The global park assist system market is projected to reach a valuation of US$ 595.6 Million in 2022. Demand is forecast to increase at a 14.3% CAGR during the forecast period, reaching US$ 2.2 Billion 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.
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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 Million 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 manufacturing 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.
Park Assist System Market by Category
By 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
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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