Park Assist System Market Estimated to Exhibit 14.3% CAGR through 2032
The global park assist system market is projected to reach a valuation of US$ 595.6 Mn in 2022. Demand is forecast to increase at a 14.3% CAGR during the forecast period, reaching US$ 2.2 Bn by 2032. Park assist system, which is also known as advanced parking guidance system, helps the driver park with higher precision using advanced guidance technology that uses radar and ultrasonic based solutions.
The park assist system is customer centric that elevates every phase of
the parking experience with advanced parking features that guide drivers to
park with confidence. These systems provide great performance, better
efficiency, along with increased safety & security for vehicles which is
propelling the demand for park assist systems. Along with the above mentioned
factors, park assist system also minimizes the chance for potential scratches
and dings when parking into very tight places.
As per FMI, the global park assist system market is expected to be
dominated by Europe, followed by East Asia and the trend is predicted to
continue during the forecast period. Park assist system market in Europe is
projected to top US$ 773.4 Mn by
2032.
“Increasing technological advancements in ADAS systems
in autonomous vehicles, along with growing adoption of park assist systems in
passenger vehicles will continue pushing sales in the market over the
assessment period,” says an FMI analyst.
Key Takeaways:
·
Based on technology, the ultrasonic sensor segment
is projected to hold approximately 6% of the total market
share in 2022.
·
In terms of sales channel, demand in the OEM
segment is anticipated to grow at a 4% CAGR through 2032.
·
By vehicle type, total sales in the passenger vehicle segment are slated
to reach a valuation of US$ 1.7 Bn by 2032.
·
Sales in the U.S. park assist system market are forecast to grow at a
14.6% CAGR over the assessment period.
·
China is expected to hold about 67.4% of the East Asia park assist
market share in 2022.
·
Europe will emerge as an attractive park assist system market, creating
an incremental dollar opportunity of US$ 588.3 Mn over the forecast period.
Competitive Landscape
Key market participants of the park assist system market include
Continental AG, Robert Bosch, Denso Corporation, Magna International, Valeo SA,
Hitachi Ltd., Delphi Automotive, ZF Friedrichshafen, Siemens AG, and Aisin
Seiki Co. Ltd.
Leading park assist system manufacturers are focusing on providing
active guidance in parking while enhancing safety and comfort of the
passengers. Many players are focusing on technological developments for park
assists systems as well as expanding their manufacturiang capabilities for ADAS
solutions. For instance:
·
In Aug 2020, Robert Bosch along with Ford and Bedrock began research for
automated valet parking that can increase the parking capacity and offer other
services for vehicles while parked.
More Insights into the Global Park Assist System
Market Report
In its latest report, FMI offers an unbiased analysis of the global park
assist system market, providing historical data for the period of 2017-2021 and
forecast statistics for the period of 2022-2032. To understand the global
market potential, its growth, and scope, the market is segmented based on
technology (ultrasonic sensor, lidar sensor, radar sensor, camera sensor,
infrared sensor, pressure sensor), by sales channel (OEM, Aftermarket), by
vehicle type (passenger vehicles, LCV, HCV) & by region ( North America,
Latin America, Europe, East Asia, South Asia & Pacific, and Middle East
& Africa).
For
more information:
https://www.futuremarketinsights.com/reports/park-assist-system-market
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