PUBLISHER: KBV Research | PRODUCT CODE: 1548788
PUBLISHER: KBV Research | PRODUCT CODE: 1548788
The Global Parking Sensor Market size is expected to reach $27.7 billion by 2031, rising at a market growth of 14.9% CAGR during the forecast period.
Europe has stringent automotive safety regulations that encourage or mandate the inclusion of advanced safety features, including these sensors, in new vehicles. Compliance with these regulations drives demand for these sensors across the region. Consequently, the European region would acquire nearly 30% of the total market share by 2031.
As consumers become more aware of the hazards associated with driving, there is an increasing demand for vehicles specifically designed to prevent accidents. In many regions, governments are introducing regulations that mandate the inclusion of certain safety features in vehicles, including these sensors. In conclusion, rising consumer demand for safety features drives the market's growth.
Additionally, Urbanization leads to a higher concentration of city vehicles, resulting in more crowded streets and parking lots. Likewise, modern cities are characterized by complex road networks and multi-level parking structures. Navigating these environments can be challenging, especially for inexperienced drivers. Thus, the surge in global urbanization is propelling the market's growth.
However, Advanced sensor systems, which often include features like 360-degree cameras, ultrasonic sensors, and radar technology, can be expensive. Advanced sensor systems may be inaccessible to a substantial portion of the population in regions with lower average incomes due to their high cost. Thus, the high costs of advanced parking systems are hampering the market's growth.
Technology Outlook
Based on technology, the market is divided into ultrasonic and electromagnetic. The electromagnetic segment attained 38% revenue share in the market in 2023. Electromagnetic sensors use magnetic fields to detect objects, providing precise information about the presence and location of obstacles.
Installation Outlook
On the basis of installation, the market is segmented into OEM and aftermarket. In 2023, the aftermarket segment attained 23% revenue share in the market. Installing these sensors in older vehicles can extend their usability and relevance. As vehicles age, owners may want to add new features to maintain their vehicle's value and functionality, driving demand for aftermarket solutions.
Regional Outlook
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America region witnessed a 42% revenue share in the market in 2023. North America, particularly the United States and Canada, has many vehicles. High vehicle ownership rates drive demand for these sensors as more vehicle owners seek to enhance safety and convenience features.
Recent Strategies Deployed in the Market
List of Key Companies Profiled
Global Parking Sensor Market Report Segmentation
By Technology
By Installation
By Geography