Parking Sensors Market - Global Industry Analysis, Market Size, Share, Trends, Analysis, Growth and Forecast 2015 - 2023
Albany, NY -- (SBWIRE) -- 02/10/2017 -- Parking sensors could be defined as the proximity sensors which are needed in the automotive to assist the driver to park the vehicle safely and hassle free. The sensors used are the Advanced Driver Assistance Systems (ADAS) that helps the driver by giving an alert signal when there is an obstacles. Parking sensors assembles the information about the availability of space in the parking lots and coordinates between the cars to monitor them to find free space for parking. It uses advanced technologies to aid cars to locate, pay and reserve for parking space. The sensors provides real-time information through changeable message signs to drivers.
The ultrasonic parking sensors uses sound waves to detect the obstacle whether the vehicle is in motion or at rest while the electromagnetic sensors uses magnetic waves to detect the obstacle. Electromagnetic sensors are self-diagnostic and are equipped with a maintenance system. Some of the major drivers of this market are related to the benefits of sensor parking which includes easy identification of vacant parking spaces, effectiveness in terms of time and cost savings related to fuel efficiency. The main factor that isrestraining the growth of this market islimited detection range of the sensors. The biggest opportunity for this market is the technological advancement in artificial intelligence which would make the system operator independent.
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The market could be segmented on the basis of technologies which includes ultrasonic sensors and electromagnetic sensorsIn addition, the market could be segmented on the basis of geography which includes North America, Europe, Asia-Pacific and RoW.
Some of the key players dominating this market are Abbott Analog Devices Inc., Denso Corporation, Continental AG., Freescale Semiconductor Ltd., Robert Bosch GmbH, NXP Semiconductors N.V., BMW, Texas Instruments Inc., Mercedes Benz, Ford Motor Company, Audi, Honda, Hyundai and Volkswagen among others.