Market Research Future (MRFR) expects the automotive parking sensors market 2020 to thrive at a steady rate of 7.5% between 2018 and 2023 (assessment period). We will provide covid-19 impact analysis with the report. The COVID-19 impact on the market has been studied in the report, which offers an in-depth analysis post the coronavirus disease outbreak.
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The SARS-CoV-2 outbreak has brought the manufacturing sector to a halt, with a number of OEMs as well as components suppliers trying to revive their usual production. The COVID-19 outbreak is resulting in substantial delays in product deliveries, postponing of various launches, supply chains turning fragile, SMEs facing financial crunch, and vehicle sales declining exponentially. The novel coronavirus is also expected to further worsen the situation for the automotive industry, in the form of more stringent CO2 emissions regulations paired with the rising need for investments in advanced technologies. However, the pandemic has shed light on the benefits of automation and robotics, which have noted higher adoption post COVID-19 outbreak. With IoT, digitalization and industrial automation becoming highly relevant to the Tier 1 manufacturers following the SARS-CoV-2 outbreak, these can emerge as significant opportunities for the automakers.