Published on : Nov 28, 2016
ALBANY, NY, Nov 28, 2016: The research study, titled “Global Automotive Parking Sensors Market 2016–2020,” presents a detailed analysis of the market. To offer a clear picture of the global automotive parking sensors market, the research study throws light on the product segmentation, key applications, geographical segmentation, technological advancements, recent developments, and competitive landscape of the market. As per the study, the global market for automotive parking sensors is estimated to register an impressive 24.0% CAGR between 2016 and 2020. The adoption of LiDar in parking assist systems is expected to offer promising growth opportunities in the near future.
On the basis of sensor type, the global automotive parking sensors market has been categorized into ultrasonic and electromagnetic. Among these types, the ultrasonic sensors segment is expected to lead the global market, owing to the rising demand for parking assist systems among mid- and low-segment vehicles. Moreover, a substantial reduction in the price of ultrasonic sensors and their increased availability are anticipated to fuel the growth of this segment in the next few years.
The global market for automotive parking sensors has been classified on the basis of end use into original equipment manufacturers and aftermarket. In 2015, original equipment manufacturers (OEMs) led the overall market. The high growth of this region can be contributed to the rising volume sales of automobiles, including passenger cars, especially in developing countries. This segment is expected to remain in the lead position throughout the forecast period.
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From a geographical viewpoint, the Americas are expected to lead the global automotive parking sensors market and remain in the dominant position in the forecast period. A significant rise in the sales of mid-level and high-level cars in this region and the growing adoption of luxury cars are some of the key factors expected to encourage the growth of the automotive parking sensors market in the Americas. In addition, the emergence of new legislations that are pushing automotive original equipment manufacturers (OEMs) to offer parking assist systems is projected to fuel the growth of the market in the coming years.
The global market for automotive parking sensors is fragmented in nature with a large number of vendors operating in it. With the intent to attain a dominant place in the global market, key players are focusing on expanding their product portfolio and introducing innovative and effective systems. The rising number of players entering the market is projected to strengthen the competition in the next few years.
Texas Instruments, Bosch, DENSO, Murata Manufacturing, Valeo, and NXP Semiconductors are the prominent players operating in the automotive parking sensors market across the globe. A detailed analysis of these players has been presented in the research report, along with a SWOT analysis to provide a strong understanding of the market. Some of the other players included in the research report are Proxel, Black Cat Security, Parking Dynamics, and Nippon Audiotronix.
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