PUNE, INDIA, December 26, 2016 /EINPresswire.com/ -- 

Global Parking Sensors Market is accounted for $4,318 million in 2015 and expected to grow at a CAGR of 24.2% to reach $19,698 million by 2022. Factors such as helping to prevent injury to pedestrians and adoption of LiDAR in parking assist system will drive the market growth. However, high replacement cost and limited detection range of the sensors are the factors restraining the market growth. 
Ultrasonic parking sensors segment attributed the highest share in the parking sensors technology market. Original Equipment Manufacturers (OEMs) segment holds the largest share due to increasing four wheeler manufacturers. North America is the largest market followed by Europe in terms of revenue due to rising sales of top-end vehicles. Asia Pacific is expected to be the fastest growing region. 

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