Automotive Intelligence Park Assist System market is used to provide physical containment for various power components of a vehicle which assists in safe parking of a car. Also known as Advance Parking Guidance System (APGS) in some countries, these systems consist of onboard computer used camera fixed into the front and rear sides of the car and sensors, which help in measuring the proximity of nearby vehicles. Electromagnetic or ultrasonic sensors present in these systems help to alert the driver in case of obstruction in parking. Market Research Future (MRFR's) latest in-depth report on the global automotive intelligence park assist system provides meaningful insights on the market, which has been compiled after a thorough analysis of the pertinent factors impacting the market. MRFR's analysis predicts the market to capture a moderate CAGR in the coming years.
The use of intelligence park assist systems has increased considerably in recent years, owing to the high level of awareness about the benefits associated with them. They offer the advantages of enhanced performance, safety, and driving. The most protruding feature of these systems is that they allow parallel or reverse parking. More intelligence park assist systems hinder the vehicle from exceeding the set speed during parking.
Surging demand for autonomous and electric vehicles along with growing concern over driver and vehicle safety has increased the adoption of these systems among end users. The safety of pedestrians has also assumed significance in recent years. The government in various countries encourage the use of automotive intelligence park assist systems to reduce the incidents of road accidents which has driven the market majorly.
Growing sales of high-end cars, where intelligence park assist systems are standard features, has helped the market garner higher revenue. additionally, automotive OEMs are increasingly providing these systems in mid-range and low-range cars to ensure safety. Furthermore, advancement in technology has also fostered the growth of the market. Other factors driving the market growth include an increase in traffic flow, the rising trend of vehicle electrification, and increasing uses of wide-angle camera technology in vehicles.
The automotive intelligence park assist system market has been segmented based on technology, vehicle type, and component.
By technology, the automotive intelligence park assist market has been segmented into autonomous and semi-autonomous parking assist.
By vehicle type, the automotive intelligence park assist market has been segmented into passenger car and commercial vehicle.
By component, the automotive intelligence park assist market has been segmented into ultrasonic sensor, camera, and Ultrasonic Sensor & Camera.
By region, the automotive intelligence park assist system market has been segmented into North America, Rest-of-the-World (RoW), Europe, and Asia Pacific (APAC).
APAC is leading the automotive intelligence park assist market. lack of parking space in the densely populated areas of the region is a common phenomenon which necessitates vehicles to be equipped with park assist systems. Moreover, augmenting demand for safety features in vehicles, combined with the heightened sale of electric vehicles, where park assists systems are generally standard has driven the market considerably. Furthermore, the automotive sector in the region has attracted significant investments from both the public and private sector for the development of automotive technology, which acts as a plus for the growth of the market.
The existence of major automotive manufacturers such as Siemens AG (Germany), Valeo (France), Robert Bosch GmbH (Germany), and ZF Friedrichshafen AG (Germany) in Europe generates substantial demand for automotive intelligence park assist systems. Regulations governing pedestrian safety have also influenced the growth of the market.
North America market is spurred by the sales of luxury cars in the region. High-end cars are pre-installed with automotive intelligence park assist systems as standard features.
Robert Bosch GmbH (Germany), NXP Semiconductors (Netherlands), Toshiba Corporation (Japan), Magna International (Canada), Continental AG (Germany), Delphi Automotive (Germany), Siemens AG (Germany), Valeo (France), ZF Friedrichshafen AG (Germany), and HELLA GmbH & Co. KGaA (Germany) is the eminent players in the automotive intelligence park assist system market.
April 2019 - Tesla announced rollout of a more robust version of its “eventual” automated parking feature known as Enhanced Summon. Enhanced Summon is a parking assist feature which would assist vehicles in navigating a parking lot autonomously and finding its driver under certain specified conditions.