Report Code: A10115 | Pages: NA | Mar 2023 | 2406 Views | ||
Author(s) : NA | Tables: NA | Charts: NA |
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Car Reversing Aid Systems Market
Request Now !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.
Market scope and structure analysis:
Report Metric | Details |
 Market size available for years |  2020–2027 |
 Base year considered |  2019 |
 Forecast period |  2021–2027 |
 Forecast units |  Value (USD) |
 Segments covered |  Type, Component, Technology, and Solution |
 Geographies covered | North America (U.S., Canada, and Mexico), Europe (Germany, UK, France, Russia, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of Asia-Pacific), LAMEA (Latin America, Middle East, and Africa) |
 Companies covered | Abbott Analog Devices, Inc., Volkswagen, Denso Corporation, Honda, Hyundai, Continental AG, Robert Bosch GmbH, Ford Motor Company, Audi, and Mercedes Benz |
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COVID-19 scenario 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:
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.
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.
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Key benefits of the report:
Questions answered in the car reversing aid systems market research report:
Car Reversing Aid Systems Market Report Highlights
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Key Market Players | Abbott Analog Devices Inc., Volkswagen, Denso Corporation, Honda, Hyundai, Continental AG, Robert Bosch GmbH, Ford Motor Company, Audi, Mercedes Benz |
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