On average, 1.24 million people die in road accidents worldwide each year. 76 percent of global vehicle fatalities are caused due to driver’s fault, and this creates the need for advanced assistance systems that help reducing the inefficiency of drivers. Road accidents caused due to obstructions in driver vision by external factors account for about 11 percent of these incidents, and accidents at junctions or while reversing account for over 19 percent of the cases. Additionally, visibility further reduces at night, contributing to unanticipated incidents during reversing and parking.
The quest for automobile safety is one of the key drivers in the development of advanced driver and automobile safety systems. Leading safety and security features are no longer limited just to luxury vehicles, as they are becoming a mandate in most parts of the world. Consumers are now more aware and careful about safety system installations. This growing concern about passenger safety has pushed many automobile manufacturers to implement driver assistance systems that run on a number of sensors fitted inside and outside the vehicles. It is important to know that, parking sensors are specially designed to warn the driver regarding obstacles during parking or reversing the vehicle. The involvement of on-screen display in addition to parking sensors give a more detailed look as to understand quickly about the obstacle in terms of size, distance and representation. As a result, the automotive industry is strongly witnessing the adoption and innovation of parking sensors.
Recently developed driver assistance systems such as lane departure warning system (LDWS), adaptive cruise control (ACC), night vision system (NVS) and blind spot detection (BSD) significantly reduce the frequency and impact of collisions and improve the overall vehicle safety. Governments across the globe have started to implement strict safety regulations, which mandate the adoption and development of these systems. A recent research related to Automotive Parking Sensors Market 2016-2020 has been conducted to study the present scenario and the growth prospects of the global parking sensors market. The researchers have done an in-depth analysis to cover the market landscape and examines the revenue of automotive parking sensors various regions for calculation of the market size. The report estimates automotive parking sensors market to prosper at a rapid rate as it anticipated to grow at a CAGR (compound annual growth rate) of more than 23.90 percent during the forecast period of 2016-2020.
The installation of back up cameras is the major factor that will have a positive impact on the growth of the parking sensors innovation in the upcoming years. The camera is enclosed in the rear bumper of the vehicle with its lens near the number plate. The LCD screen is fitted in the rear view mirror itself. When the vehicle is put in reverse gear, the rear view mirror acts as the LCD screen and displays whatever the camera covers. Usually, the distance of objects from the vehicle is displayed in centimeters. After the vehicle is parked in desired position, and its reverse gear is removed, the rear view mirror acts as normal.
This automotive parking sensors market is featured by the presence of several international parking guidance system vendors and is largely fragmented. Additionally, the market is also flooded with several domestic players who serve the needs of clients in their respective regions and are growing their spectrum. The rising preference of automobile manufacturers to access safety systems as a differentiating factor, is driving growth in the market, which in turn, has intensified the level of competition among market vendors. At present, the leading vendors in the market are Bosch, NXP Semiconductors, DENSO, Murata Manufacturing, Texas Instruments and Valeo. The other prominent vendors in the market that are heating the competition, include Black Cat Security, Parking Dynamics, Nippon Audiotronix, and Proxel. In terms of geography, the Americas are the major revenue contributor to the market and are set to dominate throughout the next four years. The rise in sales of high and mid-level cars, increased adoption of luxury cars by baby boomers, and the rising population of baby boomers, are propelling the market’s growth prospects in this region. Also, the introduction of legislations that compels automotive OEMs to provide parking assist systems as a standard fitment, is also driving the market growth in the Americas.
A major challenge to the parking sensors market is the extended trust on safety systems that is hampering driving skills. The initiation of the parking sensors system in vehicles has increased the complexity of vehicle comforts and chances of failure of a system error, spontaneous error by the driver, and faults in the system design. Driver assistance systems along with cameras and sensors require minimal human involvement for adjustments and supervision and it becomes more important and complicated for human operators to control the system. The compatibility of these systems varies with each driver. These systems are also becoming a part of consumers' social status. As a result, poorer sensors and display units inside vehicles negatively affect consumers' desire for these systems. Also, the expensive rear parking camera system becomes a little difficult to use during night. The parking sensors also have a drawback- they make use of ultrasonic waves to detect the presence of any object in the path, and it may fail to detect flat objects or object large in size to reflect sound — e.g., a narrow pole or an extended object placed directly at the vehicle.