Automotive Intelligence Park Assist System Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Automotive Intelligence Park Assist System Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Automotive Intelligence Park Assist System Market

The automotive intelligence park assist system market size was valued at USD 8.6 billion in 2020, and the market is now projected to grow from USD 10.1 billion in 2021 to USD 20.7 billion by 2028, exhibiting a CAGR of 10.7% during the forecast period of 2021-2028.

Pandemic has notably impacted the global car enterprise, leading to a decline in vehicle demand and monetary slowdown. Factors like exertions and raw material shortages have created supply and call for gaps. Market leaders are addressing order backlogs to maintain sales in 2021. Hyundai advanced the world's first urban ADA System, Mobis Parking System, which was no longer manufactured in the course of the pandemic.

During rush hours, finding parking spaces in busy regions like hospitals, motels, airports, universities, and conference facilities is challenging. The growth of population has led to concerns approximately residential and business parking. Advanced generation, inclusive of actual-time reservation popularity updates and SMS notifications, helps reduce time spent trying to find parking areas and reduces the chance of accidents. According to CBS News, 20% of car injuries arise in parking plenty and garages, causing 60,000 accidents and 500 fatalities annually.

Automakers and tech companies are growing advanced technologies to permit self-sufficient cars, with Google leading the race. By 2040, driverless vehicles will account for over 75% of automobiles on the road, in keeping with the Institute of Electrical and Electronics Engineers. Parking aid systems via Bosch, Continental, and Valeo warn drivers about barriers and monitor parking areas. Sensors transmit data approximately available parking spaces to self-driving vehicles, permitting them to plot routes and reserve areas over the cloud. The growing demand for autonomous motors will pressure automotive intelligence park assist system market growth.

Comprehensive Analysis of Automotive Intelligence Park Assist System Market

The autonomous vehicle market is divided into semi-autonomous and fully autonomous systems. Semi-autonomous vehicles operate autonomously without continuous driver supervision, but still require driver intervention. These systems bridge the gap between manual and autonomous vehicles, accounting for a significant share in the global market. Fully autonomous systems move autonomously without driver supervision, offering benefits like fewer traffic accidents, economic tolls, and energy savings. Most driver assistant technologies are classified as L2 or L2+, while full automation requires no human intervention. The semi-autonomous segment currently leads, but the fully autonomous segment is expected to show a higher CAGR due to technological advancements. The passenger car segment holds the largest market share, with automotive intelligence park assist systems being seen as convenient, economic, and productive features. The commercial vehicle segment is expected to project the highest CAGR due to the increasing popularity of autonomous platforms and the shortage of truck drivers in the U.S., driven by technological developments in parking aid systems.

The North America region lead the automotive intelligence park assist system market share by benefitting a market size of USD 3.57 billion in 2020 due to essential manufacturers positioned there. The marketplace operates in a low-inflation and low-hobby environment, requiring substantial OEM investment. Previously, superior parking steering systems had been simplest used for Lexus, but with developing generation, adoption has improved. Many park assist structures are award winners and among the best in their instructions, fueled by means of globalization.

Key corporations in the industry embody Aisin Seiki Co, Continental AG, Delphi Automotive, Hitachi Ltd., Magna International, NXP Semiconductors, Siemens AG, and Valeo SA.

NXP Semiconductors will display off new safety situations at the ITS World Congress in Hamburg, the usage of vehicle-to-car verbal exchange. The organisation will collaborate with Riese and Müller to help with duties like lane converting, self-reliant parking, unbiased emergency braking, and adaptive cruise control.

Segmentation Table

ATTRIBUTE

DETAILS

Study Period

2017-2028

Base Year

2020

Estimated Year

2021

Forecast Period

2021-2028

Historical Period

2017-2019

Unit

Value (USD Billion)

By Application

Semi-Autonomous

Fully Autonomous

By Vehicle Type

Passenger Cars

Commercial Vehicles

By Geography

North America (By Application Type, By Vehicle Type)

• U.S. (By Vehicle Type)
• Canada (By Vehicle Type)
• Mexico (By Vehicle Type)

Europe (By Application Type, By Vehicle Type)

• U.K. (By Vehicle Type)
• Germany (By Vehicle Type)
• France (By Vehicle Type)
• Rest of Europe (By Vehicle Type)

Asia Pacific (By Application Type, By Vehicle Type)

• China (By Vehicle Type)
• Japan (By Vehicle Type)
• India (By Vehicle Type)
• Rest of APAC (By Vehicle Type)

Rest of the World (By Application Type, By Vehicle Type)Please Note: It will take 5-6 business days to complete the report upon order confirmation.