Parking Sensors Market to Exceed USD 19.6 Bn by 2022

LONDON - Jan. 4, 2017 - PRLog -- In the year 2015, the value of the world's parking sensors market stood at over USD 4.3 billion. It is expected to increase at a CAGR of slightly more than 24% to go beyond USD 19.6 billion by the year 2022. The market growth will likely be spurred by rising adoption of LiDAR in parking assist systems and enhancing awareness of pedestrians' safety, amid other growth drivers. But, robust market growth could be restrained by some factors like limited detection range of sensors and high replacement costs.

The ultrasonic parking sensors sector captures the major share of the overall parking sensors market on the basis of technology.

When it comes to applications, the biggest market share belongs to the original equipment manufacturers (OEMs) sector.

On the basis of geography, North America dominates the global market for parking sensors. It is followed by Europe. Meantime, the fastest growth is expected to be registered in the APAC parking sensors through 2022.

Some of the top market players include DENSO Corporation, Analog Devices, Continental AG., Robert Bosch, Murata Manufacturing, Ford Motor Company, Texas Instruments, BMW, NXP Semiconductors, Valeo, Volkswagen, to name a few.

Cutting-edge report "Parking Sensors - Global Market Outlook (2016-2022) (https://marketpublishers.com/report/equipment/parking-sen...)" prepared by Stratistics MRC gives a detailed guide to the world's parking sensors, discloses updated statistics, presents market shares assessment, discusses trends and opportunities, explores the major market growth influencing factors and touches upon the most important issues. Historical insights, present performance estimates and future forecasts are provided in the study.

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