Global Parking Sensors Market to Reach USD 9,782.9 Million by 2020: Grand View Research, Inc

The global market for parking sensors is expected to reach USD 9,782.9 million by 2020, according to a new study by Grand View Research, Inc. Parking sensors prevent physical damage to the vehicle by alerting the driver when the automotive approaches an obstacle. Furthermore, they help prevent potential injury to pedestrians. These features are particularly useful in light of reducing parking spaces and changing dimensions of the average car, thus acting as a key driver for industry growth.

Parking sensors employing ultrasonic technology accounted for 65.1% of the overall market share in 2012. Electromagnetic parking sensors are expected to grow faster than the global average at a CAGR of 19.3% from 2013 to 2020. Installation by original equipment manufacturers (OEM) accounted for 80.7% of the market in 2012. The price range for these installations is much higher as compared to their aftermarket counterparts, thereby contributing largely to revenue.

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