Commercial Vehicle Parking Sensor Market, By Type (Forward and Rear View), By Application (Light and Heavy Duty), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2034

Commercial Vehicle Parking Sensor Market was valued at US$ 3.4 billion in 2024 and is projected to grow at a CAGR of 13.50% to reach US$ 10.8 billion by 2034.

A commercial vehicle parking sensor is a device that indicates if there is an impediment behind or in front of a vehicle as it reverses. It alerts the driver to the proximity of an object by using either ultrasonic or electromagnetic waves. This technology can be used alone or with other technologies, such as GPS navigation and rear-view cameras, to help with parking.

The market is expanding because of the rising need for secure and effective parking solutions and the expanding use of advanced driver assistance systems (ADAS) in commercial vehicles. Governments and regulatory agencies also require commercial cars to have parking sensors to improve safety and lower accident rates. The market for parking sensors for commercial vehicles is also expanding significantly. The market is growing due to many factors, including the increase in the number of commercial vehicles on the road, the growing emphasis on driver safety, and the requirement to maximize parking space in metropolitan areas.

However, because these commercial parking sensors are expensive to produce, the cost of buying vehicles equipped with them also increases. One of the key things holding back the business is the high initial cost of manufacturing and upkeep. In addition, the market for commercial vehicle parking sensors is anticipated to develop in the following years due to the rising acceptance of electric vehicles and the incorporation of parking sensors into the infrastructure for charging them. The market will grow significantly in the upcoming years due to the integration of sophisticated, compact sensors outfitted with cutting-edge technology.

Disclaimer: This data is only a representation. Actual data may vary and will be available in the report.

Commercial Vehicle Parking Sensor Market Key Drivers:

Rising road accidents

• An increase in traffic accidents is the primary driver of the commercial vehicle parking sensor market. The World Health Organization (WHO) released research estimating 1.19 million road traffic deaths in 2021, or 15 deaths per 1,00,000 people.
• According to data from 2019 on the age distribution of all-cause mortality, traffic accidents continue to be the top cause of death for youth and young adults (ages 5 to 29) and rank 12th overall. These frequent incidents led to the necessity for commercial vehicle parking sensors. These sensors help provide drivers with the best possible view when parking, which in turn is driving the market's expansion.

Technological advancements

• The market has tremendous potential due to emerging developments, including the use of cutting-edge technology like machine learning (ML) and artificial intelligence (AI) to increase parking safety and accuracy. With the increasing adoption of electric commercial vehicles, there is a growing demand for parking sensors that specifically cater to their unique requirements.
• The market is also shifting towards wireless and cloud-based parking sensor systems offering real-time data analytics and enhanced connectivity options. There is also a growing emphasis on developing compact and affordable parking sensor systems to improve parking space usage and lower accident rates in congested metropolitan areas.

Commercial Vehicle Parking Sensor Market Restrains:

High initial cost  

The initial manufacturing and installation costs of the parking sensors for commercial vehicles are quite significant. Because of their complex design and high-throughput components, these sensors must be installed with expertise and accuracy. As a result, some customers on limited funds and small fleet operators find them difficult to acquire. Furthermore, maintaining these tiny, fragile sensors would take a lot of work. As a result, these elements can hamper the market and limit its expansion.

Commercial Vehicle Parking Sensor Market is segmented based on Type, Application and region:

Type Insights:

• Forward:

The vehicle's forward parking sensors are made to recognize objects in front of the car, assisting the driver in parking securely and preventing accidents. Using ultrasonic technology, these sensors inform the driver visually or audibly by measuring the distance between the car and the obstruction. Enhanced security and fewer accidents are advantages of this kind of technology. Furthermore, by lessening the requirement for braking, these devices can also aid in increasing fuel efficiency.

