According to a new report, published by KBV research, The Global Parking Sensor Market size is expected to reach $27.7 billion by 2031, rising at a market growth of 14.9% CAGR during the forecast period.
Parking sensors are used in multi-story parking garages to provide real-time information about available spaces and guide drivers to vacant spots. This application improves the efficiency of parking in large, multi-level facilities. Specialized parking sensors for electric vehicles help manage unique parking challenges, such as ensuring safe distances from charging stations and optimizing the vehicle’s alignment for efficient charging.
The Ultrasonic segment led the Global Parking Sensor Market by Technology in 2023; thereby, achieving a market value of $16.8 Billion by 2031. Ultrasonic sensors are generally less expensive, making them an appealing choice for vehicle manufacturers and aftermarket installations. This affordability contributes to their widespread use.
The OEM segment dominated is growing at a CAGR of 14.6 % during the forecast period. OEMs often include parking sensors as standard or optional features in new vehicle models to enhance safety and attract customers.
Full Report: https://www.kbvresearch.com/parking-sensor-market/
The North America region dominated the Global Parking Sensor Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $11.3 Billion by 2031. The Europe region is anticipated to grow at a CAGR of 14.4% during (2024 - 2031). Additionally, The Asia Pacific region would witness a CAGR of 15.6% during (2024 - 2031).
By Technology
By Installation
By Geography
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