Park Assist System Market worth US$ 2.2 billion by 2032 at a CAGR of 14.3% | Future Market Insights

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.

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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

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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).

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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

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