Parking Sensor Market Size, Share & Trends Analysis Report By Technology (Ultrasonic, Electromagnetic), By Installation (OEM, Aftermarket), By Region, And Segment Forecasts, 2024

Description

Parking Sensor Market Growth & Trends:

The global parking sensor market size is expected to reach USD 27.00 billion by 2030, expanding at a CAGR of 15.4% from 2024 to 2030, according to a new report by Grand View Research, Inc. Parking sensor 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 sensor employing ultrasonic technology accounted for 62.2% of the overall market share in 2023. Electromagnetic parking sensor are expected to grow faster than the global average at a CAGR of 16.7% from 2024 to 2030. Installation by original equipment manufacturers (OEM) accounted for 78.1% of the market in 2023. The price range for these installations is much higher as compared to their aftermarket counterparts, thereby contributing largely to revenue.

Parking Sensor Market Report Highlights:

The global parking sensor market was estimated to be valued at USD 10.26 billion in 2023, and is expected to grow at a CAGR of 15.4% from 2024 to 2030.
Ultrasonic parking sensor 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 sensor 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 sensor 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 sensor 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 43.9% of the global market share in 2023, 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.
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.

Product Code: 978-1-68038-069-9

Chapter 1. Methodology and Scope

1.1. Market Segmentation and Scope
1.2. Market Definitions
1.3. Research Methodology
- 1.3.1. Information Procurement
- 1.3.2. Information or Data Analysis
- 1.3.3. Market Formulation & Data Visualization
- 1.3.4. Data Validation & Publishing
1.4. Research Scope and Assumptions
- 1.4.1. List of Data Sources

Chapter 2. Executive Summary

2.1. Market Outlook
2.2. Segment Outlook
2.3. Competitive Insights

Chapter 3. Parking Sensor Market Variables, Trends, & Scope

3.1. Market Introduction/Lineage Outlook
3.2. Market Size and Growth Prospects (USD Billion)
3.3. Market Dynamics
- 3.3.1. Market Drivers Analysis
- 3.3.2. Market Restraints Analysis
3.4. Parking Sensor Market Analysis Tools
- 3.4.1. Porter's Analysis
  - 3.4.1.1. Bargaining power of the suppliers
  - 3.4.1.2. Bargaining power of the buyers
  - 3.4.1.3. Threats of substitution
  - 3.4.1.4. Threats from new entrants
  - 3.4.1.5. Competitive rivalry
- 3.4.2. PESTEL Analysis
  - 3.4.2.1. Political landscape
  - 3.4.2.2. Economic and Social landscape
  - 3.4.2.3. Technological landscape
  - 3.4.2.4. Environmental landscape
  - 3.4.2.5. Legal landscape

Chapter 4. Parking Sensor Market: Technology Estimates & Trend Analysis

4.1. Segment Dashboard
4.2. Parking Sensor Market: Technology Movement Analysis, 2023 & 2030 (USD Billion)
4.3. Ultrasonic
- 4.3.1. Ultrasonic Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Billion)
4.4. Electromagnetic
- 4.4.1. Electromagnetic Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Billion)

Chapter 5. Parking Sensor Market: Installation Estimates & Trend Analysis

5.1. Segment Dashboard
5.2. Parking Sensor Market: Installation Movement Analysis, 2023 & 2030 (USD Billion)
5.3. OEM
- 5.3.1. OEM Revenue Estimates and Forecasts, 2018 - 2030 (USD Billion)
5.4. Aftermarket
- 5.4.1. Aftermarket Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Billion)

