Automotive Intelligence Park Assist System Market Overview:
Automotive Intelligence Park Assist System Market Size was valued at USD 22.2 Billion in 2023. The Automotive Intelligence Park Assist System market Vehicle Type is projected to grow from USD 23.53 Billion in 2024 to USD 35.3 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.19% during the forecast period (2024 - 2032). Global parking concerns are growing, and IoT-based technology demand is increasing, are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Automotive Intelligence Park Assist System Market Trends
Increased parking concern across the globe is driving the market growth
In places like hospitals, hotels, and retail malls, as well as airports, universities, and convention and exposition centres, it can be exceedingly challenging to locate an available parking space during rush hour. Concerns about parking for homes and businesses arise when a region's population grows. Advanced technological elements, such as real-time reservation status updates via smart parking technology and SMS notifications of open spaces, are used to alleviate this issue. The user spends less time looking for available parking spaces thanks to this technology, which also automates the process of looking for the best parking floor and position. Additionally, it lessens the likelihood of accidents in parking lots. 20% of car accidents in the US occur in parking lots and garages, according to CBS News reports. On average, these accidents result in 60,000 injuries and 500 fatalities annually. As a result, these factors fuel the expansion of the worldwide park assist system market.
The Internet of Things (IoT) is a system of networked computing devices that communicate with one another in order to accomplish a given task without the need for direct human or computer intervention. Globally, more time is spent hunting for parking places, and the University of Kansas is employing lot technology in a project on intelligent parking solutions to address this issue. An IoT-based smart parking system deployment also helps with better parking management and saves drivers time. For instance, the driver can verify the number of parking spaces available at the entrance of parking garages before entering the garage by receiving regular information updates from the sensors. Therefore, it is anticipated that developments in IoT technology for smart parking solutions would significantly boost the market for intelligent park assist.
The automotive intelligence park assist system market is primarily driven by the expansion of commercial sectors around the globe and the rising adoption of wide angle camera technology in automobiles. The market for automotive intelligence park assist systems is influenced by factors like as manufacturers' increasing use of the technology, the availability of skilled labour, and the system's capacity to save energy. The market for automotive intelligence park aid systems is growing due to the increased demand for autonomous and semi-automated parking systems due to their complicated designs and the trend towards electrification of vehicles. Additionally, the market for automotive intelligence park assist systems is positively impacted by the high level of competition among service providers, government attempts to boost the use of safety systems in cars, and population income growth. The development of automotive intelligence park assist system technology in accordance with regulations established by the government authorities, as well as technological advancement and design, provide lucrative opportunities to the market's participants during the anticipated period. Thus, driving the Automotive Intelligence Park Assist System market revenue.
Automotive Intelligence Park Assist System Market Segment Insights:
Automotive Intelligence Park Assist System Technology Insights
The Automotive Intelligence Park Assist System Market segmentation, based on technology, includes autonomous park assist and semi-autonomous park assist. Semi-autonomous park assist segment dominated the global market in 2022. The car is built and designed to function partially independently in the semi-autonomous vehicle system, allowing for intermittent driver supervision. Driver intervention is still anticipated or necessary, though. Although some semi-autonomous cars can park themselves, they are not considered to be self-driving. Most of the time, drivers are required to maintain their hands firmly on the steering wheel.
Automotive Intelligence Park Assist System Component Insights
The Automotive Intelligence Park Assist System Market segmentation, based on component, includes ultrasonic sensors and camera. Ultrasonic sensors segment dominated the Automotive Intelligence Park Assist System Market in 2022. Ultrasonic proximity sensors can be found in the front and rear bumper fascias, or they can be visually minimised inside of neighbouring grills or recesses. These sensors can estimate the distances to nearby objects. A thin pole or a longitudinal object directed directly at the vehicle or close to an object may not be detected by an ultrasonic system because they are too small to reflect sound waves, which is how they work.
Automotive Intelligence Park Assist System Vehicle Type Insights
The Automotive Intelligence Park Assist System Market segmentation, based on vehicle type, includes passenger car and commercial vehicle. Passenger car segment dominated the global market in 2022. Sports utility vehicles (SUV), hatchbacks, sedans, and electric cars (BEVs), multi-utility vehicles (MUVs), and hybrid electric vehicles (HEVs) are examples of passenger automobiles. Automotive intelligence park assist systems are regarded by automakers as the most practical, cost-effective, and useful addition to a car's operating system.
