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 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.