According to the new market research report by IndustryARC titled “ [FURL=https://www.industryarc.com/PressRelease/343/Parking-Sensors-Market-Research-Analysis.html]Parking Sensors Market[/FURL]: By Size (2, 4, 6, 8 Inches); By Type (GaN on Sapphire, GaN on Si, GaN on SiC, GaN on GaN); By-Products (Laser, LED, PSD, Others); By Industry (Automotive, Healthcare, Consumer Electronics, General Lighting, Military, Communication, Optical Storage, and Others); By Geography - Forecast(2018-2023),” 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 is forecast to dominate the Parking Sensors market during the forecast period due to the increasing sales of high-end cars that 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 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 the increasing vehicle population which drives the automotive industry.
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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.
The 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.
the growth of this segment can be attributed to the strict government 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.
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.
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.
About IndustryARC:
IndustryARC is a research and consulting firm that publishes more than 500 reports annually in various industries, such as Agriculture, Automotive, Automation & Instrumentation, Chemicals and Materials, Energy and Power, Electronics, Food & Beverages, Information Technology, Life sciences & Healthcare.