USD 5.41 billion
Park Assist System Market Size, Share, Growth Analysis, By Component(Ultrasonic Sensors, ECU, Display Unit), By Technology(Autonomous Parking, Semi-autonomous Parking), By Application(OEMs, Aftermarket), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG25A2064 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
88
|Figures:
76
Park Assist System Market Insights
Park Assist System Market size was valued at USD 5.41 billion in 2019 and is poised to grow from USD 6.75 billion in 2023 to USD 40 billion by 2031, growing at a CAGR of 24.9% in the forecast period (2024-2031).
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.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Ultrasonic Sensors
Fastest Growth
Ultrasonic Sensors
Growth Rate
24.9% CAGR
Global Park Assist System Market ($ Bn)
Country Share for North America Region (%)
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Park Assist System Market Segmental Analysis
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.
Global Park Assist System Market By Type
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Park Assist System Market Regional Insights
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.
Global Park Assist System Market By Region
- Largest
- Fastest
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Park Assist System Market Dynamics
Park Assist System Market Drivers
- The development of advanced technologies by automakers and tech companies is aimed at enabling cars to drive themselves, eliminating the need for human drivers. The race to achieve this feat is being led by Google, with their driverless cars currently in the testing stages. Other companies such as Audi, Toyota, and Mercedes-Benz are following closely. According to a study by the Institute of Electrical and Electronics Engineers (IEEE), it is projected that by 2040, driverless cars will account for more than 75% of vehicles on the road. To illustrate, parking aid systems developed by companies such as Bosch, Continental, and Valeo, have the capability to alert drivers about obstacles and monitor an area of approximately 20 to 250 cm in front of and behind the vehicle. With self-driving vehicles, it becomes possible for sensors to transmit information regarding available parking spaces directly to the vehicle. This information can then be used to reserve that specific parking space for the vehicle, and the reservation can be transmitted over the cloud to ensure that multiple driverless cars do not conflict for the same parking space. As a result, the increasing demand for autonomous vehicles is expected to drive the growth of the market.
- Finding an available parking space during rush hours in places like hospitals, hotels, shopping centers, airports, universities, and convention centers can be challenging. Residential and commercial parking can also be a concern due to the population growth in a region. However, the use of advanced technological features can help solve this problem. Smart parking technology, for example, can update reservation statuses in real-time and send SMS notifications of available free spaces. This technology reduces the time users spend searching for a vacant parking spot and automates the search for an ideal parking floor and location, reducing the probability of accidents in parking lots. According to CBS News reports, car accidents in parking lots and garages account for 20% of all car accidents in the United States, resulting in approximately 60,000 injuries and nearly 500 fatalities on average each year. These factors are driving the growth of the global park assist system market.
Park Assist System Market Restraints
- Software is necessary to ensure compatibility with the latest technological developments. The assembly of smart parking and the cost of all its components, including sensors, RFID, and fuzzy logic, can be expensive for consumers. The integration of multiple sensors and components into a single dielectric plate also adds to the cost of the system. Additionally, the large size of the system and the need to connect it to wireless devices for proper functioning result in higher installation costs. These factors contribute to the high initial implementation costs and complex configurations, which hinder the widespread adoption of park assist systems.
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Park Assist System Market Competitive Landscape
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
- Delphi Technologies
- Denso Corporation
- HELLA GmbH & Co. KGaA
- Hitachi Automotive Systems
- Magna International Inc.
- Mobileye (Intel Corporation)
- NXP Semiconductors N.V.
- Panasonic Corporation
- Quanergy Systems, Inc.
- Renesas Electronics Corporation
- Siemens AG
- Texas Instruments Incorporated
- Toshiba Corporation
- Velodyne Lidar, Inc.
- ZF Friedrichshafen AG
- Aisin Seiki Co., Ltd.
- Aptiv PLC
Park Assist System Market Recent Developments
- In April 2022, Magna International, a global automotive supplier, has recently started the production process at a new manufacturing plant in Slovakia. This facility is specifically designed for the production of technologically advanced products and solutions, including park assist systems, for the automotive industry. The plant is expected to contribute to the growth of the company's park assist system market by increasing its manufacturing capacity and enabling it to meet the rising demand for advanced driver assistance systems. This move is a part of the company's strategy to expand its production capabilities and enhance its market presence in the park assist system market.
- In October 2021, NXP Semiconductors recently revealed that it will be presenting new safety scenarios that leverage vehicle-to-vehicle communication at the ITS World Congress in Hamburg. In collaboration with premium manufacturer Riese & Müller and other partners, NXP plans to demonstrate how vehicle-to-vehicle communication can enhance various tasks, including autonomous parking, lane changing, adaptive cruise control, and autonomous emergency braking.
- In March 2021, GlobalFoundries has recently partnered with Bosch, a well-known automotive supplier, to develop radar chips to support self-driving capabilities. These radar chips assist in keeping the vehicle in the correct lane, alerting drivers to potential collisions, enabling emergency braking, and facilitating parking, among other features, all of which help to improve driving safety.
Park Assist System Key Market Trends
- Governments across the world are mandating the installation of advanced driver assistance systems (ADAS) in vehicles to meet safety regulations. In addition, the rising demand for luxury vehicles and the increasing disposable income of consumers are expected to boost the market growth.
- The market is also witnessing significant advancements in technology, such as the integration of artificial intelligence (AI) and machine learning (ML) algorithms in park assist systems. These advancements are expected to enhance the accuracy and reliability of the system, thereby driving the market growth.
- Furthermore, the market is witnessing a shift towards the adoption of electric and hybrid vehicles, which are equipped with advanced driver assistance systems, including park assist systems. The growing adoption of these vehicles is expected to fuel the market growth in the coming years.
Park Assist System Market SkyQuest Analysis
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.
| Report Metric | Details |
|---|---|
| Market size value in 2019 | USD 5.41 billion |
| Market size value in 2031 | USD 40 billion |
| Growth Rate | 24.9% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | 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) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Park Assist System Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Park Assist System Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the 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 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.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Park Assist System Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Park Assist System Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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