Automotive Parking Radar Market Size, Share, Growth, and Industry Analysis, By Type (Forward & Rear view), By Downstream Industry (Passenger Vehicle & Commercial Vehicle) and Regional Forecast to 2032

Updated On: 04 November 2024

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AUTOMOTIVE PARKING RADAR MARKET REPORT OVERVIEW

The Automotive Parking Radar Market Size was Valued at US$ US$ 6087.6 Million in 2023. The Market is likely to Surpass US$ 11328.13 Million by 2032 at a CAGR of 6.41% During the Forecast period [2024-2032].

Automotive parking radar has grown remarkably as advanced driver assistance systems are poured into automotive systems to increase safety. The parking radar system in automobiles involves the transmission of electromagnetic waves in order to perceive impediments around a vehicle and assist a driver in parking and moving. These systems also make driving safer since the driver is also informed of objects that are nearby, reducing the possibility of accidents. Thus, as more technological gadgets get installed into automobiles and more focus is paid to safety accessories such as parking radar, the automotive parking radar market grows even more owing to new innovations in radar and increasing use in new car models.

COVID-19 Impact: Market Growth Restrained During Pandemic

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

Automotive parking radar market also experienced a massive blow as a result of the COVID-19 pandemic, which affected its growth drastically. How didthe COVID-19 pandemic affect the performance of parking radar systems? Most of the suppliers of parking radar systems rely on overseas factories, and disruptions in the supply chain as well as factory closures affected the supply and deployment of parking radar systems in a big way. Also, when the economic situation worsened, consumers spent less on vehicles, and thus, the market continued to shrink. Getting back to the implications of the pandemic that occurred on the development of advanced parking technologies for car manufacturers, it is possible to state that it produced a certain negative impact on the condition of the automotive industry and made it difficult to improve parking technologies.

LATEST TRENDS

"Automated parking radar market grows with improved sensing and 4D technology"

Some of the trends presently being seen within the automated parking radar market include the incorporation of other improved sensing technologies and the utilization of radar in better-quality as well as mid- and entry-level automobiles. One can see that there is a continuous improvement in radar systems for more accurate detection and longer range, thanks to the development of a 4D imaging radar. It offers high-resolution spatial data, hence improving obstacle detection and parking assist features and increasing safety and efficiency while driving.

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AUTOMOTIVE PARKING RADAR MARKET SEGMENTATION

By Type

Based on type the market can be categorized into Forward & Rear view.

• Forward: Forward automotive parking radar systems are intended for the detection of objects on the route of a moving car, which helps a driver maneuver forward and is aimed at increasing the level of safety during these operations. The features usually employed in these systems involve radar sensors located on the front part of the car to give real-time information regarding objects and possible crashes. The players’ growing incorporation in contemporary automobiles’ design has been supposed to enhance the safety and comfort of vehicle operations.

• Rear View: Rear-view automotive parking radar systems are designed specifically to warn the driver about obstacles that are situated behind the car, making reversing and parking safer. Such systems are chiefly fitted with sensors at the rear bumper that warn drivers of the objects’ presence and of possible rear impacts during reversing. It is evident that the increasing utilization of parking aids and designs is in response to consumers’ desire for better parking and protection features.

By Downstream Industry

Based on Downstream Industry the market can be categorized into Passenger Vehicle & Commercial Vehicle

• Passenger Vehicle: In the segment of passenger automobiles, automotive parking radars improve the safety of parking by helping drivers avoid other objects. They are gradually incorporated into numerous vehicles, ranging from economy cars to luxury ones, to support the latest facilities of driver assistive technologies. The demand for parking construction, and more so for safety features and convenience, leads to the use of parking radars in this segment.

• Commercial Vehicle: Whereas for commercial vehicles, automotive parking radars are essential for controlling large trucks and vans in congested areas, thus avoiding accidents. These systems enhance the execution process and safety, as they have the capability of detecting obstacles and helping. Parking radars are being implemented in commercial fleets because of the urgent requirements of improving safety and efficiency.

DRIVING FACTORS

"Market growth driven by safety concerns and advanced parking systems"

There is more concern for safety and advanced driver assistance systems which are the main reasons why there is a need for automotive parking radars. Both buyers and sellers are focusing on improving the safety of automobiles in order to minimize the occurrence of accidents and improve the driving experience. This fact is gradually expanding the usage of parking radar systems in newly produced vehicles as well as in those produced earlier.

"Radar system advancements fuel automotive parking radar market growth"

The development of radar system features, improved 4D imaging, and better sensor Caliber have been reported to fuel the automotive parking radar market. These novelties yield improved obstacle detection, scope, and stability than traditional parking radars, which is why they are more attractive and efficient for contemporary vehicles resulting Automotive Parking Radar Market Growth.

RESTRAINING FACTOR

"High costs of advanced radar limit automotive market growth"

The automotive parking radar market also has various restraints; primary among them is the high cost of the complicated radar. The use of advanced technologies and sensors also contributes to the creation of expensive automobiles; thus, it becomes difficult to penetrate the market for consumers. This high expense can lead to limited adoption, particularly in lower-priced vehicles.

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AUTOMOTIVE PARKING RADAR MARKET REGIONAL INSIGHTS

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.

"North America leads automotive market growth with safety standards"

North America is leading the automotive parking radar market holds largest share because of its well-developed automotive sector and customers’ awareness and need for safety devices. It topped the list with a sound automotive production capacity and a huge investment in AD systems. Moreover, there are strict safety standards and high vehicle upgrading rates with the latest parking technologies in the region’s markets.

KEY INDUSTRY PLAYERS

"Innovative leaders drive automotive market growth through advancements"

Notable automotive parking Radar Market entrepreneurs are deliberately shaping this market through innovation and setting the competency bar for market safety technologies. These leaders improve system accuracy and functionality as a result of constantly developing radar technology and expanding collaborations with automotive makers. The companies’ continued commitment to research and development, as well as to the provision of competitive products, define the general market trends and drive their respective adoption.

LIST OF MARKET PLAYERS PROFILED

• Denso (Japan)
• Valeo (France)
• Autoliv (Sweden)
• Delphi (U.K)
• Fujitsu Ten (Japan)

INDUSTRIAL DEVELOPMENT

January 2024: NXP Semiconductors introduced a new radar chip designed for advanced driver-assistance systems. This chip allows for better parking assistance through features like distributed radar setups and improved resolution for object detection. It also paves the way for future advancements in using radar technology for a more comprehensive understanding of a car's surroundings.

REPORT COVERAGE

This report is based on historical analysis and forecast calculation that aims to help readers get a comprehensive understanding of the global Automotive Parking Radar Market from multiple angles, which also provides sufficient support to readers’ strategy and decision-making. Also, this study comprises a comprehensive analysis of SWOT and provides insights for future developments within the market. It examines varied factors that contribute to the growth of the market by discovering the dynamic categories and potential areas of innovation whose Downstream Industry may influence its trajectory in the upcoming years. This analysis encompasses both recent trends and historical turning points into consideration, providing a holistic understanding of the market’s competitors and identifying capable areas for growth.

This research report examines the segmentation of the market by using both quantitative and qualitative methods to provide a thorough analysis that also evaluates the influence of strategic and financial perspectives on the market. Additionally, the report's regional assessments consider the dominant supply and demand forces that impact market growth. The competitive landscape is detailed meticulously, including shares of significant market competitors. The report incorporates unconventional research techniques, methodologies and key strategies tailored for the anticipated frame of time. Overall, it offers valuable and comprehensive insights into the market dynamics professionally and understandably.