The global automotive parking sensor market is anticipated to grow at a significant CAGR of 12.5% during the forecast period (2022-2028). Due to an increase in demand for driving assistance sensors and aftermarket sales of parking sensors for automobiles, the automotive parking sensor market is expected to develop. One of the primary factors that will accelerate the growth of the global automobile Parking Sensor market in the future is the growing impact of the new car assessment program (NCAP).
An automotive parking sensor is a proximity sensor that works in conjunction with a driver sensor to provide the driver with necessary information about the vehicle’s closeness to an item. Automotive parking sensors also ensure the safety of a vehicle and provide information to the driver about the availability of parking spaces within a designated region. Rising demand for passenger automobiles, combined with rising public awareness of the importance of safety, has resulted in increased sales and demand for automotive parking sensors. This reason will propel the vehicle Parking Sensor market forward.
Other factors that boosted the automotive parking sensor market include rising demand for driver sensors and improved technologies in automobiles. Likewise, some insurance companies provide discounts on insurance premiums for automobiles that are fitted with advanced technologies. The automobile parking sensor market is expected to grow as a result of this aspect. Several governments throughout the globe have begun enacting strict safety standards for automobiles, requiring the development and deployment of these systems.
Some major players in the market include Continental AG, Delphi Automotive PLC, Denso Corp., Robert Bosch GmbH, and ZF TRW Automotive Holdings Corp., among others. The market players are contributing significantly to the growth of the market by the adoption of various strategies including mergers and acquisitions, geographical expansion, partnerships, collaborations, and new product launches, to stay competitive in the market.
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Market Coverage
The market number available for – 2021-2028
Base year- 2021
Forecast period- 2022-2028
Segment Covered-
By Component Type
By Vehicle Type
By End-Use
Regions Covered-
North America
Europe
Asia-Pacific
Rest of the World
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Competitive Landscape-
Continental AG, Delphi Automotive PLC, Denso Corp., Robert Bosch GmbH, ZF TRW Automotive Holdings Corp., among others.
Key questions addressed by the report
What is the market growth rate?
Which segment and region dominate the market in the base year?
Which segment and region will project the fastest growth in the market?
How has COVID-19 impacted the market?
Deviation from the pre-COVID-19 forecast
Most affected region and segment
Who is the leader in the market?
How players are addressing challenges to sustain growth?
Where is the investment opportunity?
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