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Europe is forecast to dominate the Parking Sensors market during the forecast period due to the increasing sales of high end cars which have superior quality sensors. due to
highly developed countries such as Germany, UK, and France. The European parking Sensors market is expected to reach $2,786m by 2023, growing at a CAGR of 22.9%. The growing demand for automated vehicles in the region has also driven the European
market. In Asia Pacific, the increasing number of automotive production facilities production facilities will propel the demand for parking sensors.
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The aftermarket integration segment will have the largest share in the Parking Sensors market. The segment’s value is forecast to reach $3,870m by 2023,
growing at a CAGR of 22.0%. The growth of this segment is due to increasing vehicle population which drives the automotive industry. The growth of this segment can b attributed to the strict governmental regulations concerning vehicle
safety across various regions.
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Selected Driving Factors Mentioned in the Full Report:
Growing demand for park assist systems among vehicles will drive the growth of the car parking sensor in the forecast period. Cost savings related to fuel efficiency spurs the demand for the car parking sensor in the forecast period. Growth of the automotive industry will propel the demand for cars with parking assistance during the forecast period. Increased adoption of luxury cars will lead to the growth of the parking sensors market. The concept of smart concept is important for mobility in cities and provides a dependable revenue generation model.
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