Global Automotive Intelligence Parking Assist Systems Market expected to be valued worth USD 30 billion by 2026
Published Date | 2020 January 27
Parking Assist Systems helps drivers easily park the crowded parking lots in order to avoid hanging and collisions. The parking assist system is an essential application of the car active collision avoidance system in low-speed and urban complex environments and it is also an intelligent embodiment of the car active collision avoidance system. The emergence of parking assist systems supports easier parking. The growth of the market has been from simple assistance to integrated automatic parking. The Global Automotive intelligence parking assist systems market is expected to be valued worth USD 30 billion by 2026, reporting a CAGR of over 7 per cent during the forecasted period from 2020-2026.
Vehicle electrification and government initiative to reduce road accidents to drive the growth of Global Automotive Intelligence Park Assist System Market
Automotive Intelligence Park Assist System is also known as Advanced Parking Guidance system (APGS) in some countries. It is a system surrounded by electronic components such as ICE, Sensors and electrical Vehicles. The automotive Intelligence park assist system provides physical regulations for various power components like semiconductors and helps to park the vehicle safely by tracking the parking area. The automotive intelligence park assist system comprises of onboard computer used camera fixed into the front and rear sides of the car and sensors positioned at similar locations notice the proximity of nearby vehicles. The sensors are electromagnetic or ultrasonic and are designed to alert the driver from obstacles while parking.
The major driving factor responsible for the growth of this market are developing commercial sectors globally, increasing uses of wide angle camera technology in vehicles and rising trend of vehicle electrification and the government initiative to reduce road accidents. Growing demand for autonomous and semi-autonomous parking systems, complex design of the system and automotive intelligence park systems are few of the other factors driving the growth of the market in 2019.
Rising number of manufacturers integrating intelligence park assist systems technology in vehicles, power savings and skilled labor are key factors that can support the expansion of the Global Automotive Intelligence Park Assist System Market in the forecasted period. Another major key factor considered for the growth of the market is the growing competition between Automotive Intelligence Park Assist System service providers and increasing support from the local government to employ safety systems in automobiles. These factors have stimulated the global players to develop and design the Automotive Intelligence Park Assist Systems as per the guidelines set by governing bodies operating in automotive and semiconductor sector in various regions.
Autonomous parking assist segment contributed the largest share to the market in 2019
On the basis of Technology, the global Automotive Intelligence Park Assist System Market can be classified as Autonomous Parking Assist and Semi-autonomous Parking Assist. On the basis of Component, the Global Automotive Intelligence Park Assist System Market can be classified as Ultrasonic Sensor, Camera, Ultrasonic Sensor and Camera and on the basis of Vehicle Type, the Global Automotive Intelligence Park Assist System Market can be bifurcated as Passenger Car and Commercial Vehicles. In 2019, Autonomous parking assist segment has contributed the largest share to the Global Automotive Intelligence Park Assist System Market owning to advancement in automobile technology and requirement for safe vehicle parking.
North America emerged as a leading regional market for Automotive Intelligence Park Assist System Market in 2019
North America, Europe, Asia-Pacific, Middle East and Africa and Latin America are few of the key regions where the Global Automotive Intelligence Park Assist System Market can be witnessed. North America emerged as a leading regional market for Automotive Intelligence Park Assist System Market in 2019 with a share of more than 35 per cent. The growth of the region can be attributed to factors such as rise in advanced automotive technology and the presence of global manufacturers in the US. Another emerging area in the Global Automotive Intelligence Park Assist System Market is Europe owing to presence of advanced components invention centers in the region.
The in-depth analysis of the report provides the growth potential, upcoming trends and statistics of Automotive Intelligence Parking Assist Systems market size & forecast. The report promises to provide state-of-the-art technology of Automotive Intelligence Parking Assist Systems production and industry insights which help decision-makers to take sound strategic decisions. Furthermore, the report also analyzes the market drivers and challenges and competitive analysis of the market.