Figure 1: Automotive Intelligence Park Assist System Market, by Vehicle Type, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Automotive Intelligence Park Assist System Regional Insights
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America Automotive Intelligence Park Assist System Market dominated this market in 2022 (45.80%). Due to the presence of significant auto intelligence park assist system producers here, the U.S. takes the top spot in this region. The U.S. fleet market currently runs in a low-inflation and low-interest climate and complies with national economic criteria, necessitating a sizable investment from OEMs. The advanced parking guiding system was previously restricted to the Lexus system in the United States. However, as technology has advanced, its adoption has grown. Numerous park assist vehicles have won awards and rank highly in their respective classes. Market expansion in the area is further fueled by growing globalization. Further, the U.S. Automotive Intelligence Park Assist System market held the largest market share, and the Canada Automotive Intelligence Park Assist System market was the fastest growing market in the North America region.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: Automotive Intelligence Park Assist System Market Share By Region 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Automotive Intelligence Park Assist System market accounted for the healthy market share in 2022. It might be explained by the fact that customers prefer modernised automotive intelligence park assist systems to standard steel wheels. The size of the car fleet in the United Kingdom increased by 1.5% in the first quarter of 2021 after declining for the previous three quarters, according to a market research analysis released by BVRLA. Further, the German Automotive Intelligence Park Assist System market held the largest market share, and the U.K Automotive Intelligence Park Assist System market was the fastest growing market in the European region
The Asia Pacific Automotive Intelligence Park Assist System market is expected to register significant growth from 2024 to 2032. The huge population in China and India, which together make up more than 38% of the world's population, is a crucial element driving the expansion of this area. This expansion is attributable to increased urbanisation and disposable income, which have caused people's preferences to change. The growth of the automotive sector in China, South Korea, and India is mostly attributable to increased car production. For instance, 3.62 million of the 4.51 million vehicles produced in India in 2019 were cars. Moreover, China’s Automotive Intelligence Park Assist System market held the largest market share, and the Indian Automotive Intelligence Park Assist System market was the fastest growing market in the Asia-Pacific region.
Automotive Intelligence Park Assist System Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Automotive Intelligence Park Assist System market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Automotive Intelligence Park Assist System Industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Automotive Intelligence Park Assist System Industry to benefit clients and increase the market sector. In recent years, the Automotive Intelligence Park Assist System Industry has offered some of the most significant advantages to medicine. Major players in the Automotive Intelligence Park Assist System market, including Siemens AG, Valeo, Robert Bosch GmbH, ZF Friedrichshafen AG, Magna International, Continental AG, NXP Semiconductors, Toshiba Corporation, HELLA GmbH & Co. KGaA, and Delphi Automotive, are attempting to increase market demand by investing in research and development operations.
A manufacturer of semiconductors, NXP Semiconductors NV (NXP) offers mixed signal analogue products. It provides answers in the areas of radio frequency (RF), power management, digital signal processing, embedded system architecture, and high-speed interface. Microcontrollers, communication processors, analogue and interface components, connectivity chipsets, RF power amplifiers, sensors, wireless connectivity components, audio components, security controllers, and application processors are some of the semiconductor goods. NXP Semiconductors stated in October 2021 that it would participate in this year's ITS World Congress in Hamburg by showcasing new safety scenarios made possible by vehicle-to-vehicle connectivity.
The company known as Global Foundries Inc. (Global Foundries) produces and supplies semiconductors. The business provides a range of technological and design options, including feature-rich CMOS, FinFet, FDX FD-SOI, RF SOI, SiGe, and silicon photonics. Additionally to manufacturing services such mask services, post-fab services, aerospace and defence, RF network, and multi-project wafer programme, the company manufactures and supplies 300mm and 200mm fabs. It provides services to the markets for intelligent mobile devices, cars, communications infrastructure, home datacenters, and industrial IoT. GlobalFoundries and automotive supplier Bosch established a partnership in March 2021 to create radar chips for self-driving technology.
Key Companies in the Automotive Intelligence Park Assist System market include
- Siemens AG
- Valeo
- Robert Bosch GmbH
- ZF Friedrichshafen AG
- Magna International
- Continental AG
- NXP Semiconductors
- Toshiba Corporation
- HELLA GmbH & Co. KGaA
- Delphi Automotive
Automotive Intelligence Park Assist System Industry Developments
April 2022: Magna International has launched a new production facility in Slovakia where they will produce technology for electric vehicles as well as cutting-edge ADAS systems.
Automotive Intelligence Park Assist System Market Segmentation:
Automotive Intelligence Park Assist System Technology Outlook
- Autonomous Park Assist
- Semi-Autonomous Park Assist
Automotive Intelligence Park Assist System Component Outlook
Automotive Intelligence Park Assist System Vehicle Type Outlook
- Passenger Car
- Commercial Vehicle
Automotive Intelligence Park Assist System Regional Outlook
- North America
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
- Rest of the World
- Middle East
- Africa
- Latin America
Automotive Intelligence Park Assist System Market Highlights:
