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Parking Sensors Market to garner lucrative gains from vehicles applications, Asia Pacific to emerge as strong regional contender

Author : Ronak Bora | Published Date : 2019-03-26 

Parking Sensors Market growth in the Asia Pacific region is anticipated to be driven by a consistent increase in demand for mid-sized and compact vehicles equipped with safety features, particularly in China and India. North America is expected to dominate the parking sensors market during the forecast period. The rapid growth is attributed to increased sales of mid- and high-level cars and rising population of baby boomers & resultant adoption of luxury cars by them is expected to propel parking sensors market growth in the region. The introduction of legislations compelling the OEMs to produce advanced systems is expected to propel the growth.

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The governments in several countries are implementing strict regulations that mandate the installation and development of these systems to ensure safety and reduce the impact & occurrences of collisions. Increasing number of vehicle accidents due to drivers’ faults is forcing the governing bodies to mandate adherence to regulatory standards for adopting advanced technologies in vehicles to minimize fatalities and accidents. For instance, 76% of vehicle fatalities are accounted to be due to drivers’ faults. Growing legislative pressure is anticipated to force the automobile manufacturers to install automotive safety systems, which would promote the growth of parking sensors market.

Parking Sensors Market is anticipated to witness growth during the forecast period owing to the ability of these devices to alleviate risks to pedestrians and enhance the driver safety. The introduction of regulations that mandate the installation of rear cameras in vehicles is anticipated to drive parking sensors market growth over the next eight years.

The parking sensors market is segmented on the basis of installation and technology. On the basis of technology, these components are classified into electromagnetic and ultrasound. The ultrasonic sensors use sound waves to sense obstacles and electromagnetic type uses magnetic waves. The electromagnetic type is equipped with maintenance system and is self-diagnostic. Superior design due to transceiver adhesive strips and preservation of vehicles’ aesthetic appearance are expected to drive parking sensors market growth during the forecast period.

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The global parking sensors market ecosystem comprises several international vendors. There are several domestic players, who cater to needs in respective regions. Increasing focus of automotive manufacturers to implement safety systems as a differentiator is anticipated to drive market during the forecast period. Driver safety system manufacturers including Autoliv and Bosch are collaborating with the OEMs to manufacture and develop low-cost ADAS for compact cars. This is anticipated to help these companies reduce price and attain economies of scale.

Technological advancements in the artificial intelligence technology to make the system operator independent is expected to provide viable growth opportunities to the parking sensors market. One of the major trends in the market is the adoption of LiDAR. Growth and advent of LiDAR are attributed to the increasing need for better sensors. These have better capabilities in terms of detection of objects even in the absence of light.

On the basis of installation, the parking sensors market is segmented into OEM and aftermarket. Aftermarket components are cost-effective as compared to OEM components. OEM components are made specifically for a vehicle model and ensure superior fitment & construction.

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About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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