The parking sensors are proximity sensors required in vehicles to assist the driver for hassle-free safe car parking in various places as required. The reverse aid systems are installed in the car’s rear bumper and help in the detection of objects, which are concealed from the view & mitigate the risk of accidents when the car is in the reverse mode. The parking sensors market size is anticipated to witness growth during the forecast period owing to the ability of these devices to alleviate risks to pedestrians and enhance driver safety. The introduction of regulations that mandate the installation of rear cameras in vehicles is anticipated to drive the parking sensors market growth over the next eight years. In addition to its benefits, time effectiveness, fuel efficiency, and cost savings are expected to be the major factors that drive the parking sensors market growth during the forecast period.
COVID-19 scenario analysis:
- The emergence of novel coronavirus has affected the global economy, industry dynamics, and the company’s top line which will take a long time to revive back to normal.
- The entire ecosystem has to suffer the impact of this pandemic disease which would result in significant demand & supply gap, production delay, and the weak consumer demand of end products across industries.
- The pandemic can be considered as the new opportunity for the car accessories market, they can come up with innovation based on sanitization, GPS tracking of infected areas, etc.
- The global demand has seen a major drop in their demand graph which will take a long time to revive back once the lockdown is over.
- Many developing economies are on the verge of entering the recession period which will result in complete vanishment of demand from the market.
Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis
Some of the factors that boost the market growth include the increased demand for vehicles leading to parking concerns and increasing demand for (IoT) based technology. However, high implementation costs and increased costs of the vehicles are anticipated to hamper the growth of the market. Furthermore, the initiative of developing 'smart cities' and advancements in autonomous cars and smart park technology are expected to offer lucrative opportunities for the market growth.
The car reversing aid systems market trends are as follows:
Increased demand for vehicles leading to parking concerns
The demand for automobiles has significantly increased over the past decade in almost every country due to several reasons such as urbanization and introduction of shared mobility. Around the globe, the automakers are innovating seeking to the demand of different regions but with the customization as per the desire of customers in the accessories.
Increase in demand for IoT-based technology
The growth in the industrial internet of things (IoT) market is due to the high rate of demand for industrial IoT applications in smart industries. In addition, low sensor costs and innovative sensor technology is further expected to drive the market growth in the coming future. The industrial IoT market is witnessing a high growth rate due to the constant effort of major organizations to produce connected business models. Moreover, the demand for connectivity is further going to increase in the coming years owing to the launch of 5G services, which boost the market growth.
Key benefits of the report:
- This study presents the analytical depiction of the car reversing aid systems market industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the car reversing aid systems market share.
- The current market is quantitatively analyzed to highlight the car reversing aid systems market scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed car reversing aid systems market analysis based on competitive intensity and how the competition will take shape in the coming years.
Questions answered in the car reversing aid systems market research report:
- What are the leading market players active in the car reversing aid systems market?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What are the projections for the future that would help in taking further strategic steps?
Car Reversing Aid Systems Market Report Highlights
Key Market Players
Hyundai, Volkswagen, Robert Bosch GmbH, Mercedes Benz, Honda, Ford Motor Company, Continental AG, Abbott Analog Devices Inc., Audi, Denso Corporation