Technavio, a tech-focused market research firm, has published a new report on the global automotive parking sensors market, which is expected to experience a slow but steady growth rate with a CAGR of close to 2% during the forecast period 2016-2020.
This latest report by Technavio covers the market outlook and growth prospects of the global automotive parking sensors market for 2016-2020, considering 2015 as the base year. In addition, an overview of the market, key leading countries, vendor landscape, and a detailed analysis of the top vendors operating in this market are covered in the report.
Based on geographical division, Technavio market researchers segment the global automotive parking sensors market into the following key regions: the Americas, APAC, and EMEA.
Geographical segmentation of the global automotive parking sensors market for 2015 (market share %)
|
Americas |
38.61% |
|
EMEA |
38.41% |
|
APAC |
22.98% |
Source: Technavio
Automotive parking sensors market in the Americas
In 2015, the Americas accounted for around 39% share of the global automotive parking sensors market and was one of the major revenue contributors. Owing to the increased adoption of luxury cars by baby boomers and the rising population of baby boomers, there is an increased demand for automotive parking sensors in the US. Moreover, legislation is playing an essential role in the broader application of parking sensors in the region. In the passenger car segment, the growing adoption of luxury cars and mid segment vehicles will positively influence the automotive parking sensors market. In the case of luxury cars, it is expected that the adoption of high revenue contributing electromagnetic parking sensors will fuel revenue growth for the automotive parking sensors market. Hence, the continuous growth of luxury cars will be vital for the automotive parking sensors market in the Americas.
According to Praveen Kumar, a lead analyst at Technavio, specializing in research on automotive electronics, “The high income of car owners and rising age of these people is pushing the demand for the luxury cars in the US. So, to increase its presence in the Americas, luxury cars will adopt electromagnetic sensors, which will fuel revenue growth. Additionally, OEMs will contribute the maximum to the growth, as the aftermarket is dominated by ultrasonic sensors in the Americas.”
The legislation standard for compulsory backup cameras in vehicles will push the implementation of parking sensors in CVs, particularly LCVs along with passenger cars. Additionally, these vehicles are expected to adopt electromagnetic sensors over ultrasonic sensors owing to the safety provided from external weather exposure. This will push the revenue growth in the Americas. Technavio expects the Americas to be driven by both the adoption of ultrasonic sensors and the adoption of electromagnetic sensors. Further, Technavio expects that the Americas will triple its revenue during the forecast period.
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Automotive parking sensors market in EMEA
The major contributors to the automotive parking sensors market in Europe includes the UK, France, Germany, and Italy. Owing to the improved economy, these countries are witnessing steady growth and have a high penetration of luxury cars. EMEA has the strong presence of aftermarket players, particularly for electromagnetic sensors. Europe’s push toward safety features and the availability of quality aftermarket players, led to the huge adoption of parking sensors through the aftermarket. Improvements in the luxury cars market in EMEA is another positive factor for the automotive parking sensors market. European luxury cars market was affected by the aging population and uncertain economic conditions for a long time. However, the luxury cars market showed growth from 2014 and is expected to remain positive during the forecast period.
Automotive parking sensors market in APAC
In the APAC region, the major contributors to the automotive parking sensors market are China and India. Technavio expects APAC to be the fastest growing region in the global automotive parking sensors market, and this will allow the region to increase its share in the market. The key factor driving growth in the automotive parking sensors market in APAC is the rising adoption of luxury cars. Technavio expects APAC to become the dominant region for the luxury cars market during the forecast period. For instance, China is anticipated to surpass the US in terms of luxury cars units sold in 2016, and is expected to increase the gap further during the forecast period. Furthermore, the market in India is also observing the rising adoption of luxury cars. The rising disposable income and the young age of the population are the main factors behind the increasing growth of this segment in these two countries.
Apart from passenger cars, the growth in APAC during the forecast period will be attributed to the adoption of parking sensors in CVs. The entrance of this model can push other existing OEMs toward the adoption of parking sensors as safety is paramount in these vehicles. Technavio expects the LCVs segment to witness the adoption of parking sensors in APAC and it is also expected that the region will clock the maximum growth during the forecast period.
The top leading vendors operating in the global automotive parking sensors market are:
- Bosch
- DENSO
- Murata Manufacturing
- NXP Semiconductors
- Texas Instruments
- Valeo
Other prominent vendors in the market include Black Cat Security, Nippon Audiotronix, Parking Dynamics, and Proxel.
A more detailed analysis is available in the Technavio report tilted, ‘Global Automotive Parking Sensors Market 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Automotive Advance Driver Assistance System Market 2016-2020
- Global Automotive Defogger System Market 2016-2020
- Global Smart Parking Market 2015-2019
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