Surge in concerns related to parking and advent of internet of things (IoT)-based technology fuel the growth of the global automotive intelligence park assist system market
According to a new report published by Allied Market Research, titled “Automotive Intelligence Park Assist System Market by Vehicle Type, Application, and Vehicle Class: Global Opportunity Analysis and Industry Forecast, 2021–2030”, the global automotive intelligence park assist system market was valued at $4.33 billion in 2020 and is projected to reach $38.93 billion by 2030, growing at a remarkable CAGR of 24.9% from 2021 to 2030.
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Automotive intelligence park assist system is an advanced driver assistance system, which is installed in new vehicle models to provide safer & securer parking of the vehicle in tight parking space. Moreover, increased advancement in vehicle & related technology also supplements the automotive intelligence park assist system market during the forecast period. In addition, the installation of intelligence park assist system in a vehicle requires several components, such as sensors, camera, ICs, and other components, whose combination derives an exact image on the inbuilt display system of the vehicle, thus giving a clear view of the parking space.
Most of the companies, such as Aisin Seiki, Continental AG, Robert Bosch, Valeo, Siemens, and others, have been operating in the global market and are offering their advanced products to vehicle manufacturers, thereby supplementing the growth of the market. For instance, in August, 2021, Continental AG acquired stake in Kopernikus Automotive, an artificial intelligence driven company for vehicle automated parking. The major focus is on infrastructure-based automated parking in parking garages and maneuvering in vehicle factories and logistics centers. In addition, in January 2021, Delphi Technologies introduced next-gen ADAS platform for highly automated and electrified vehicles that offers entry-level safety compliance to advanced highway pilot and parking assist to the vehicle. Such developments supplement the growth of the market across the globe.
The passenger car segment to continue its lead position throughout the forecast period
Based on vehicle type, the passenger car segment held the largest share in 2020, accounting for more than four-fifths of the global automotive intelligence park assist system market, and is projected to continue its lead position throughout the forecast period. This is due to its vital role in the transportation industry, introduction of safety & security features, and surge in penetration in different countries. However, the heavy commercial vehicles segment is expected to manifest the highest CAGR of 30.4% from 2021 to 2030. This is due to stringent regulations by government for safety features that enabled manufacturers use effective ADAS services such as height & pressure sensing system.
The semi-autonomous segment to continue its dominance throughout the forecast period
Based on application, the semi-autonomous segment contributed to the largest share in 2020, holding nearly 90% of the global automotive intelligence park assist system market, and is projected to continue its dominance throughout the forecast period. This is due to increased inclination of semi-autonomous vehicles worldwide. However, the fully autonomous segment is estimated to portray the largest CAGR of 29.2% from 2021 to 2030. This is attributed to introduction of features such as ADAS, connected cars, and others.
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North America to maintain its leadership status by 2030
Based on region, North America contributed to the largest market share in 2020, accounting for nearly two-fifths of the global automotive intelligence park assist system market. This is due to increase in technology driven companies and surge in R&D activities. However, Asia-Pacific is expected to register the fastest CAGR of 29.4% during the forecast period, owing to rise in need for vehicles equipped with advanced features across the region.
Factors, such as increased parking concern across the globe, surge in demand for Internet of Things (IoT)-based technology, and increase in number of vehicles, supplement the growth of the global automotive intelligence park assist system market. Moreover, high implementation cost & configuration complexity accompanied with low rate of internet penetration in developing regions hampers the growth of the market. However, rise in investment on building driverless vehicles and increase in government initiatives in building smart cities across the globe create ample opportunities for the growth of the global automotive intelligence park assist system market during the forecast period.
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Leading market players
- Aisin Seiki Co., Ltd.
- Continental AG
- Delphi Automotive
- Hitachi Ltd.
- Magna International
- NXP Semiconductors
- Robert Bosch GmbH
- Siemens AG
- Valeo SA
- ZF Friedrichshafen
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