LONDON--(BUSINESS WIRE)--The global automotive parking sensors market is expected to grow at a CAGR of more than 25% during the period 2018-2022, according to a new market research study by Technavio.
The report presents a comprehensive research of the global automotive parking sensors market by product (ultrasonic sensors and electromagnetic sensors), by application (passenger cars and commercial vehicles), and by end-user (OEMs and aftermarket). The report also determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as APAC, the Americas, and EMEA.
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Market driver: growing demand for assisted-parking systems
Parking sensors are the most extensively used assisted-parking systems. The sensors mounted on bumpers sense the distance of the obstacles from the range of the car and provide an audio or visual alert to the driver. Reverse parking systems are now combined with a digital graphics display screen that displays the part of the car closest to an obstacle and allows for a better, safer, and more accurate maneuver.
According to a senior analyst at Technavio for automotive electronics research, “New parking assist systems have a rear-facing camera that is mounted high and pointed slightly downward. It displays the obstacles more clearly than the rear-view mirror. These cameras have a wide-angle lens and provide a broad field of view. The images are displayed to the driver through a screen mounted on the dashboard of the car and offer guidelines that show the direction of the car based on the current steering angle and its proximity to the obstacle.”
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Market trend: adoption of reverse cameras along with parking sensors
Reversing cameras provide guidance while parking the vehicle and even help in parking in limited spaces. According to research, reverse cameras are more useful while reversing when compared with parking sensors. Reverse parking camera is significantly expensive and is a better alternative, usually in the cases where detecting moving obstacles is of importance. Combining both parking sensors and reverse cameras is gaining prominence. Parking sensors sometimes detect the objects that are not visible in the camera's field of view. Luxury cars are equipped with cameras that provide a 360-degree view.
Market challenge: high replacement cost associated with parking systems
The replacement cost of automotive sensors is not very high, but the total repair including the replacement or removal of sensors is very time consuming and involves high cost of labor as it requires specific skillset. If automotive sensors are not appropriately treated, it may lead to severe accidents that may further increase the maintenance costs.
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