Automotive Intelligence Park Assist System Market: Demand for Semiautonomous Parking Assist Technology to Remain High
In the years to come, the key vendors of automotive intelligent park assist systems are projected to focus aggressively on upgrading their models in order to strengthen their presence in the market through integrating product differentiating technologies into vehicles. In 2016, the worldwide market for automotive intelligent park assist systems offered an opportunity worth US$22.30 bn. Analysts estimate it to rise at a healthy CAGR of 6.76% and reach a value of reach US$38.53 bn by the end of 2025.
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Demand for Semiautonomous Parking Assist Technology to Remain High
Based on the type of technology, the global market automotive intelligent park assist systems for autonomous parking assist and semiautonomous parking assist are the main segments of this market. In 2016, semiautonomous parking assist technology emerged as the segment leader, accounting for 60% of the market share, in terms of revenue.
Although the scenario will almost be same in the near future, the autonomous park assist segment is expected to demonstrate a higher growth rate. Autonomous park assist technology is projected to find significant application in North America and Europe in the years to come.
By component, the global automotive intelligence park assist system market is segregated into ultrasonic sensor, camera, and ultrasonic sensor and camera. In terms of revenue, the ultrasonic sensor and camera constituted more than 55% market share in 2016 and are expected to remain dominating over the next few years.
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Presence of Established Players in U.S. to Ensure North America’s Dominance
Geographically, the global automotive intelligence park assist system market is classified into North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. North America emerged as the leading regional market for automotive intelligence park assist systems in 2016 with a share of more than 32%. Researchers expect the scenario to remain so in the near future. The uptake of advance automotive technology and the presence of global manufacturers in the U.S. will boost this regional market substantially.
Europe closely follows North America with nearly same market share. As Europe is known to the automotive hub, most of the advanced components find their invention centers located in European countries. Furthermore, the level of acceptance towards advanced driver assistance systems is fairly higher.
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The market for automotive intelligence park assist system is highly consolidate as each of the regional market is dominated by a select number of players. Toshiba Corp., Valeo, and Hitachi Ltd. are some of the leading players in this market. Robert Bosch GmbH, Continental AG, ZF Friedrichshafen AG, Delphi Automotive LLP, Siemens AG, Magna International, and Hella GmbH & Co. KGaA are some of the other prominent market participants.
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