Impact of Covid-19 Outbreak on Automotive Parking Sensors Market

27/lug/2020 11:11:17 Automotive Market Research Reports Contatta l'autore

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The automotive industry is leveraging the developments in sensor technology to enhance vehicle performance. Automotive parking sensors have gained a quick mileage in the industry in a short time. Market Research Future MRFR has published a detailed report on the automotive parking sensors market for the forecast period 2018 to 2023. It reveals that the market is likely to expand at a stellar CAGR over the review period. Increasing demand for automatic cars is expected to fuel the growth of the market in the foreseeable future.

Industry leaders are focusing on the enhancement of automatic driving systems. The governments are also imposing strict regulations regarding the integration of automatic driving systems. These factors are projected to catalyze the expansion rate of the automotive parking sensors market over the next few years. In addition, the technology also ensures a higher degree of safety which is likely to raise awareness and boost sales in the years to come. Some automobile manufacturers are investing in the integration if screens along with automotive parking sensors for making it easier for the drivers. It is anticipated to influence the growth rate of the market greatly in the coming years.

These sensors are becoming the next-big-thing in the industry as it facilitates optimum utilization of parking space. Rapid urbanization is one of the key drivers of the automotive parking sensors market due to restricted availability of parking spaces. In addition, high income levels have generated demand for high-end cars. This, in turn, is poised to catapult the automotive parking sensors market on its growth trajectory. Rising demand for self-driving cars is expected to uncover the potential of the market over the assessment period. Adoption of sophisticated technologies in the automotive industry is also anticipated to unleash growth opportunities for market participants dealing with parking sensors for cars. However, the integration of these technologies leads to an increase in the price of automobiles. This might pose a challenge to the participants of the automotive parking sensors market.

Market Segmentation:

Based on type, the automotive parking sensors market has been segmented into reverse parking sensors, front parking sensors, and others.

The segments of the market, based on technology, are Ultrasonic sensors, Electromagnetic sensors, Infrared sensors, Laser and Others.

By vehicle type, the automotive parking sensors market has been segmented into passenger cars, LCV and HCV.

The division of the market, based on sales channel, covers OEM and aftermarket.

Regional Analysis:

The geographical evaluation of the global automotive parking sensors market has been offered in this MRFR report for four regions – North America, Asia Pacific (APAC), Europe, and the Rest of the World (RoW). The regional segments are narrowed down on the basis of countries to present a detailed analysis. Europe market is dominated by major automotive industry leaders based out of Germany and France. It is poised to account for a significant share if the global market through the evaluation period. Increasing adoption of the latest technologies by the manufacturers in the region is forecasted to drive the proliferation of the automotive parking sensors market. Asia Pacific is also prognosticated to develop rapidly owing to the growth of the automotive industry. China is investing in the development of its automotive industry which is anticipated to boost the expansion of the automotive parking sensors market in the foreseeable future.

Competitive Dashboard:

Robert Bosch GmbH (Germany), Denso Corporation (Japan), Continental AG (Germany), Aptiv PLC (Greece), NXP Semiconductors N.V. (the Netherlands), Autoliv Inc. (Sweden), Valeo (France), Gentex Corporation (U.S.), TGS Group (UK) and Murata Manufacturing Co., Ltd. (Japan).

Industry News:

In December 2019, BMW, an automotive giant, has announced the introduction of high-tech reversing assistant for its new 1 series.

Note: The COVID-19 pandemic disruption is estimated to transform the XX market in the years to come drastically, and its after-effects will be persistently seen in the years ahead. The MRFR report on the XX market meticulously tracks the COVID-19 pandemic effect for the years ahead. Moreover, the precise analysis of drivers and restraints in a post-COVID-19 market offers a coherent understanding of future growth cues.

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