Parking sensors help drivers detect obstacles while parking, making the process easier without needing to look outside, and they're expected to grow from $1796.27m in 2017 to $6625.16m by 2023, with ultrasonic sensors leading in revenue. Europe holds the largest market share at 41.1%, followed by APAC. Ultrasonic sensors emit sound waves that bounce off obstacles, while electromagnetic sensors create a field that triggers a warning when obstructed. Prices range from $6-$6.8 for ultrasonic sensors to $12-$13.1 for electromagnetic ones. Government regulations promoting passenger safety, innovations in smart parking systems, and increasing demand for safer vehicles are key drivers for market growth.

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Parking Sensors Market Outlook:

There are different parking sensors available in the market such as ultrasonic sensors and electromagnetic sensors and many others. Ultrasonic systems generate sound waves, which when hit an obstacle reflects back, thereby calculating the distance of the obstacle from the vehicle. A beeping sound is generated when the vehicle moves close to the obstacle and alerts the driver. Electromagnetic sensors on the other hand, creates electromagnetic field. When the obstacle enters the magnetic field it will generate a warning to the driver. These sensors are offered by both original equipment manufacturers and after-market companies.

The price of an ultrasonic sensor is around $6-$6.8 and $12-$13.1 for an electromagnetic sensor.

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Parking Sensors Market Growth drivers:

The increasing regulations by the government towards passengers safety is the major key driver for the parking sensors market. For example, The Hon Paul Fletcher MP, former Australian minister of urban infrastructure and cities had told that the government has started a project of installing the parking sensors and thereby allowing the drivers to link the parking information that is available through mobile applications. The innovations in developing a smart parking system in various countries is also a driver for the parking sensors market. The relentless rise in the usage of safer vehicles is also a driver for the parking sensors market.