Parking Sensor Market Size, Share & Trends Analysis Report By Technology (Ultrasonic, Electromagnetic), By Installation (OEM, Aftermarket), By Region, And Segment Forecasts, 2024 - 2030

Parking Sensor Market Size & Trends

The global parking sensor market size was valued at USD 10.26 billion in 2023 and is projected to grow at a CAGR of 15.4% from 2024 to 2030. Increasing traffic and inadequate parking spaces in urban areas have prompted a focus on smart parking systems. The market is experiencing robust growth, driven by the growing demand for advanced driver assistance systems (ADAS) and the increasing focus on vehicle safety. These sensors have become essential components, especially in urban environments where parking spaces are limited.

Parking sensors are widely used in several applications, such as light commercial vehicles, passenger cars, and heavy commercial vehicles. They help to prevent potential injury to pedestrians and are useful in changing the dimensions of the average car. The increasing customer preference for vehicles with ADAS features is boosting integration of parking sensors into vehicles. In March 2023, Tesla developed a new technology for its electric vehicles called 'Tesla Vision Park Assist,' which offers distance estimations to things surrounding the vehicle to make parking in tight places easier. In addition, in January 2023, BMW Group and Valeo signed an agreement to work together on a new high-end parking user experience for customers on private grounds and parking facilities.

Parking sensors are often attached to the vehicle's bumper to alert the driver to obstructions while parking. They estimate the distance between vehicles and the obstruction, either in front or behind. With several governments mandating the use of safety features in vehicles, the demand for these sensors in vehicle safety systems is growing.

Technology Insights &Trends

Ultrasonic sensor accounted for the largest market share in 2023. Ultrasonic sensors are used to calculate the distance of any object by emitting ultrasonic sound waves and turning the sound into an electrical signal.

Electromagnetic sensor is expected to register the fastest CAGR during the forecast period. This is attributable to the growing demand for advanced driver assistance systems (ADAS) and an increasing focus on vehicle safety. Electromagnetic parking sensors use electromagnetic fields to find obstacles around a car and are especially useful in situations where obstacles may not be visible to the naked eye, making them a valuable addition to parking safety.

Installation Insights & Trends

The original equipment manufacturer (OEM) segment dominated the market in 2023. This is primarily because OEMs install genuine sensors for the specific vehicle model. Furthermore, the fitment & construction of OEM parking sensors are superior, thus ensuring they last longer.

The aftermarket is projected to grow at the fastest CAGR over the forecast period. The aftermarket offers a wider range of parking sensor options than OEMs. Different sensor technologies, functionalities, and price points are available to suit driver’s needs and budget. Furthermore, many new cars these days come with parking sensors as standard features. But as these vehicles age and their original warranties expire, drivers who are looking for repairs or replacements may turn to the aftermarket for more affordable options.

Regional Insights & Trends

North America parking sensor market dominated with a market share of 43.9% in 2023, as road safety concerns are at an all-time high. The alarming rise in accidents has prompted governments and regulatory agencies to take decisive measures.

U.S. Parking Sensor Market Trends

The parking sensor market in the U.S. dominated the North America market with a share of 83.7% in 2023. Safety features in cars are becoming crucial to American drivers, and parking sensors are one useful tool that can help avoid accidents when making low-speed maneuvers. As a result, more automakers are now providing parking sensors as standard equipment on a wider range of models.

Europe Parking Sensor Market Trends

Europe market was identified as a lucrative region in 2023. European cities are distinguished by increased population densities and limited parking spaces. Parking sensors assist in complying with the regulations by providing real-time monitoring and guidance to drivers, ensuring safe and efficient parking.

The UK parking sensor market is expected to grow rapidly in the coming years due to growing focus on safety features in vehicles in the UK. London is one of the most densely populated cities in the UK. Parking sensors have the potential to be a valuable tool for drivers in these areas.

Asia Pacific Parking Sensor Market Trends

The Asia-Pacific region held a significant market share in 2023. This is attributed to the initiatives undertaken by regulatory bodies to ensure the safety of pedestrians. Additionally, the high demand for automobiles in this region owing to growing population & disposable income and the addition of assistive features are expected to contribute to market growth.

Key Parking Sensor Company Insights

Some of the key companies in the parking sensor market include Robert Bosch GmbH, Denso Corporation, Aptiv, Valeo, and others.

• Continental AG produces a variety of vehicle sensors, including ultrasonic parking sensors, speed, battery, and current sensors, chassis sensors, and electronic-tire information systems (eTIS).

Parking Sensor Market Report Scope

Global Parking Sensors Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global parking sensor market report based on technology, installation, and region.

• Technology Outlook (Revenue, USD Billion, 2018 - 2030)

  • Ultrasonic

  • Electromagnetic

• Installation Outlook (Revenue, USD Billion, 2018 - 2030)

  • OEM

  • Aftermarket

• Regional Outlook (Revenue, USD Billion, 2018 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • UK

    • France

  • Asia Pacific

    • China

    • Japan

    • India

    • South Korea

    • Australia

  • Latin America

    • Brazil

  • Middle East and Africa (MEA)

    • UAE

    • South Africa