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Parking Sensors Market Share, Growth 2020 | Industry Trend Report

Parking Sensors Market Analysis Report By Technology And Segment Forecasts From 2012 To 2020

Report ID: MN17619803  |  Published: June 2020  |  No of Pages: 60
Format: Electronic (PDF)  |  Industry: Sensors  |  Publisher: Grand View Research

Industry Insights

This report is an analysis of the global parking sensors market. Also termed as proximity sensors, these have applications in automobiles to help the driver to park the vehicle safely. They have in-built Advanced Driver Assistance Systems (ADAS) that inform the driver of any hurdles and also help in the reduction of parking spaces along with the rising number of vehicles. A normal car observes changes in its dimensions, resulting in difficulties in parking that result in damages to the vehicle. Moreover, parking sensors provide safety and safeguard pedestrians from injuries. Since these can track other vehicles, children, fences, pillars, walls, etc. which is generally hidden from the view, the demand for parking sensors is expected to grow over the forecast period.

As per the Department of Transportation (DoT), a significant number of accidents take place when the vehicle is put into the reverse gear. This can be reduced to a certain extent through parking sensors installed in the rear bumper bar. The sensors can also be colored to adhere to the aesthetic look of the vehicle. The integration of the parking sensors with a siren or internal buzzer whose frequency ultimately increases when the vehicle reaches near an object. The parking sensors can also be installed with an LCD display that shows the distance between the object and the automotive. This results in a timely warning to the driver and thus, prevents a future accident. Usually, two or four sensors are installed coupled with a control interface and an internal siren. Six or eight sensor systems can also be used for a better view, and these may be wireless or wired.

Technology Insights

Reverse and parking sensor technologies consist of electromagnetic and ultrasonic technologies. Ultrasonic technology is much older and it uses sound waves to calculate the distance between objects. Around four to six sensors are generally installed on the bumper using drill holes and need to be painted to coordinate with the color of the bumper. Further, the sensors deliver and receive ultrasonic signals, and track whatever that enters the signal. It is then transformed into an audible siren to deliver the information to the driver. One of the benefits of the technology is its characteristic to identify obstacles and objects during a stationary vehicle. However, these systems have fallouts like limited detection range. Additionally, ultrasonic parking sensors might be physically deep for installing in the bumper owing to the existence of the crash protection bar.

Electromagnetic technology provides numerous benefits, especially the absence of visible parts. These sensors prevent the requirement for drill holes thus, safeguarding the vehicle’s look. A transceiver adhesive strip is put with the length of the bumper’s interior. The control unit develops a magnetic field while the car is in the reverse gear, which is further placed onto the adhesive strip. Thus, the sensors help in identifying objects at the bumper’s side rather than directly behind the bumper.

The transceiver strip operates in a consolidated manner as compared to the ultrasonic technology that needs two types of sensors to receive and send signals. The control unit tracks the surge in voltage when an object like a person, vehicle, etc. enters the field. A range of audible tones then informs the driver about the obstacle helping him in taking an accurate decision. Moreover, these sensors can only detect objects in a moving vehicle. Electromagnetic parking sensors consist of a maintenance system and are self-diagnostic. This system provides them with timely feedback.

Installation Insights

Parking sensors can be installed through the original equipment manufacturer (OEM) or by the aftermarket services. Aftermarket installation is substantially cost-effective as against OEM installation. This is because the genuine sensors installed by OEMs are developed specially for the model of the under-construction vehicles. Moreover, the fitment and construction of OEM sensors are higher, therefore, are more long-lasting.

Parking sensors market

Low-quality parking sensors can easily be damaged, and might not alert the driver when the vehicle is in proximity to a hurdle. Ultrasonic technologies are cost-effective, while aftermarket systems cost around USD 50. These sensors can be installed by OEMs, whose price range between USD 500 to USD 1000. Electromagnetic parking sensors are costlier with aftermarket installation costs over USD 100.

Regional Insights

North America held a market share of 38.5% in 2012 and is anticipated to maintain its lead over the forecast period. The rising concerns for the safety of pedestrians and combating damages to the vehicles due to the driver’s mistakes are predicted to be the major factor boosting the regional parking sensors market. Moreover, government initiatives are poised to drive the demand for the product in the near future. Boston’s Department of Transportation, with regards to the shrinking parking space has developed an app for its sensors project that is predicted to increase its adoption.

Europe held a significant share in terms of revenue, and the rising sales of high-end cars equipped with high-quality sensors is anticipated to drive market growth in the near future. Asia Pacific is poised to account for the fastest growth with a CAGR of 20.1% from 2013 to 2020.

Parking Sensors Market Share Insights

The market has a number of companies mainly engaged in sensor and original equipment manufacturing. For instance, BMW provides Park Distance Control, which is equipped with ultrasound sensors that operate in relation to an acoustic signal. Few models consist of a control display that provides the driver to foresee hurdles in a parking lot. A warning tone provides a signal to the vehicle when an obstacle is at a distance of 30 cm. The Parking Dynamics PD1 sensor provides electromagnetic parking support, with a speaker and an electronic control unit (ECU). The sensor can fit in any car like MPV or an SUV.

Report Scope

Attribute

Details

Base year for estimation

2012

Forecast period

2013 - 2020

Market representation

Revenue in USD Million & CAGR from 2012 to 2020

Regional scope

North America, Europe, Asia Pacific, RoW

Report coverage

Revenue forecast, company share, competitive landscape, and growth factors and trends

15% free customization scope (equivalent to 5 analyst working days)

If you need specific information, which is not currently within the scope of the report, we will provide it to you as a part of customization


Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of latest industry trends in each of the sub-segments from 2012 to 2020. For the purpose of this study, Million Insights has segmented the global parking sensors market based on technology, installation, and region:

• Technology Outlook (Revenue in USD Million, 2012 - 2020)
    • Ultrasonic
    • Electromagnetic

• Installation Outlook (Revenue in USD Million, 2012 - 2020)
    • OEM
    • Aftermarket

• Regional Outlook (Revenue in USD Million, 2012 - 2020)
    • North America
    • Europe
    • Asia Pacific
    • RoW

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