Industry Insights
Dimensions of cars have undergone changes in recent times, thereby increasing the risk of physical damage to the vehicle while parking. Parking sensors help boost safety, and alleviate the risk of potential injury to pedestrians. Since they help in the detection of objects which are ordinarily obscured from view, the parking sensors market is expected to witness considerable demand over the forecast period. Parking sensors, which are installed into the vehicle’s rear bumper bar, can significantly mitigate the risk of accidents caused when the vehicle is in the reverse gear. They work in synchronization with a siren or internal buzzer, which gradually increases in frequency as the vehicle approaches an obstacle.
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Technology Insights
Ultrasonic and electromagnetic are the two primary types of technologies integrated into parking sensors. Ultrasonic parking sensors can detect obstacles even when the vehicle is stationary. However, they have a limited detection range and are difficult to install, as the vehicle’s crash protection bar restricts access to some extent. Electromagnetic sensors do not contain any visible parts and eliminate the need for drilling holes, thereby preserving the vehicle’s aesthetics. These sensors also help in detecting obstacles adjacent to the bumper in addition to the ones behind it.
Installation Insights
Parking sensors are either installed by the original equipment manufacturer (OEM) or through aftermarket services. Aftermarket sensors are more cost effective than OEM-installed ones as the latter are tailor-made for a particular vehicle model and are designed for longer durability. Ultrasonic parking aid installed through aftermarket services cost approximately USD 50, whereas the ones installed by OEMs can range from USD 500 to USD 1,000. Aftermarket installation of electromagnetic sensors costs close to USD 100.
Regional Insights
North America contributed to over 35% of the global parking sensors market revenue in 2013, and is expected to maintain its dominance throughout the forecast period. This can be primarily attributed to growing emphasis on ensuring pedestrian safety and alleviating vehicular damage caused by driver error. The European parking sensors market accounted for sizeable revenue share owing to increasing sales of high-end cars equipped with superior quality sensors. Asia Pacific is expected to witness the fastest growth, with an estimated CAGR of over 20% from 2014 to 2020.
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