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

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.