USD 5.41 billion
Report ID: SQMIG25A2064 | Region: Global | Published Date: February, 2024 | Pages: 157 | Tables: 88 | Figures: 76
Global Park Assist System Market size was valued at USD 5.41 billion in 2021 and is poised to grow from USD 6.75 billion in 2022 to USD 40 billion by 2030, growing at a CAGR of 24.9% in the forecast period (2023-2030).
The demand for advanced driver assistance systems (ADAS) in vehicles has led to the growth of the global Park Assist Systems market. These systems are specifically designed to aid drivers in parking their vehicles safely and accurately, utilizing sensors and cameras to detect obstacles and provide guidance. The automotive intelligence park assist system is an advanced driver assistance system (ADAS) that provides smart parking features for cars. It aids drivers in parking their vehicles safely and securely by utilizing a combination of sensors, buttons, a camera, and an in-dash screen. With minimal user involvement, this technology enables the car to drive and park itself into a parking spot. It functions by automatically controlling the steering, scanning the surrounding environment, and allowing the driver to concentrate on operating the throttle and brakes.
The American Automobile Association (AAA) is a federation of motor clubs located throughout North America. According to AAA's testing, self-parking technology has proven to be highly advantageous for drivers. For example, drivers who used self-parking systems reported a significant reduction of 81% in curb strikes. These systems were able to parallel park the vehicle with 47% fewer maneuvers, and some systems could complete the task in just one maneuver. Additionally, self-parking systems were found to be 10% faster in parking a vehicle and could park the vehicle 37% closer to the curb.
US Park Assist System Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 5.41 billion
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Global Park Assist System Market is segmented based on Component, Technology, Application, and region. Based on Component the market is segmented into Ultrasonic Sensors, ECU, Display Unit. Based on Technology the market is segmented into Autonomous Parking, Semi-autonomous Parking. Based on Application the market is segmented into OEMs, Aftermarket Based on region the global Park Assist System Market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Park Assist System Market Analysis by Component
In terms of component, Ultrasonic Sensors segment is expected to hold the largest market share due to its accuracy in detecting obstacles and its wide application in various vehicles. Ultrasonic sensors are utilized in automotive parking assist systems as a sensor technology. These sensors produce high-frequency sound waves that rebound off objects and return to the sensor. The sensor then measures the time it takes for the sound waves to return, enabling the sensor to calculate the distance between the vehicle and the object, and determine if the object poses a potential obstacle. Ultrasonic sensors are highly precise in detecting obstacles and are commonly employed in parking assist systems. They provide drivers with an audible or visual indication when the vehicle is near an obstacle, allowing them to park their vehicles safely and accurately.
In addition, these sensors are used in blind spot detection systems, alerting drivers to any vehicles or objects in their blind spots. Furthermore, ultrasonic sensors are cost-effective and can be integrated effortlessly into the existing vehicle system. They can also function in a wide range of weather conditions, making them ideal for use in various vehicle types. These factors have resulted in a growing demand for ultrasonic sensors in the worldwide park assist system market. As a result, due to their accuracy in detecting obstacles and widespread use in various vehicles, the Ultrasonic Sensors segment is expected to dominate the market share.
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North America is projected to dominate the global park assist system market owing to the high adoption of advanced driver assistance systems (ADAS) in vehicles, particularly in the United States. Furthermore, the rising demand for luxury cars and the increasing preference for automated parking systems are also contributing to the market's growth in the region.
Europe is expected to hold a significant market share in the global park assist system market due to the presence of major automobile manufacturers in the region, such as BMW, Mercedes-Benz, and Volkswagen, who are increasingly integrating advanced parking assistance systems into their vehicles. The strict regulations imposed by the European Union regarding vehicle safety are also driving the growth of the market.
In the Asia Pacific region, the park assist system market is expected to grow significantly due to the increasing demand for vehicles in emerging economies like China and India. Additionally, the growing awareness of vehicle safety and the rising disposable incomes of consumers are also propelling the market's growth in the region. Latin America and the Middle East & Africa regions are also expected to experience significant growth in the global park assist system market due to the rising adoption of advanced driver assistance systems (ADAS) and the increasing demand for luxury vehicles in the regions.
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Park Assist System Market Drivers
Park Assist System Market Restraints
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The global park assist system market is highly competitive and fragmented, with several established players operating in the market. These companies focus on product innovation and strategic partnerships to gain a competitive edge and expand their market presence. Companies in the park assist system market adopt product innovation as a key strategy to gain an advantage over their competitors. An example of this is Robert Bosch GmbH, which provides a variety of advanced park assist systems that use radar, cameras, and ultrasonic sensors to detect obstacles while parking. Another example is Continental AG, which offers parking assist systems that utilize advanced sensors and 360-degree cameras to provide precise parking assistance.
In addition to product innovation, strategic partnerships and collaborations are also critical for companies in the park assist system market. For instance, ZF Friedrichshafen AG has collaborated with NVIDIA Corporation to develop advanced park assist systems that utilize computer vision and machine learning algorithms based on artificial intelligence to provide precise and reliable parking assistance. Similarly, Siemens AG has partnered with Valeo S.A. to develop advanced park assist systems that utilize ultrasonic sensors and radar for accurate obstacle detection. The competition for Park Assist Systems is projected to remain fierce, with providers continuing to invest in innovation and differentiation in order to acquire market dominance.
Park Assist System Market Top Player’s Company Profiles
Park Assist System Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, we found that the global park assist system market is expected to witness significant growth due to the increasing demand for advanced driver assistance systems, rising awareness about vehicle safety, and the growing preference for automated parking systems. The market is highly competitive, with key players focusing on product innovation, strategic partnerships, and collaborations to expand their market presence. With the increasing adoption of electric vehicles and the development of autonomous driving technology, the demand for park assist systems is expected to further increase in the coming years.
|Market size value in 2021
|USD 5.41 billion
|Market size value in 2030
|USD 40 billion
|Forecast Unit (Value)
|North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
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For the Global Park Assist System Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Park Assist System Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Park Assist System Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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