Market Dynamics:
Market Research Future (MRFR) expects the automotive parking sensors market 2020 to thrive at a steady rate of 7.5% between 2018 and 2023 (assessment period). We will provide covid-19 impact analysis with the report. The COVID-19 impact on the market has been studied in the report, which offers an in-depth analysis post the coronavirus disease outbreak.
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COVID-19 Analysis
The SARS-CoV-2 outbreak has brought the manufacturing sector to a halt, with a number of OEMs as well as components suppliers trying to revive their usual production. The COVID-19 outbreak is resulting in substantial delays in product deliveries, postponing of various launches, supply chains turning fragile, SMEs facing financial crunch, and vehicle sales declining exponentially. The novel coronavirus is also expected to further worsen the situation for the automotive industry, in the form of more stringent CO2 emissions regulations paired with the rising need for investments in advanced technologies. However, the pandemic has shed light on the benefits of automation and robotics, which have noted higher adoption post COVID-19 outbreak. With IoT, digitalization and industrial automation becoming highly relevant to the Tier 1 manufacturers following the SARS-CoV-2 outbreak, these can emerge as significant opportunities for the automakers.
Companies in the automotive parking sensors market are rigorously working on exploring techniques to deal with the issues brought on by the dreadful pandemic. These companies are trying to adjust to the current lockdown by adopting various mitigation measures that can ensure uninterrupted production and reduced revenue loss. COVID-19 has completely altered the market outlook for the auto manufactures and has steered their focus towards development of advanced solutions within their vehicles. This can be a great opportunity for the automotive parking sensors market, in addition to the automotive industry’s intense efforts to join the healthcare sector in their mission to find COVID-19 breakthrough.
Key Drivers and Main Barriers
In June 2020, Maruti Suzuki India revealed that it is planning to launch CNG models, electric cars and SUVs in the country by 2021. Considering the safety aspect, Maruti Suzuki’s first electric car is expected to feature rear parking sensors, along with side airbags, seat belt reminder as well as a speed alert system. Notable launches by top companies, wherein the car models are equipped with the latest technologies such as parking sensors, not only helps them gain extensive profits but also benefitthe automotive parking sensors market, as it gives a significant boost to the vehicle sales across regions.
Assisted-parking systems are observing massive demand among consumers, which could be a prominent growth inducer in the automotive parking sensors market. Parkingsensors find extensive use in assisted-parking systems since they help sense any hurdles within the car range and then produce a visual or audio alert for the driver. Digital graphics display screens along with reverse parking systems reveal the hurdle that the car is closest to and provide safer, more accurate and better movement. Leveraging the growth potential of the market, more and more players are introducing advanced parking assist systems that feature rear-facing cameras to draw in a higher number of customers.
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Automotive Parking Sensors Market Segmentation
The parking sensors market can be considered for type, technology, sales channel and vehicle type.
The types of automotive parking sensors include front parking sensors, reverse parking sensors, and more.
The technology-wise market categories are Electromagnetic sensors, Ultrasonic sensors, Laser, Infrared sensors, and others.
Depending on the sales channel, the primary segments listed in the study are OEM as well as aftermarket.
Vehicle types that have been taken in account by MRFR experts are LCV, HCV and passenger cars.
Automotive Parking Sensors Market Regional Overview
The Automotive Parking Sensors market is spread across the main regions of North America, APAC or Asia Pacific, Europe, and RoW or Rest of the World.
In the coming years, it is expected that Europe could claim the biggest share in the global market, with the lead projected to be taken by the top automobile manufacturing economies such as France and Germany. Strict regulations in the region that pertain to pedestrian and vehicle safety are also prompting automotive OEMs to equip their vehicles with safety features like parking sensors.
The APAC market could possibly procure the fastest expansion rate over the review period, with the top contributors to the growth being the developing countries of India and China. The production as well as the demand for automobiles across these countries is consistently growing, which is also encouraged by the booming population. Due to these factors, these nations are perennially faced with parking space issues, which have enhanced the significance of features like parking sensors. Besides, the escalating disposable income of the people in the region along with the expanding middle classpopulace that are highly aware of pedestrian and vehicle safety also result in a positive industry outlook.
Significant Players
Significant players that are adopting various marketing hacks to boost their share in the Automotive Parking Sensors industry are NXP Semiconductors N.V. (the Netherlands), Denso Corporation (Japan), Valeo (France), Gentex Corporation (U.S.), Aptiv PLC (Greece), Continental AG (Germany), TGS Group (UK), Robert Bosch GmbH (Germany), Autoliv Inc. (Sweden), Murata Manufacturing Co., Ltd. (Japan), and more.
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