Parking Sensors Market to Grow At A CAGR Of 18.3% From 2013 to 2020A Chapter by David JonesParking Sensors Market Share, Size, Analysis, Growth, Trends and Forecasts to 2020 | Hexa ResearchA new study by Hexa Research
estimated that the global parking sensors market was worth more than $2,500
million in 2012. Parking sensors assist drivers in parking their vehicles and
alert them in case of an obstacle. They prevent pedestrian injury. Increasing
space crunch and altered dimensions of common cars are paving the way for
higher demand of parking sensors.
Based on technology, Hexa
Research segments the total global parking sensors market into ultrasonic and
electromagnetic sensors. Ultrasonic parking sensors contributed to more than
65% of the total market share in 2012. They are likely to continue market
dominance in the coming years. However, electromagnetic parking sensors will
witness faster growth with a CAGR of more than 19% from 2013 to 2020. These
sensors retain the aesthetic appeal of the vehicle and are self diagnostic.
They also come with a maintenance system.
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Approximately 80% of the market comprised of
installations made by Original Equipment Manufacturers (OEMs). They offer
better construction and fitment and are therefore highly preferred. These
installations are priced much higher than those available in the aftermarket
segment, thus contributing to higher overall revenues.
Hexa Research observed that North America, with more
than 38% share, was a leading region in the global parking sensors market in
2012. The region is expected to continue its leadership in future owing to
regulatory initiatives. European region will generate demand for parking
sensors in future due to rising sales of top-end vehicles that are fitted with
high-quality parking sensors. Asia Pacific is likely to account for the fastest
rise in future and will grow at a CAGR of 20% from 2013 to 2020.
Key market operators in the global parking sensors
industry are Texas Instruments, Inc., Audi, Freescale Semiconductor Ltd.,
Continental AG, Volkswagen, etc. The market includes both, manufacturers of
parking sensors and OEMs. About Us:
Hexa
Research is a market research and consulting organization, offering industry
reports, custom research and consulting services to a host of key industries
across the globe. We offer comprehensive business intelligence in the form of
industry reports which help our clients obtain clarity about their business
environment and enable them to undertake strategic growth initiatives. © 2017 David Jones |
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Added on August 22, 2017 Last Updated on August 22, 2017 Tags: Parking Sensors Market, Parking Sensors Industry AuthorDavid Jonescalifornia, CAAboutResearch Analyst At Hexa Research Which Provides Research Content For All Types Of Domains do check my Articles more..Writing
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