PUBLISHER: Global Industry Analysts, Inc. | PRODUCT CODE: 1788250
PUBLISHER: Global Industry Analysts, Inc. | PRODUCT CODE: 1788250
Global Parking Sensor Market to Reach US$26.8 Billion by 2030
The global market for Parking Sensor estimated at US$11.5 Billion in the year 2024, is expected to reach US$26.8 Billion by 2030, growing at a CAGR of 15.2% over the analysis period 2024-2030. Ultrasonic Sensor, one of the segments analyzed in the report, is expected to record a 16.4% CAGR and reach US$19.2 Billion by the end of the analysis period. Growth in the Electromagnetic Sensor segment is estimated at 12.5% CAGR over the analysis period.
The U.S. Market is Estimated at US$3.1 Billion While China is Forecast to Grow at 20.4% CAGR
The Parking Sensor market in the U.S. is estimated at US$3.1 Billion in the year 2024. China, the world's second largest economy, is forecast to reach a projected market size of US$5.9 Billion by the year 2030 trailing a CAGR of 20.4% over the analysis period 2024-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 11.1% and 13.7% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 12.1% CAGR.
Global Parking Sensor Market - Key Trends & Drivers Summarized
Why Is the Parking Sensor Market Expanding Rapidly?
The parking sensor market is growing due to increasing demand for smart parking solutions, improved vehicle safety, and advancements in autonomous driving technology. With urbanization leading to congested parking spaces, governments and municipalities are implementing smart city initiatives that integrate parking sensors to enhance traffic management and reduce congestion.
Additionally, rising concerns over vehicle safety and regulatory mandates for advanced driver assistance systems (ADAS) are accelerating the adoption of parking sensors. Automakers are equipping new vehicles with ultrasonic, radar, and camera-based parking sensors to improve maneuverability and minimize collision risks.
How Are AI and IoT Enhancing Parking Sensor Technology?
The integration of artificial intelligence (AI) and the Internet of Things (IoT) is revolutionizing parking sensor technology. AI-driven predictive analytics are optimizing parking space availability by analyzing real-time data from sensors embedded in parking lots and road infrastructure. Smart parking apps connected to IoT-enabled sensors are allowing drivers to locate and reserve parking spots remotely, improving efficiency.
Furthermore, machine learning algorithms are enhancing parking assist systems by providing real-time obstacle detection, adaptive braking, and autonomous parking capabilities. These innovations are making parking sensors an essential component of future connected and self-driving vehicles.
Are Sustainability and Smart City Initiatives Driving Market Growth?
Sustainability and environmental concerns are influencing the adoption of parking sensors in urban planning. By reducing the time spent searching for parking spaces, smart parking solutions are lowering fuel consumption and emissions. Municipalities are investing in sensor-equipped parking meters and automated parking systems to improve urban mobility while promoting eco-friendly transportation.
The rise of electric vehicles (EVs) is also contributing to market expansion, with smart parking solutions being integrated into EV charging stations. Automated parking management systems are optimizing space usage, reducing traffic congestion, and supporting sustainable urban development.
What’s Driving the Growth of the Parking Sensor Market?
The growth in the parking sensor market is driven by increasing urbanization, advancements in AI and IoT technologies, and regulatory mandates for vehicle safety. Smart city initiatives and sustainability efforts are further accelerating market adoption.
Additionally, the expansion of autonomous vehicle technology, the growing demand for smart parking solutions, and rising investments in intelligent transportation systems are shaping industry trends. As cities and automakers continue to integrate smart parking solutions, the parking sensor market is poised for sustained growth.
SCOPE OF STUDY:
The report analyzes the Parking Sensor market in terms of units by the following Segments, and Geographic Regions/Countries:
Segments:
Technology (Ultrasonic Sensor, Electromagnetic Sensor); Installation (OEM Installation, Aftermarket Installation)
Geographic Regions/Countries:
World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.
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