Parking Sensors Market is expected to reach ,458.34m by 2023
Posted by Lohitha on August 13th, 2019
According to the new market research report by IndustryARC titled “Parking Sensors Market: By Size (2, 4, 6, 8 Inches); By Type (GaN on Sapphire, GaN on Si, GaN on SiC, GaN on GaN); By Products (Laser, LED, PSD, Others); By Industry (Automotive, Healthcare, Consumer Electronics, General Lighting, Military, Communication, Optical Storage, and Others); By Geography - Forecast(2018-2023),” the Parking Sensors market will be driven by the adoption of LiDAR in parking assist system easy identification of vacant parking spaces and the effectiveness in terms of cost savings. It is expected to reach ,458. 34m by 2023, growing at a CAGR of 24.3%.
View Full Table Of Contents Of Parking Sensors Market:
Europe to Have the Largest Share in the Parking Sensors Market
Europe is forecast to dominate the Parking Sensors market during the forecast period due to the increasing sales of high end cars which have superior quality sensors. Due to highly developed countries such as Germany, UK, and France. The European Parking Sensors market is expected to reach ,786m by 2023, growing at a CAGR of 22.9%. The growing demand for automated vehicles in the region has also driven the European market. In Asia Pacific, the increasing number of automotive production facilities production facilities will propel the demand for parking sensors.
Selected Regulatory Analysis Done in the Full Report:
The aftermarket integration segment will have the largest share in the Parking Sensors market. The segment’s value is forecast to reach ,870m by 2023, growing at a CAGR of 22.0%. The growth of this segment is due to increasing vehicle population which drives the automotive industry. The growth of this segment can be attributed to the strict governmental regulations concerning vehicle safety across various regions. The original equipment manufacturers segment, on the other hand, is expected to have a faster growth rate than the aftermarket integration segment. This is primarily due to the growing consumer awareness about product quality. The OEM components ensure a superior construction of a vehicle and are made specifically for a vehicle model.
Selected Driving Factors Mentioned in the Full Report:
Growing demand for park assist systems among vehicles will drive the growth of the car parking sensor in the forecast period. Cost savings related to fuel efficiency spurs the demand for the car parking sensor in the forecast period.
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Key Players of the Parking Sensors Market:
The key players of the Parking Sensors market include Continental, Bosch, Delphi, and Denso.
IndustryARC is a research and consulting firm that publishes more than 500 reports annually in various industries, such as Agriculture, Automotive, Automation & Instrumentation, Chemicals and Materials, Energy and Power, Electronics, Food & Beverages, Information Technology, Life sciences & Healthcare.
Mr. Venkateshwar Reddy
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About the AuthorLohitha
Joined: August 6th, 2019
Articles Posted: 121
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