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 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 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. 'Bosch', 'Continental AG', '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', 'Valeo SA', 'Velodyne Lidar, Inc.', 'ZF Friedrichshafen AG', 'Aisin Seiki Co., Ltd.', 'Aptiv PLC'

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.

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.

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.