According to a recent report published by Allied Market Research, titled, “Automotive Intelligence Park Assist System Market by Vehicle Type, Application, and Vehicle Class: Global Opportunity Analysis and Industry Forecast, 2021–2030,”
The global automotive intelligence park assist system market was valued at $4.33 billion in 2020, and is projected to reach $38.93 billion by 2030, registering a CAGR of 24.9% from 2021 to 2030.
North America dominates the market, in terms of revenue, followed by Europe, Asia-Pacific, and LAMEA. U.S. dominated the global automotive intelligence park assist system market share in 2020. Mexico is expected to grow at a significant rate during the forecast period, owing to increase in demand for smart vehicles.
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Automotive intelligence park assist system is an advanced driver assistance system, which is installed in new vehicle models to provide safer & securer parking of the vehicle in tight parking space. Moreover, increased advancement in vehicle & related technology also supplements the automotive intelligence park assist system market during the forecast period. In addition, the installation of intelligence park assist system in a vehicle requires several components, such as sensors, camera, ICs, and other components, whose combination derives an exact image on the inbuilt display system of the vehicle, thus giving a clear view of the parking space.
Most of the companies, such as Aisin Seiki, Continental AG, Robert Bosch, Valeo, Siemens, and others, have been operating in the global market and are offering their advanced products to vehicle manufacturers, thereby supplementing the growth of the market. For instance, in August, 2021, Continental AG acquired stake in Kopernikus Automotive, an artificial intelligence driven company for vehicle automated parking. The major focus is on infrastructure-based automated parking in parking garages and maneuvering in vehicle factories and logistics centers. In addition, in January 2021, Delphi Technologies introduced next-gen ADAS platform for highly automated and electrified vehicles that offers entry-level safety compliance to advanced highway pilot and parking assist to the vehicle. Such developments supplement the growth of the market across the globe.
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The global automotive intelligence park assist system market has been segmented into vehicle type, application, vehicle class, and region. Based on vehicle type, it is divided into passenger car, light commercial vehicles, and heavy commercial vehicles. Based on application, it is bifurcated into semi-autonomous and fully autonomous. Based on vehicle class, it is classified into mid-priced and luxury. By region, the global market has been studied across North America, Europe, Asia-Pacific, and LAMEA.
Factors, such as increased parking concern across the globe, surge in demand for Internet of Things (IoT)-based technology, and increase in number of vehicles, supplement the growth of the global automotive intelligence park assist system market. Moreover, high implementation cost & configuration complexity accompanied with low rate of internet penetration in developing regions hampers the growth of the market. However, rise in investment on building driverless vehicles and increase in government initiatives in building smart cities across the globe create ample opportunities for the growth of the global automotive intelligence park assist system market during the forecast period.
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Key Findings Of The Study
- By vehicle type, the heavy commercial vehicles segment is expected to register a significant growth during the forecast period.
- Depending on application, the fully autonomous segment is anticipated to exhibit significant growth in the future.
- On the basis of vehicle class, the luxury segment is anticipated to exhibit significant growth in the future.
- Asia-Pacific is anticipated to register the highest CAGR.
Covid-19 Impact Analysis
- COVID-19 has presented the world with an unprecedented economic, humanitarian, and healthcare challenge.
- Rapid spread of the disease has led to a significant impact on the global automotive industry, with a downturn in demand for new and old vehicles.
- Industry experts believe that post the pandemic, last-mile conveyance will shift toward personal mobility and the electric vehicle industry will register a suitable growth rate.
- However, during and after the COVID-19 crisis, it has been highly speculated that governments will alter their priorities and the focus too may divert toward more pressing social & economic issues while the support for electric vehicle adoption will be limited.
- Moreover, due to the pandemic and its rapid spread across the globe, the demand & supply chain for numerous products came to a halt due to unavailability of transportation medium. This has led to shortage of products, thereby increasing the price of available or alternate products, such as sensors or ICs, which have wider application in vehicles.
The key players profiled in the global automotive intelligence park assist system market include Aisin Seiki Co., Ltd., Continental AG, Delphi Automotive, Hitachi Ltd., Magna International, NXP Semiconductors, Robert Bosch GmbH, Siemens AG, Valeo SA, and ZF Friedrichshafen.
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