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 Details of Report @ https://www.hexaresearch.com/research-report/parking-sensors-industry/
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 installations are priced much higher than those available in the aftermarket segment, thus contributing to higher overall revenues.
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