Semiconductors & Electronics Industry Parking sensors Market Research

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Parking Sensors Market Share, Size, Analysis, Growth, Trends
and Forecasts to 2020 | Hexa Research
" Increasing difficulty to park a vehicle without
damaging in lesser parking spaces is expected to
drive the Parking Sensors Market demand by 2020."
A 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.
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.
Browse Details of Report @ https://www.hexaresearch.com/research-report/parking-sensors-industry/
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