Global Parking Sensor Market Insights Forecasts to 2033

• The Global Parking Sensor Market Size was Valued at USD 10.19 Billion in 2023
• The Market Size is Growing at a CAGR of 15.35% from 2023 to 2033
• The Worldwide Parking Sensor Market Size is Expected to Reach USD 42.50 Billion by 2033
• Asia Pacific is Expected to Grow the fastest during the forecast period.

The Global Parking Sensor Market Size is anticipated to exceed USD 42.50 Billion by 2033, Growing at a CAGR of 15.35% from 2023 to 2033. The increasing use of advanced driver assistance systems and artificial intelligence opens up several options to accelerate the rise of the parking sensor market.   

Market Overview

Parking sensors are proximity sensors made for cars that warn drivers of obstructions when parking. Either ultrasonic or electromagnetic sensors are used in these parking sensors. These systems use ultrasonic proximity detectors, which use sensors in the front or rear bumper to determine the distances to nearby objects. Light commercial vehicles, passenger cars, and heavy commercial vehicles are many applications for parking sensors. They help alter the typical car's size and in reducing the risk of harm to pedestrians. For instance, in November 2023, New SC Indoor parking guiding sensors were launched by Quercus Technologies, a leader in smart parking solutions. Modern sensors like these are intended to revolutionize parking by giving drivers and parking facility operators a far more sophisticated and effective solution. The rising focus on vehicle safety and the growing demand for advanced driver assistance systems (ADAS) are driving the growth in the parking sensor market. Parking sensor integration in automobiles is growing as a result of consumers' growing preference for cars with ADAS capabilities. The renewed focus on increasing productivity and providing convenience to customers across the globe would help drive demand for the product.              

Report Coverage

This research report categorizes the parking sensor market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the parking sensor market. Recent market developments and competitive strategies such as expansion, type launch, development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the parking sensor market.

Driving Factors

Government laws are being introduced that require these sensors and other safety systems to be installed in automobiles. The growing consumer demand for safety features and the government’s increasing laws for ensuring passenger safety are driving the growth in the parking sensor market. The growing demand for rear cameras in automobiles, the widespread use of cutting-edge technology, and the growing public awareness of the advantages of safety technology are the factors responsible for driving the expansion of the parking sensor market. The increasing use of sensors that save money, time, and fuel, among other benefits is likely to drive the market.  

Restraining Factors

The advanced sensor systems are expensive, and a significant section of the population in areas with lower average earnings cannot be able to afford them. Therefore, the market expansion is being restricted by the expensive price of sophisticated parking systems.  

Market Segmentation

The parking sensor market share is classified into technology and installation.   

• The ultrasonic segment is estimated to hold the largest market revenue share through the projected period.  

Based on the technology, the parking sensor market is classified into ultrasonic, and electromagnetic. Among these, the ultrasonic segment is estimated to hold the largest market revenue share through the projected period. Ultrasonic sensors convert ultrasonic sound waves into electrical signals, which are then used to measure the distance of any object. 

• The OEM segment is anticipated to hold the largest market share through the forecast period.

Based on the installation, the parking sensor market is divided into OEM and aftermarket. Among these, the OEM segment is anticipated to hold the largest market share through the forecast period. Installing authentic sensors for a particular vehicle model is mostly done by OEMs. OEM parking sensors are also better made and fitted, which guarantees a longer lifespan. 

Regional Segment Analysis of the Parking Sensor Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

North America is anticipated to hold the largest share of the parking sensor market over the predicted timeframe.

North America is anticipated to hold the largest share of the parking sensor market over the predicted timeframe. Road safety concerns are at an all-time high, which is driving the North American parking sensor market. Governments and regulatory bodies have taken urgent action in response to the concerns regarding increasing accidents. The North American market for parking sensors was controlled by the U.S. market. For American drivers, safety features in automobiles are becoming increasingly important, and parking sensors are one practical tool that can assist prevent collisions when navigating at moderate speeds.  

Asia Pacific is expected to grow at the fastest CAGR growth of the parking sensor market during the forecast period. Regulatory agencies' efforts to guarantee pedestrian safety are credited with the Asia-Pacific region. Moreover, the region's strong demand for cars due to rising disposable income and population, along with the introduction of assistive features, is anticipated to drive growth in the market. The rising auto retail sales in the Asia Pacific region are expected to drive the market for parking sensors.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the parking sensor market along with a comparative evaluation primarily based on their type of offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes type development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Quercus Technologies
• LeddarVision
• Tesla's
• Aptiv
• Murata Manufacturing Co., Ltd
• Texas Instruments Incorporate
• Denso Corporation
• Ford Motor Company
• Mercedes-Benz
• NXP Semiconductors
• Continental AG
• Robert Bosch GmbH
• Valeo
• Autoliv Inc.
• Others  

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs) 

Recent Development

• In March 2024, A new automated parking system for Tesla's launched vision-only cars has begun to be published. There haven't been auto-parking capabilities in Tesla vehicles since the company ceased using ultrasonic sensors in its recent models and instead relied on cameras for its ADAS functions.

• In December 2023, the latest fusion and perception software stack for automated parking and parking assist, LeddarVision Parking (LVP-H), was launched by LeddarTech, an automotive software company that offers patented disruptive AI-based low-level sensor fusion and perception software technology for ADAS, AD, and parking applications.  

Market Segment

This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the parking sensor market based on the below-mentioned segments: 

Global Parking Sensor Market, By Technology

• Ultrasonic
• Electromagnetic

Global Parking Sensor Market, By Installation

• OEM
• Aftermarket

Global Parking Sensor Market, By Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa