Industry Background:
Parking sensors are proximity sensors for road vehicles designed to alert the driver of obstacles while parking. Parking sensors are proximity sensors required in vehicles to assist the driver for hassle-free and safe car parking. These are installed in the car’s rear bumper and help in the detection of objects, which are concealed from the view & mitigate the risk of accidents when the car is in the reverse modeThis growth is primarily driven by Automotive Driver Assistance Systems Programs With The Concern Of Safety And Security Points, Growing Demand For The Ultrasonic Parking Sensors With Leading To Parking Sensor, Increasing Demand For IOT In The Automobiles and Government Initiatives In Various Country For Safety Purpose.
Globally, a noticeable market trend is evident Technological Advancement by merging the system with Artificial Intelligence. Major Players, such as Abbott Analog Devices, Inc. (United States), Volkswagen (Germany), Denso Corporation (Japan), Honda (Japan), Hyundai (South Korea), Continental AG (Germany), Robert Bosch GmbH (Germany), Ford Motor Company (United States), Audi (Germany), Mercedes Benz (Germany), NXP Semiconductors N.V. (Netherland), Texas Instruments, Inc. (United States), Freescale Semiconductor, Ltd. (United States), BMW (Germany) and Sandhar Technologies Limited (India) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
On 19th February 2020, Sandhar-Whetron inaugurates a new parking sensor line at Gurgaon. The relationship soon transformed into a 50:50 joint venture with both parties agreeing to invest in the local development of new technologies as well as set up facilities in the country to cater to the potentially large volumes that India would offer with its rising vehicle parc.
Market Drivers
- Automotive Driver Assistance Systems Programs With The Concern Of Safety And Security Points
- Growing Demand For The Ultrasonic Parking Sensors With Leading To Parking Sensor
- Increasing Demand For IOT In The Automobiles
- Government Initiatives In Various Country For Safety Purpose
Market Trend
- Technological Advancement by merging the system with Artificial Intelligence
Restraints
- Less Detection Range Of Sensors
- System Integration
- High Implementation Cost And Increased Cost Of Vehicles
Opportunities
Increasing Adoption of Smart Cities by Governments across Regions, Advancements In Autonomous Cars And Smart Park Technology and Future of Smart Parking Systems with Parking 4.0 will Boot the Parking Sensors Market
Challenges
Lack Of Availability Of Supporting Infrastructure and Rapid Technological Changes
AMA Research follow a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcase the spontaneously changing Players landscape impacting the growth of the market. Furthermore, our market researchers extensively analyse the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts, but also include significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Parking Sensors Study Sheds Light on
The Parking Sensors Market status quo and key characteristics. To end this, Analyst at AMA organize and took survey of the Parking Sensors industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Parking Sensors industry is heading and what are the top priorities. Insights are drawn from financial analysis, the survey and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold value they currently claim, or capture the new addressable opportunity.