Automotive Intelligence Park Assist System Market: Demand for Semiautonomous Parking Assist Technology to Remain High
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According to the research study, the worldwide market for automotive intelligent park assist systems offered an opportunity worth US$22.30 bn in 2016. Analysts at TMR 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 the forecast period. Currently, semiautonomous parking assist technology is witnessing a higher adoption and the trend is predicted to continue over the forthcoming years. However, autonomous parking assist technology will also report a steady rise in its demand in the near future, especially in developed economies of North America and Europe. In terms of the region, North America has acquired the leadership with the U.S. emerging as the most prominent domestic market for automotive intelligent park assist systems across the world. Researchers expect this scenario to stay so over the next few years, states the market report.
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“With the increasing traffic flow, resulting in a significant increase in the number of road accidents, the demand for automotive intelligent park assist systems has increased substantially,” says the author of this study. As the concerns regarding safety and comfort among people across the world increase, the automakers are encouraged to integrate automotive intelligent park assist systems into their vehicles, which is reflecting greatly on the global market for automotive intelligent park assist systems.
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Over the coming years, the key manufacturers are expected to focus on upgrading their models, so as to maintain their presence in the market through product differentiating technologies integration into the vehicles, reports the market study.
High Cost Incurred in Installation to Hamper Growth
On the flip side, the high cost of installation of automotive intelligent park assist systems may limit their uptake in the near future. However, the increasing number of government regulations for passenger safety will support the growth of this market in the years to come, states the research report.
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