,” the Parking Sensors market will be driven by the adoption of LiDAR in parking assist system easy identification of vacant parking spaces and the effectiveness in terms of cost savings. It is expected to reach $7,458. 34m by 2023, growing at a CAGR of 24.3%.
Europe to Have the Largest Share in the Parking Sensors Market
Europe is forecast to dominate the Parking Sensors market during the forecast period due to the increasing sales of high end cars which have superior quality sensors. Due to highly developed countries such as Germany, UK, and France. The European Parking Sensors market is expected to reach $2,786m by 2023, growing at a CAGR of 22.9%. The growing demand for automated vehicles in the region has also driven the European market. In Asia Pacific, the increasing number of automotive production facilities production facilities will propel the demand for parking sensors.
Selected Regulatory Analysis Done in the Full Report:
The aftermarket integration segment will have the largest share in the Parking Sensors market. The segment’s value is forecast to reach $3,870m by 2023, growing at a CAGR of 22.0%. The growth of this segment is due to increasing vehicle population which drives the automotive industry. The growth of this segment can be attributed to the strict governmental regulations concerning vehicle safety across various regions. The original equipment manufacturers segment, on the other hand, is expected to have a faster growth rate than the aftermarket integration segment. This is primarily due to the growing consumer awareness about product quality. The OEM components ensure a superior construction of a vehicle and are made specifically for a vehicle model.
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Selected Driving Factors Mentioned in the Full Report:
Growing demand for park assist systems among vehicles will drive the growth of the car parking sensor in the forecast period. Cost savings related to fuel efficiency spurs the demand for the car parking sensor in the forecast period.
Growth of the automotive industry will propel the demand for cars with parking assistance during the forecast period.
Increased adoption of luxury cars will lead to the growth of the parking sensors market.The concept of smart concept is important for mobility in cities and provides a dependable revenue generation model.
Stringent regulations that mandate the installation of rear cameras in vehicles will drive the demand for parking detectors.
The growing need to ensure the safety of pedestrians will drive the growth of the parking sensors market. The technological advancement in artificial intelligence for making the system operator independent enhances the growth of the parking sensors market.
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Key Players of the Parking Sensors Market:
The key players of the Parking Sensors market include Continental, Bosch, Delphi, and Denso.
Continental AG will dominate the Parking Sensors Market in the forecast period, since it is one of the leading suppliers in the market. It contributes to 14% of the total revenue in the market. This company caters to different customers through its products, product launches, and innovation.
Bosch provides mobility solutions that ensure that driving is more safe and economical. It also provides independent parts to the automobile industry. — Bosch is involved in the industrial technology business sector that has divisions such control and drive technology. It also provides services for household appliances and power tools.
Delphi provides technologies that cover aspects such as steering, suspension, engine management and fuel systems for making vehicles run more efficiently. Delphi has introduced new advanced driver assistance system functions based on the environmental data from 77GHz radar sensors, such as lateral traffic assistance and side impact protection.
Denso in collaboration with NEC communication systems formed a joint venture in November 2017 to develop in-vehicle information and communications equipment.
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