Chapter 6. Parking Sensor Market: Regional Estimates & Trend Analysis

6.1. Parking Sensor Market Share, By Region, 2023 & 2030 (USD Billion)
6.2. North America
- 6.2.1. North America Parking Sensor Market Estimates and Forecasts, 2018 - 2030 (USD Billion)
- 6.2.2. U.S.
  - 6.2.2.1. U.S. Parking Sensor Market Estimates and Forecasts, 2018 - 2030 (USD Billion)
- 6.2.3. Canada
  - 6.2.3.1. Canada Parking Sensor Market Estimates and Forecasts, 2018 - 2030 (USD Billion)
- 6.2.4. Mexico
  - 6.2.4.1. Mexico Parking Sensor Market Estimates and Forecasts, 2018 - 2030 (USD Billion)
6.3. Europe
- 6.3.1. Europe Parking Sensor Market Estimates and Forecasts, 2018 - 2030 (USD Billion)
- 6.3.2. U.K.
  - 6.3.2.1. U.K. Parking Sensor Market Estimates and Forecasts, 2018 - 2030 (USD Billion)
- 6.3.3. Germany
  - 6.3.3.1. Germany Parking Sensor Market Estimates and Forecasts, 2018 - 2030 (USD Billion)
- 6.3.4. France
  - 6.3.4.1. France Parking Sensor Market Estimates and Forecasts, 2018 - 2030 (USD Billion)
6.4. Asia Pacific
- 6.4.1. Asia Pacific Parking Sensor Market Estimates and Forecasts, 2018 - 2030 (USD Billion)
- 6.4.2. China
  - 6.4.2.1. China Parking Sensor Market Estimates and Forecasts, 2018 - 2030 (USD Billion)
- 6.4.3. Japan
  - 6.4.3.1. Japan Parking Sensor Market Estimates and Forecasts, 2018 - 2030 (USD Billion)
- 6.4.4. India
  - 6.4.4.1. India Parking Sensor Market Estimates and Forecasts, 2018 - 2030 (USD Billion)
- 6.4.5. South Korea
  - 6.4.5.1. South Korea Parking Sensor Market Estimates and Forecasts, 2018 - 2030 (USD Billion)
- 6.4.6. Australia
  - 6.4.6.1. Australia Parking Sensor Market Estimates and Forecasts, 2018 - 2030 (USD Billion)
6.5. Latin America
- 6.5.1. Latin America Parking Sensor Market Estimates and Forecasts, 2018 - 2030 (USD Billion)
- 6.5.2. Brazil
  - 6.5.2.1. Brazil Parking Sensor Market Estimates and Forecasts, 2018 - 2030 (USD Billion)
6.6. Middle East and Africa
- 6.6.1. Middle East and Africa Parking Sensor Market Estimates and Forecasts, 2018 - 2030 (USD Billion)
- 6.6.2. Saudi Arabia
  - 6.6.2.1. Saudi Arabia Parking Sensor Market Estimates and Forecasts, 2018 - 2030 (USD Billion)
- 6.6.3. UAE
  - 6.6.3.1. UAE Parking Sensor Market Estimates and Forecasts, 2018 - 2030 (USD Billion)
- 6.6.4. South Africa
  - 6.6.4.1. South Africa Parking Sensor Market Estimates and Forecasts, 2018 - 2030 (USD Billion)

Chapter 7. Competitive Landscape

7.1. Recent Developments & Impact Analysis by Key Market Participants
7.2. Company Categorization
7.3. Company Heat Map Analysis
7.4. Company Profiles
- 7.4.1. Robert Bosch GmbH
  - 7.4.1.1. Participant's Overview
  - 7.4.1.2. Financial Performance
  - 7.4.1.3. Product Benchmarking
  - 7.4.1.4. Recent Developments/ Strategic Initiatives
- 7.4.2. Aptiv PLC
  - 7.4.2.1. Participant's Overview
  - 7.4.2.2. Financial Performance
  - 7.4.2.3. Product Benchmarking
  - 7.4.2.4. Recent Developments/ Strategic Initiatives
- 7.4.3. Denso Corporation
  - 7.4.3.1. Participant's Overview
  - 7.4.3.2. Financial Performance
  - 7.4.3.3. Product Benchmarking
  - 7.4.3.4. Recent Developments/ Strategic Initiatives
- 7.4.4. NXP Semiconductors N.V.
  - 7.4.4.1. Participant's Overview
  - 7.4.4.2. Financial Performance
  - 7.4.4.3. Product Benchmarking
  - 7.4.4.4. Recent Developments/ Strategic Initiatives
- 7.4.5. Valeo
  - 7.4.5.1. Participant's Overview
  - 7.4.5.2. Financial Performance
  - 7.4.5.3. Product Benchmarking
  - 7.4.5.4. Recent Developments/ Strategic Initiatives
- 7.4.6. Autoliv Inc.
  - 7.4.6.1. Participant's Overview
  - 7.4.6.2. Financial Performance
  - 7.4.6.3. Product Benchmarking
  - 7.4.6.4. Recent Developments/ Strategic Initiatives
- 7.4.7. Gentex Corporation
  - 7.4.7.1. Participant's Overview
  - 7.4.7.2. Financial Performance
  - 7.4.7.3. Product Benchmarking
  - 7.4.7.4. Recent Developments/ Strategic Initiatives
- 7.4.8. Continental AG
  - 7.4.8.1. Participant's Overview
  - 7.4.8.2. Financial Performance
  - 7.4.8.3. Product Benchmarking
  - 7.4.8.4. Recent Developments/ Strategic Initiatives
- 7.4.9. TGS Group
  - 7.4.9.1. Participant's Overview
  - 7.4.9.2. Financial Performance
  - 7.4.9.3. Product Benchmarking
  - 7.4.9.4. Recent Developments/ Strategic Initiatives
- 7.4.10. Murata Manufacturing Co.,Ltd.
  - 7.4.10.1. Participant's Overview
  - 7.4.10.2. Financial Performance
  - 7.4.10.3. Product Benchmarking
  - 7.4.10.4. Recent Developments/ Strategic Initiatives
- 7.4.11. Tesla
  - 7.4.11.1. Participant's Overview
  - 7.4.11.2. Financial Performance
  - 7.4.11.3. Product Benchmarking
  - 7.4.11.4. Recent Developments/ Strategic Initiatives

Parking Sensor Market Size, Share & Trends Analysis Report By Technology (Ultrasonic, Electromagnetic), By Installation (OEM, Aftermarket), By Region, And Segment Forecasts, 2024 - 2030