Parking Sensors Market Market Share, Key Trends, Vendor Strategies, Application Analysis, Regional Outlook and Forecasts to 2020

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Parking sensors Market Market Share, Key Trends, Vendor

Strategies, Application Analysis, Regional Outlook And

Forecasts To 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.

Browse Detail Report With TOC @ http://www.hexareports.com/report/parking-sensorsmarket/details

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

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installations are priced much higher than those available in the aftermarket segment, thus contributing

to higher overall revenues.

Hexa Research observed that North America, with more than 38% share, was a leading region in the

global parking sensors market in 2012. The region is expected to continue its leadership in future owing

to regulatory initiatives. European region will generate demand for parking sensors in future due to

rising sales of top-end vehicles that are fitted with high-quality parking sensors. Asia Pacific is likely...