smart Parking Market- Market Dynamics
Increased Government Requirements for Passenger Safety
The focus on passenger safety drives constant advancement in parking sensor technology. Manufacturers spend in R&D to improve sensor accuracy, reliability, and functionality while adhering to tight regulatory requirements. For instance, the USDOT has extended the comment period for its proposed rule on airline ticket refunds and consumer protections until December 16, 2022. Airlines for America, the International Air Transport Association, and other petitioners are seeking clarification on several problems mentioned in the NPRM. Consumers increasingly expect vehicles with enhanced safety features as they become more conscious of safety risks. Parking sensors, regulated by government rules, satisfy consumer expectations for improved automotive safety features. Governments prioritize lowering traffic accidents and associated liabilities. Authorities hope to reduce collision risk and improve overall road safety by implementing legislation requiring the installation of parking sensors. Governments prioritize lowering traffic accidents and associated liabilities. Authorities hope to reduce collision risk and improve overall road safety by implementing legislation requiring the installation of parking sensors.
Ultrasonic Parking Sensors for Smart Parking Market- Key Insights
Our research analyst estimates that the global market will develop at a CAGR of approximately 10.60% from 2024 to 2032.
Based on Type segmentation, The Ultrasonic sensors sector maintains the most proportion.
Based on End-user segmentation, in 2023, passenger vehicles dominated the parking sensors market.
On the basis of region, Europe was the leading revenue generator in 2023
The Global Ultrasonic Parking Sensors for Smart Parking Market is segmented on the basis of Type, Application, and Region.
The market is divided into three categories based on Type: Electromagnetic Sensors, Infrared Sensors, and Ultrasonic Sensors. Ultrasonic sensors led the Parking Sensors Market in 2023. Several important factors are driving the growth of ultrasonic sensors in the Parking Sensors Market. Ultrasonic sensors provide remarkable accuracy and dependability in detecting barriers and measuring distances, which is critical for effective parking management systems. As urbanization and vehicle ownership rates rise, the demand for effective parking solutions grows, propelling the use of ultrasonic sensors.
The market is divided into two categories based on Applications: Commercial Vehicles and Passenger Cars. Passenger vehicles dominated the Parking Sensors Market in 2023. As consumers prioritize safety and convenience features in their vehicles, parking sensors have become an essential component. Passenger vehicles with parking sensors provide drivers with more vision and help when moving into parking spaces, lowering the likelihood of crashes and relieving parking-related stress. With rising urbanization, city roadways and parking lots are getting increasingly congested.
Ultrasonic Parking Sensors for Smart Parking Market- Geographical Insights
Geographically, this market is present in North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These zones are further split based on which countries bring business. Europe had the greatest proportion, accounting for around 41.1% of the total share in 2023. European cities have high population concentrations and insufficient parking spots. As urbanization progresses, the demand for effective parking options increases dramatically. Parking sensors provide a practical option for maximizing parking spot use and reducing congestion in densely populated metropolitan areas. European countries have severe rules and safety requirements in place for automobile emissions, road safety, and parking facilities. Parking facilities must meet tight regulations in order to improve safety, decrease accidents, and limit environmental effect. Parking sensors help drivers comply with these laws by offering real-time monitoring and advice, resulting in safer and more efficient parking procedures.
The Asia-Pacific region is the fastest-growing region in the Ultrasonic Parking Sensors for Smart Parking Market, attributed to rapid urbanization, increasing vehicle ownership, and the measure of smart city initiatives across countries like China, India, and Japan. Their governments are expanding large-scale investments in smart parking infrastructure to fight traffic congestion and enhance urban mobility. Increased demand for advanced parking solutions, coupled with technological developments and improvement in disposable income across this region, will drive growth for Ultrasonic Parking Sensors used in smart parking.
In the Ultrasonic Parking Sensors for Smart Parking Market, several important competitors compete for market share. Baumer Holding, Continental Automotive GmbH, DENSO Corporation, Elmos Semiconductor, and Ford Motor are among the market's leading players. These companies are noted for their unique sensor technology, dependable products, and strong market presence. They compete based on product performance, affordability, dependability, and the capacity to offer integrated smart parking solutions. The competitive dynamics in the Ultrasonic Parking Sensors for Smart Parking Market are driven by ongoing R&D, strategic alliances, and a focus on serving the changing needs of smart cities.
In May 2022, Jieshun launched a new ultrasonic parking sensor that includes a full guidance solution and collects real-time parking space data. When the sensor detects parked cars, it changes the indication from green to red, while the main controller processes and displays available parking spots for efficient parking management.
GLOBAL ULTRASONIC PARKING SENSORS FOR SMART PARKING MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Baumer Holding
Continental Automotive GmbH
DENSO Corporation
Elmos Semiconductor
Ford Motor
Gentex Corporation
Honeywell
IEM SA
Magna International
Robert Bosch GmbH.
Others