• Rear View:

In contrast to forward parking sensors, rear-view parking sensors are mounted at the rear end of the commercial vehicle to detect objects behind it. These sensors are essential for parallel parking and reversing as they alert the driver to objects that might not be seen via windows or mirrors. Improved safety, fewer accidents, and more fuel efficiency are a few advantages of rear-view systems. Furthermore, for drivers who have trouble seeing behind them, these devices can also help in increasing visibility.

Among the segments mentioned above, the one that dominated the market is the Rear view segment due to its critical role in providing safety during parking maneuvers. Rear view sensors enable the driver to obtain real-time sensing of the objects behind the vehicle and safeguard them from collisions.

Application Insights:

• Light:

Light-duty vehicles, including automobiles, vans, buses, and compact pickup trucks, all employ parking sensor systems. Generally speaking, these systems are less costly and smaller than heavy-duty systems. Parking sensor systems in light vehicles also usually require less maintenance and are simpler to install. A few advantages of parking sensors in light vehicles are enhanced fuel efficiency, fewer accidents, and increased safety.

• Heavy Duty:

Vehicles that are relatively large, such as trucks and container trolley trucks, employ parking sensor systems. These systems provide more advantages but are usually costlier than the ones in light-duty vehicles. A few advantages of parking sensors installed in heavy-duty vehicles are enhancing safety, lowering accident rates, and increasing fuel efficiency. For drivers who struggle to see behind them, these technologies can also aid increase visibility.

Among the segments mentioned above, the heavy-duty segment dominates the market. Parking sensors are necessary for heavy-duty vehicles like large trucks, buses, etc. These sensors enable the driver to navigate their surroundings ad avoid collisions with obstacles or pedestrians.

Regional Insights:

Disclaimer: This data is only a representation. Actual data may vary and will be available in the report.

Commercial Vehicle Parking Sensor Market Regional Insights

• North America market is estimated to witness a significantly large revenue share over the forecast period due to The well-established automotive industry, a sizable number of commercial vehicles on the road, and growing public awareness of road safety, which is expected to drive the growth of the market.
• Asia Pacific market is estimated to witness the fastest revenue share because of the growing demand for light and commercial vehicles and the increasing number of infrastructure projects, which are predicted to propel the market in the coming years.
• Europe market finds lucrative market opportunities owing to the established automotive market, rising technological infrastructure, and government laws requiring the installation of parking sensors, all of which contribute to the profitable market potential in this region.
• Latin America's market is increasing gradually due to the growing demand for passenger and commercial vehicles, commercial infrastructure projects, and the rising disposable income of the population, which are propelling the market to grow.
• The Middle East and Africa market is an emerging market, and the rising demand for passenger cars and light commercial vehicles propels it towards growth.

Report Scope:

Segments Covered in the Report:

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2024 to 2034. For the purpose of this study segmented the Commercial Vehicle Parking Sensor Market report based on Type, Application and region:

Commercial Vehicle Parking Sensor Market, By Type:

• Forward
• Rear View

Commercial Vehicle Parking Sensor Market, By Application:

• Light
• Heavy Duty

 Commercial Vehicle Parking Sensor Market, By Region:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Russia
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • Israel
  • South Africa
  • Rest of Middle East & Africa

The key players operating the Commercial Vehicle Parking Sensor Market include Bosch GmbH, Denso Corp, Fujitsu, Continental, Autoliv, Delphi, ZF, Valeo, Hella, and Aptiv.

• In October 2022, Autoliv China, a subsidiary of Autoliv, Inc., the world's leader in automotive safety systems, and Geely Auto Group, a prominent global car manufacturer, signed a strategic partnership agreement to develop innovative safety technologies for future vehicles. In addition to covering 16 technologies, the cooperation will take a systemic approach to car safety. Making safer cars a reality and saving more lives are the goals of the products developed through this partnership.

• Bosch GmbH*
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• Denso Corp
• Fujitsu
• Continental
• Autoliv
• Delphi
• ZF
• Valeo
• Hella
• Aptiv

 "*" marked represents similar segmentation in other categories in the respective section.