PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1485820
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1485820
The Automotive Intelligence Park Assist System Market size was valued at USD 13,981.82 million in 2023, expanding at a CAGR of 4.91% from 2024 to 2032.
Parking assistance technology holds the promise of minimizing parking-related accidents. By utilizing this technology, drivers can steer clear of mishaps in parking lots, garages, and while parallel parking. Automotive Intelligence Park Assist Systems provide drivers with convenience, safety, and a sense of security, simplifying parking maneuvers and lessening the likelihood of collisions. With the rising popularity of advanced driver assistance technologies, IPAS is now a prevalent feature in contemporary vehicles, enhancing driving experiences and promoting road safety.
Automotive Intelligence Park Assist System Market- Market Dynamics
The rise in demand for Autonomous Vehicles and an increase in concern regarding parking are anticipated to propel market demand
As the technology for autonomous vehicles continues to progress, it is anticipated that more vehicles will incorporate self-driving capabilities. These vehicles rely on sophisticated sensor systems and intelligence to safely navigate and park in various environments. The implementation of IPAS is crucial in enabling autonomous vehicles to accurately execute parking maneuvers, particularly in complex urban settings where parking can be challenging. According to statistics on self-driving cars, it is projected that by 2030, approximately 15% of new car sales will consist of autonomous vehicles. Additionally, by 2040, self-driving cars are expected to contribute to an annual revenue of USD17 billion in new car sales. Moreover, ongoing advancements in sensor technology, artificial intelligence, and connectivity are creating new opportunities to enhance the functionality and performance of IPAS. However, the high cost of advanced sensor technology and the complexity associated with integrating IPAS into vehicles can present significant barriers to market entry.
Automotive Intelligence Park Assist System Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 4.91% over the forecast period (2024-2032)
Based on Component segmentation, Ultrasonic Sensor was predicted to show maximum market share in the year 2023
Based on Technology segmentation, Semiautonomous Parking Assist was the leading type in 2023
Based on Vehicle Type segmentation, Passenger cars were the leading type in 2023
Based on region, North America was the leading revenue generator in 2023
The Global Automotive Intelligence Park Assist System Market is segmented based on Component, Technology, Vehicle Type, and Region.
The market is categorized into three segments based on Component: Ultrasonic Sensor, Camera, and Ultrasonic Sensor & Camera. The dominant segment in the market is the Ultrasonic Sensor. These sensors play a vital role in detecting obstacles, pedestrians, and other vehicles, allowing the vehicle to autonomously park or maneuver through narrow spaces with minimal chances of collision. As automakers persistently integrate advanced safety and driver assistance features into their vehicles, the demand for ultrasonic sensors in automotive applications is projected to experience substantial growth.
The market is segmented into two divisions according to Technology: Autonomous Parking Assist and Semiautonomous Parking Assist. Semiautonomous Parking Assist leads the market. These systems commonly provide functionalities like automatic parallel or perpendicular parking, in which the vehicle takes care of steering while the driver handles throttle, brake, and gear shifting. Certain advanced systems might even perform these tasks independently, requiring minimal intervention from the driver.
The market is segmented into two categories according to Vehicle Type: Passenger cars and Commercial vehicles. Passenger cars are the dominant force in the market. The Automotive Intelligence Park Assist System market for passenger cars is expected to see ongoing expansion as car manufacturers strive to introduce and incorporate cutting-edge parking assistance technologies to cater to the changing demands and desires of consumers for safer and more convenient driving experiences.
Automotive Intelligence Park Assist System Market- Geographical Insights
Geographically, this market is extensively spread across various regions including North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further subdivided based on the countries involved in business activities. The market growth is primarily dominated by North America, mainly due to its strong focus on vehicle safety and the growing demand for Advanced Driver Assistance Systems (ADAS). North America has always prioritized vehicle safety, evident through the implementation of stringent safety standards and regulations by regulatory bodies like the National Highway Traffic Safety Administration (NHTSA). This emphasis on safety has resulted in a higher adoption of ADAS features, including IPAS, by both automakers and consumers. Approximately 92.7% of new vehicles in the U.S. are equipped with at least one ADAS feature. Moreover, major automakers representing 99% of the U.S. new car market have committed to making Automatic Emergency Braking (AEB) the first standard ADAS on all light-duty vehicles by September 1st, 2022, as per the U.S. Department of Transportation's National Highway Traffic Safety Administration. On the other hand, the Asia Pacific region holds the second-largest market share in terms of growth. This can be attributed to rapid urbanization and the increasing congestion in cities within the region.
In the competitive landscape of the Automotive Intelligence Park Assist System Market, companies are continuously striving to enhance their IPAS solutions by introducing new features such as automated parking in confined spaces, faster response times, and improved accuracy. Companies must stay at the forefront of technological advancements to remain competitive. With the increasing global demand for IPAS, companies are venturing into new geographical regions and focusing on emerging markets with customized solutions to expand their market presence. This expansion often results in heightened competition as companies compete for market share in both established and emerging markets.
Hyundai Mobis has announced the development of an innovative autonomous parking control system that enables a vehicle to park in its designated spot effortlessly with a single button press. The latest version of the Mobis Parking System (MPS) now features a Memory Parking Assist (MPA) system, introduced in 2021, which memorizes the parking procedure during the learning mode. Subsequently, the vehicle can autonomously replicate the parking sequence in the same spot repeatedly by simply pressing a button.
GLOBAL AUTOMOTIVE INTELLIGENCE PARK ASSISTS SYSTEM MARKET KEY PLAYERS- WITH DETAILED COMPETITIVE INSIGHTS
Aisin Seiki Co., Ltd.
Continental AG
Delphi Automotive
Hitachi Ltd.
Magna International
NXP Semiconductors
Robert Bosch GmbH
Siemens AG
Valeo SA
ZF Friedrichshafen
Others