The automotive intelligence park assist system market has been witnessing a constant rise. The market growth attributes to increasing deployments of smart parking assistant solutions and advances in sensor and other related technologies. Besides, rising government initiatives for vehicle safety mandating automakers to deliver vehicles with safety features installed, drive the growth of the market.
Over the past few years, the transportation sector has undergone a significant shift due to technological advancements. The new wave of advanced technologies is expanding the scope of the industry from just a commuting market to a digitally connected marketplace. This, as a result, indicates the market is projected to perceive substantial traction in the years to come.
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automotive intelligence park assist system market – Competitive Landscape
Highly competitive, the automotive intelligence park assist system market appears fragmented due to the presence of several well-established players. Major industry players incorporate strategic initiatives, such as collaboration, mergers & acquisitions, product/technology launch, and expansion to gain a larger competitive advantage in this market.
Major Players:
Players leading the global automotive intelligence park assist system market include Valeo (France), Siemens AG (Germany), Robert Bosch GmbH (Germany), Magna International (Canada), ZF Friedrichshafen AG (Germany), Continental AG (Germany), Toshiba Corporation (Japan), ), NXP Semiconductors (Netherlands), Delphi Automotive (Germany), and HELLA GmbH & Co. KGaA (Germany), among others.
According to Market Research Future (MRFR), the global automotive intelligence park assist system market is expected to garner significant gains by 2027, growing at an impressive CAGR during the review period (2020 – 2027). Increasing numbers of vehicles on the road create the need for efficient park assist systems and solutions. Growing demand for autonomous and semi-autonomous parking systems creates significant market opportunities.
Additionally, the growing urbanization and parking concerns due to the spurring increase in vehicle production and sales, population, and economic growth worldwide drive the market growth. On the other hand, the lack of standard protocols for the development of these solutions and their complex design are major factors impeding the market growth.
automotive intelligence park assist system market – Segments
The report is segmented into components, technology, vehicle type, and regions. The component segment is sub-segmented into ultrasonic sensors, cameras, and ultrasonic sensor & camera. The technology segment is sub-segmented into autonomous and semi-autonomous parking assist solutions.
The vehicle type segment is sub-segmented into passenger cars and commercial vehicles. The region segment is sub-segmented into Asia Pacific, Americas, Europe, and rest-of-the-world.
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automotive intelligence park assist system market - Regional Analysis
The Asia Pacific region dominates the global automotive intelligence park assist system market. The largest share attributes to the growing sales of vehicles, lack of sufficient parking spaces, and changing lifestyle of consumers across the region. Besides, the rising trend of automation and automated parking assist systems boost the market demand.
The rising demand for vehicle safety features and increasing investments to develop advanced technologies, such as IoT, AI, ADAS, sensors, and other systems, contribute to the regional market growth.
Europe is the second-largest market for automotive intelligence park assist systems. The presence of major vehicle manufacturing companies in the region, alongside stringent regulations regarding passenger and vehicle safety, drives the market growth.
North America accounts for a substantial share in the global automotive intelligence park assist system market. The market growth is driven by large technical advances and the early adoption of smart parking management solutions. Furthermore, augmented demand for intelligence park assists systems & devices in the region boost the market sales.
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Industry/Innovation/Related News:
April 15, 2021 --- Tata Elxsi (India), a leading engineering firm, announced that it is has been designing intelligent parking technologies such as advanced assisted vehicle parking systems and automated parking with top global OEMs and Tier-1 suppliers.
The company has recently developed a highly scalable and integrated platform KOIOS, providing end-to-end intelligent mobility service solutions. KOIOS memory and parking slot detection models that can save drivers’ time and make parking problems much easier with machine learning, automation, and data collection.
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