Albany, NY -- (SBWIRE) -- 11/28/2016 -- The global market for parking sensors has registered a remarkable surge in the recent times, finds a report by Transparency Market Research (TMR). The study, titled "Parking Sensors Market - Global Industry Analysis, Market Size, Share, Trends, Analysis, Growth and Forecast 2015 – 2023," states that the market is highly influenced by the increasing trend of automated vehicles.
The research report presents an all-inclusive analysis of the worldwide market for parking sensors, taking the key trends and prospects in consideration. According to the study, the benefits of parking sensors, such as easy identification of unoccupied parking spaces, has fueled their demand considerably. However, the limited detection range may emerge as a potential restraint in the growth trajectory of this market during the forecast period, notes the research study.
Broadly, the global market for parking sensors can be studied on the basis of technology and geography. Based on the technology, the market can be classified into ultrasonic and electromagnetic sensors.
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Ultrasonic parking sensors have the ability to detect hurdles even when the vehicle is stationary, owing to which, they are preferred by customers in comparison to electromagnetic sensors. However, the limited detection range of ultrasonic sensors is likely to act as a restraint in their adoption in the coming years. Electromagnetic sensors are projected to benefit substantially from this factor over the next few years, states the market report.
By geography, the global parking sensors market can be segmented into North America, Latin America, Europe, the Middle East and Africa, and Asia Pacific. North America has surfaced as the key contributor to this market. Supported by the increasing enforcement of government regulations pertaining to pedestrian's safety, the North America market for parking sensors market is anticipated to remain dominant throughout the forecast period.
Asia Pacific and Europe are also projected to register steady growth in the global market for parking sensors in the coming years. The rising demand for high-end vehicles with superior quality sensors is driving the Europe parking sensors market while the Asia Pacific market is projected to be propelled by the growing awareness among customers regarding the benefits parking sensors offer in terms of time and fuel efficiency, says an analyst.
The competitive landscape of the worldwide parking sensors market has also been evaluated in this study. Players operating in this market include both, sensor manufacturers and OEMs. Honda, Ford Motor Co., NXP Semiconductors N.V., Volkswagen, Abbott Analog Devices Inc., Robert Bosch GmbH, BMW, Texas Instruments Inc., Freescale Semiconductor Ltd., Hyundai, Audi, Denso Corp., Continental AG, and Mercedes-Benz are some of the leading participants in this market, states the research report.