QY Research Forecasts 7.0% CAGR for Global Automotive Parking Radar Market Through 2031


 Global Automotive Parking Radar Market Analysis (2025–2031)

According to QY Research, the global Automotive Parking Radar market was valued at approximately USD 6,837 million in 2024 and is projected to reach around USD 10,910 million by 2031, growing at a compound annual growth rate (CAGR) of 7.0% during the forecast period from 2025 to 2031.

The global automotive parking radar market is poised for steady growth between 2025 and 2031, driven by increasing safety regulations, rising consumer demand for driver assistance features, and the growing adoption of autonomous technologies. Parking radar systems help detect obstacles and assist drivers during parking, significantly enhancing safety and convenience.

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Key Trends Include:

  • Integration with ADAS: Parking radar systems are increasingly being integrated into Advanced Driver Assistance Systems (ADAS) to support features like automated parking and collision avoidance.

  • Technology Advancements: Innovations such as multi-mode radar, AI-based detection, and sensor fusion are improving detection accuracy and expanding use cases.

  • Higher Frequency Radar Adoption: A shift from 24 GHz to 77 GHz radar is underway, offering better resolution and object detection, ideal for close-range applications like parking.

Market Segments Analysis:

  • By Sensor Type: Ultrasonic and electromagnetic sensors are the most commonly used. Ultrasonic sensors dominate due to cost-effectiveness, while electromagnetic sensors provide higher accuracy.

  • By Vehicle Type: Passenger vehicles lead the market, supported by growing consumer demand for safety features. Commercial vehicles are also adopting parking radar to reduce fleet damage and improve maneuverability.

  • By Sales Channel: OEMs account for a major share as new vehicles come pre-equipped with parking radars, while aftermarket installations continue to grow, particularly in developing regions.

Market Opportunity:

Rising urbanization, increasing vehicle density, and the expansion of smart city initiatives offer strong growth prospects for parking radar systems. Additionally, government regulations mandating safety features in vehicles are accelerating market penetration in both developed and emerging economies.

Growth Drivers and Challenges:

Drivers:

  • Rising focus on road and pedestrian safety

  • Growth of autonomous and semi-autonomous vehicles

  • Technological advancements in sensor accuracy and reliability

Challenges:

  • High costs of advanced radar systems

  • Signal interference in crowded urban environments

  • Complex integration with other in-vehicle system

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