Automotive Intelligence Park Assist System Market Statistics 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.
Automotive intelligence park assist system is an advanced driver assistance system (ADAS), which is designed to provide smart parking feature in a vehicle. This system provides safety & security to the vehicle as well as assists drivers in parking their vehicles. Automotive intelligence park assist system includes a combination of camera, in-dash screen, buttons, sensors, and other controls, which enable the car to steer itself into a parking space with little input from the user. Intelligence park assist system installed in a vehicle automatically operates the steering, leaving the driver free to concentrate on operating the accelerator and brakes and checking the surroundings. The system utilizes footage from the around view monitor, which gives drivers a virtual bird’s-eye view of the vehicle, allowing drivers to more easily park their vehicles.
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, the factors, such as 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.
By Vehicle Type
Heavy Commercial Vehicle is projected as the most lucrative segments
The global automotive intelligence park assist system market has been segmented into vehicle type, application, vehicle class, and region. Based on the vehicle type, the global market 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 analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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.
Fully Autonomous is projected as the most lucrative segments
Increased parking concern across the globe
Finding a vacant parking space during peak hours is very difficult in areas such as hospital, hotel & shopping center, airport, university, and exhibition & convention center. The growth in population results in issues associated with residential parking as well as commercial. The problem linked to this is solved by using improved features such as notification of available free space by SMS & live updates of space reservation using smart parking technology. This technology decreases the amount of time spent by the user for finding a vacant parking slot and automating the process of searching an optimal parking floor and spot. Therefore, it creates a huge demand for the intelligence park assist system market.
Growth in demand for Internet of Things (IoT)-based technology
Internet of Things (IoT) is a system of interrelated computing devices that are connected to the internet to perform a specified task by exchanging the data without requiring human-to-human or human-to-computer interaction. Globally, the time spent on searching for parking slot is more and such related issue in many countries is solved by the University of Kansas that developed a project on smart parking solutions with the use of IoT technology. Moreover, implementation of IoT-based smart parking system helps manage better parking and also reduces driver’s time. For instance, in parking garages, the driver can even list the number of parking slots available at the entrance, before entering the garage. This is done by receiving constant information updates from the sensors and providing this information to the driver. Such advancement in the IoT technology for smart parking solutions is expected to significantly drive the intelligence park assist system market.
By Vehicle Class
Luxury is projected as the most lucrative segments
High implementation cost & configuration complexity
Due to constant technological advancements, there is a necessity to frequently upgrade the system & software required to keep them compatible with external environment. In addition, the cost of all components, including sensor, RFID, and fuzzy logics along with the assembly required in smart parking is expensive for the consumer. As many components and sensors are assembled in a single dielectric plate according to the compatibility, it incurs higher cost. This bulky system takes higher implementation cost as it needs to be connected with wireless devices for its proper operation. Therefore, high configuration complexity coupled with higher initial implantation cost hinders the wide adoption of the intelligence park assist system market.
Rise in investment on building driverless vehicles
Many car manufacturing companies, such as Tesla, Waymo, and Ford, have tested parking assistance function in the autonomous vehicle that shows free parking space. Development of technology to handle or park the vehicle using smartphones is adopted by many countries such as Canada, the U.S., Germany, the UK, and others. Furthermore, software companies offer frequent updates to resolve the problem of congestion for smart parking technique. Continuous advancements in terms of technology and infrastructure are expected to create lucrative growth opportunities for the intelligence park assist system market in the near future.
Asia-Pacific would exhibit the highest CAGR of 29.4% during 2021-2030.
Covid-19 Impact Analysis
- COVID-19 has presented the world with an unprecedented economic, humanitarian, and healthcare challenge.
- Rapid spread of the disease led to a significant impact on the global automotive industry, with 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 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.
Key Benefits For Stakeholders
- This study presents analytical depiction of the global automotive intelligence park assist system market analysis along with current trends and future estimations to depict imminent investment pockets.
- The overall automotive intelligence park assist system market opportunity is determined by understanding profitable trends to gain a stronger foothold.
- The report presents information related to the key drivers, restraints, and opportunities of the global automotive intelligence park assist system market with a detailed impact analysis.
- The current automotive intelligence park assist system market is quantitatively analyzed from 2020 to 2030 to benchmark the financial competency.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.
Key Market Segments
By Vehicle Type
- Passenger Car
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- Fully Autonomous
By Vehicle Class
- North America
- Rest of Europe
- Rest of Asia-Pacific
- Latin America
- Middle East
- Aisin Seiki Co., Ltd.
- Continental AG
- Delphi Automotive
- Hitachi Ltd.
- Magna International
- NXP Semiconductors
- Robert Bosch GmbH
- Siemens AG
- Valeo SA
- ZF Friedrichshafen
Automotive Intelligence Park Assist System Market Report Highlights
By VEHICLE TYPE
By VEHICLE CLASS
Key Market Players
.ZF FRIEDRICHSHAFEN AG, Delphi Technologies (subsidiary of BorgWarner, Magna International Inc., AISIN SEIKI CO., LTD, Siemens, Robert Bosch GmbH, VALEO, CONTINENTAL AG, Hitachi, Ltd, NXP Semiconductors
The growth of the global automotive intelligence park assist system market is supplemented by numerous developments carried out by top automotive intelligence park assist system manufacturers, which led to the growth of the market. Moreover, technological advancement in the production of vehicles supplemented by the introduction of advanced safety & security features in vehicles supplements the growth of the market across the globe.
Numerous companies operating in the automotive safety & security industry have developed advanced smart parking system to be installed in vehicles, which supplements the growth of the market across the globe. Moreover, with the introduction of ADAS & automation in vehicles, the need for installation of advanced vehicular features supplements the growth of the market across the globe.
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, factors, such as high implementation cost & configuration complexity and low rate of internet penetration in developing regions, hamper 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.
Among the analyzed regions, North America is the highest revenue contributor, followed by Europe, Asia-Pacific, and LAMEA. On the basis of forecast analysis, Asia-Pacific is expected to maintain its lead during the forecast period, owing to increase in production of advanced vehicles across the region.