The global parking sensors market is growing, due to several enhanced features provided by parking sensors, such as cost savings related to fuel efficiency, effectiveness in terms of time and easy identification of vacant parking spaces. The technological advancements in artificial intelligence which makes the system operator independent, is one of the major factors providing ample growth opportunities for the market. Whereas, limited detection range of the parking sensors is the major restraint for the growth of the market. Large numbers of accidents occur, when the vehicle is in reverse gear, which increases the necessity for the installation of parking sensors into the rear bumper bar of the vehicle.

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Among all the regions, North America led the global parking sensors market in 2014 and is also expected to maintain its dominance during the forecast period. This is particularly due to growing automotive industry in the region. The increasing need for improving potential damage to the vehicle and ensuring the safety of pedestrians in the region is also supporting the dominance of North America in the global market. Moreover, the initiatives taken up by regulatory bodies in the region are also expected to drive the growth of the market in the coming years. Boston’s Department of Transportation provides an application for its parking sensors project, due to shrinking parking spaces, which simplify the task of searching for a parking spot and alleviate the traffic flow. The Asia-Pacific market is expected to grow with the highest rate among all the regions. Europe also holds a significant share in the market, due to increasing sales of high-end cars, equipped with superior quality sensors in the region.

On the basis of technology, the ultrasonic segment leads the market; whereas, the electromagnetic segment is expected to grow with the highest rate during the forecast period. Electromagnetic technology supports in overcoming issues, such as occurrence of visible parts on the bumper of vehicles. Electromagnetic parking sensor preserves the appearance of vehicle, as it eliminates the need for drill holes. Additionally, they are equipped with a maintenance system and self-diagnostic system. 

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Among all the installation types, the original equipment manufacturer (OEM) segment led the market; whereas, the aftermarket category is growing with the highest rate. The aftermarket parking sensors are cost effective, in comparison to original equipment manufacturer. This is because sensors installed by OEM are made precise to the model of the vehicle. The sensors installed by OEM ensure superior fitment and construction, which is further driving the growth of the category. Parking sensors coordinate between the cars for monitoring them to find free space for parking and collects the information about the availability of space in the parking lots. Changeable message signs are used by the sensors for providing real-time information to the drivers.

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