Automotive Parking Sensors Market Grow Nearly 24% CAGR to 2020

PUNE, India, Nov. 18, 2016 /PRNewswire-iReach/ -- The global automotive parking sensors market analyst says one of latest trends in the market is adoption of LiDAR in parking assist system. The exploration of LiDAR technology has revealed several proven beneficial results of LiDAR's capabilities compared with other sensors that are available in the market. In addition, the continuous need for better sensors in the automotive industry has led to the advent and growth of automotive LiDAR sensors. LiDAR has better capabilities with respect to the detection of objects and even during the complete absence of light. The table below shows the application of sensors for different ADAS systems.

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Complete report on automotive parking sensors market spread across 88 pages, analyzing 6 major companies and providing 64 data exhibits is now available at http://www.reportsnreports.com/reports/749299-global-automotive-parking-sensors-market-2016-2020.html

According to the 2016 automotive parking sensors market report, one of the primary drivers in the market is legislation standards for backup camera to push adoption of parking sensors. Advanced safety systems, such as LDWS, NVS, ACC, BSD, driver monitoring systems, help minimize the impact of collisions, fatalities, and improve overall vehicle safety. Hence, with governments in Europe, the Americas, and APAC implementing stringent safety regulations, the development and adoption of these systems is expected to increase over the forecast period.

The following companies are the key players in the global automotive parking sensors market: Bosch, DENSO, Murata Manufacturing, NXP Semiconductors, Texas Instruments, and Valeo. Other prominent vendors in the market are: Black Cat Security, Nippon Audiotronix, Parking Dynamics, and Proxel.Order a copy of Global Automotive Parking Sensors Market 2016-2020 report @http://www.reportsnreports.com/purchase.aspx?name=749299

The Americas accounted for around 39% share of the global automotive parking sensors market and was one of the major revenue contributors. Owing to the increased adoption of luxury cars by baby boomers and the rising population of baby boomers there is an increased demand for automotive parking sensors in the US. The major contributors to the automotive parking sensors market in Europe include the UK, France, Germany, and Italy. Owing to the improved economy, these countries are witnessing steady growth and have a high penetration of luxury cars. In the APAC region, the major contributors to the automotive parking sensors market are China and India. APAC to be the fastest growing region in the global automotive parking sensors market, and this will allow the region to increase its share in the market.

Global Automotive Parking Sensors Market 2016-2020, has been prepared based on an in-depth market analysis with inputs from industry experts. This report covers the present scenario and the growth prospects of the global automotive parking sensors market for 2016-2020. To calculate the market size, the report considers the revenue of automotive parking sensors across all regions.

Further, the report states that one major challenge in the market is overdependence on safety systems is impacting driving skills. The introduction of the parking sensors system in automobiles has increased the complexity of vehicle consoles and the likelihood of failure of a system component, spontaneous error by the driver, and errors in the system design. Driver assistance systems combined with cameras and sensors are being implemented to replace manual control with automatic devices.

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