The global automotive parking sensor market is projected to grow at a CAGR of 8.03% during the forecast period, reaching a total market size of US$2.118 billion in 2027 from US$1.233 billion in 2020. An automotive parking sensor is a type of proximity sensor that is used to guide and assist the driver in parking the vehicle. The parking sensor warns the driver of any obstacles in the way while parking the car. The parking sensors are either present in the front of the vehicle, the rear of the vehicle, or both ends of the vehicle. The growing popularity of smarter parking systems and solutions due to the rising number of accidents is significantly fueling the demand for parking sensors across different car model manufacturers. Rising investments in ADAS solutions will continue to bolster the growth of the automotive parking sensor market during the forecast period.
By Sensor Type
By sensor type, the global automotive parking sensor market has been segmented into front parking sensors and reverse parking sensors. The most widely used are reverse parking sensors, as they ease the parking process and thus hold a significant share of the market
By technology, the global automotive parking sensor market has been segmented as ultrasonic and electromagnetic. Of these, electromagnetically triggered sensors are used more as they provide a wider view while parking and can be easily mounted inside the bumper of a car.
By end-user, the global automotive parking sensor market has been segmented into OEMs and aftermarkets.
OEMs hold a significant share in the market as most of the major car companies now manufacture cars that have parking sensors already, whereas Aftermarket can grow its share over the coming years.
By Vehicle Type
By application, the global automotive parking sensor market has been segmented into passenger vehicles, light commercial vehicles, and heavy commercial vehicles. Passenger vehicles seem to hold a significant share of the market due to the demand for more passenger cars and better parking aids
Geographically, the global automotive parking sensor market is segmented as follows: North America, Europe, the Middle East & Africa, Asia-Pacific, and South America. Currently, the Americas hold a great share of the market and this is expected to increase over the coming years. Europe also holds a significant number of shares, which is said to increase over the coming years
The global automotive parking sensor market is competitive owing to the presence of well-diversified global and regional players. The key players are Robert Bosch GmbH, Valeo, Continental AG, Xvision Ltd, Scorpion Automotive Ltd, Aptiv plc, and Murata Manufacturing Co., Ltd., among others.
Industry Insights and Key Developments
The automotive parking sensor market is very competitive owing to the emergence of regional players and start-ups. Growing sales of automobiles in emerging economies like Brazil, Turkey, Iran, and India is a motivating factor for market players to enter these markets by introducing new products at a lower prices.
- For instance, Continental in August 2021, acquired a minority stake in the shares of Kopernikus Automotives to develop an autonomous parking procedure that would be backed by vehicle sensor data and intelligent infrastructure.
- For example, in April 2021, Honda released its modern and advanced driver-assistance systems (ADAS), named Honda Sensing Elite for a selected range of vehicles that are available in Japan. The system boasts SAE level 3 capabilities and also comes equipped with a Traffic Jam pilot module.
- Robert Bosch, LLC in October 2020, unveiled its novel ADAS and body electronics catalog, which featured various parts including the Park Pilot ultrasonic parking sensors. This catalog was designed with the aim to offer a high degree of high, accurate information, and access to images and application data of about 230 ADAS and body electronics parts.
- Positek launched a new line of in-cylinder, mounted position sensors named “P 116 series” with integrated electronics in August 2020. The latest linear position sensors combined Positek’s patented linear inductive position sensor, and non-contact inductive technology, coupled with the new micro-electronic ASIC circuit in order to offer a very compact and easily installed single device coming with multiple electrical interface options. These sensors are known to have a long life and are highly accurate, reliable, and durable.
- JTAPE has also been actively launching new and advanced products to its comprehensive range of parking sensors.
The COVID-19 pandemic caused a disruption in the automotive supply chain worldwide. The outbreak did not only disrupt production facilities around the world for these parking sensors but also negatively affected vehicle sales globally. For instance, in China, sales fell by 71% in February and by April, the US and Europe experienced a plunge of 47% and 80% respectively. Even the sales of the commercial vehicles of Tata Motors dipped from 36,955 units to 14,435 units between March 2021-April 2021, which impacted the parking sensor installations in vehicles. This automatically decreased the demand for parking sensors, leading to a decline in the market. Furthermore, the budget allocated for R&D was also significantly affected during this period, which deeply affected the development of fresh and innovative automotive parking sensors. The demand for this lighting equipment is directly proportional to vehicle production and with the outbreak of COVID-19, this demand for significantly disrupted.
The global automotive parking sensor market has been analyzed through the following segments:
- By Sensor Type
- Front Parking
- Reverse Parking
- By Technology
- By End-user
- By Vehicle Type
- Light Commercial Vehicle
- Heavy Commercial Vehicle
- By Geography
- North America
- United States
- South America
- United Kingdom
- Middle East and Africa
- Saudi Arabia
- Asia Pacific
- South Korea
- North America