Wilmington, Delaware, United States, Jan. 29, 2024 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global automotive intelligence park assist system market was valued at US$ 36.2 billion in 2022. A CAGR of 3.6% is expected from 2023 to 2031, resulting in a market value of US$ 49.8 billion by 2031. Improvements in cameras, ultrasonic sensors, and radar systems, among other sensor technologies, will likely benefit future intelligent park assist systems. Improved sensor capabilities will enable the greater accuracy and dependability of object, automobile, and person detection in parking situations.
Intelligent Park Assist Systems might be a crucial component of autonomous vehicles as the automotive industry evolves. Automated parking features may improve how a car navigates and parks without the driver's assistance. As a result of this combination, vehicle convenience, and overall automation may be enhanced. Intelligent park assist systems are anticipated to use more artificial intelligence (AI) and machine learning algorithms.
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Intelligent park assist systems use sensors, cameras, and networking capabilities to deliver data and help in real-time while parking. Demand for Intelligent Park Assist Systems is anticipated to grow as consumers look for more connected and technologically advanced automobiles, further boosting the market. These technologies will give the system a better chance of adjusting to different parking situations, learning from real-life data, and continuously improving performance.
Intelligent Park Assist Systems-equipped cars may increasingly use vehicle-to-everything (V2X) communication. Cars can communicate with each other and infrastructure, exchanging information about parking spots, roadblocks, etc. This may result in less traffic and more effective parking techniques.
Global Automotive Intelligence Park Assist System Market: Key Players
As automotive intelligence park assist system companies aim to expand their global footprint, they are increasingly looking to form technology-based partnerships.
- Continental AG
- ZF Friedrichshafen AG
- Toshiba Corporation
- Delphi Automotive LLP
- Hitachi, Ltd.
- Siemens AG
- Magna International
- Valeo
- NXP Semiconductors
- Aisin World Corp. of America
- Clarion
Key Developments
- Continental AG is a prominent automotive supplier that enhances vehicle safety and comfort. The company has contributed significantly to the development of advanced driver assistance systems.
- Valeo is a multinational manufacturer of automotive products specializing in designing and manufacturing automotive technologies, including sensors and parking assistance systems.
Key Findings of the Market Report
● The increasing concern over parking is influencing the market demand for automotive intelligence park assist systems
● As autonomous vehicles become more common, the automotive intelligence park assist market is expected to grow
- A significant market expansion can be expected in the Asia-Pacific region in the near future.
- The market for automotive intelligence park assist systems in 2022 was dominated by North America.
Global Automotive Intelligence Park Assist System Market: Growth Drivers
- Advanced driver assistance systems are necessary because modern automobiles are complex and require more safety features. These include parking assist systems designed to optimize parking precision and reduce collision risks in parking lots.
- Automobile manufacturers are progressively equipping their vehicles with intelligent park assist systems as standard features or options in response to consumer demand for a safer and more convenient driving experience.
- The automotive intelligent park assist systems market is driven mostly by strict government rules and safety standards. In an effort to lower traffic accidents and raise traffic safety, regulatory agencies worldwide are emphasizing the importance of safety technologies.
- Automakers are implementing sophisticated parking assistance systems in reaction to these laws to comply with legal requirements and raise the overall safety rating of their cars. Vehicle manufacturers are compelled by regulations to invest in and install sophisticated parking assistance systems.
- Connected and smart automobiles are driving the growth of the automotive intelligent park assist market. The development of a seamless and integrated driving experience is becoming increasingly important with the introduction of the Internet of Things (IoT) and car connectivity options.
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Global Automotive Intelligence Park Assist System Market: Regional Landscape
- North America's automotive intelligent park assist system industry is growing largely because of its efficiency. Driver assistance technologies play a key role in meeting consumers' needs for convenience and safety. The growing awareness and preference of North American consumers for intelligent park assist systems has led to an increase in the adoption of this technology.
- Safety standards and government regulations are also highly important in the North American market. Regulatory organizations like the National Highway Traffic Safety Administration (NHTSA) frequently stress the importance of modern automobile safety features to lower accident rates and increase road safety. Automakers are responding to these requirements by adding Intelligent Park Assist Systems to more and more of their cars, which is helping to expand the market as a whole.
- Intelligent Park Assist Systems are increasingly incorporated into connected car solutions as the automotive industry focuses on innovation and technical developments. North American car manufacturers are adding intelligent parking assistance to satisfy the growing demand for smart and connected cars.
Global Automotive Intelligence Park Assist System Market: Segmentation
By Technology
- Autonomous Parking Assist
- Semiautonomous Parking Assist
By Component
- Ultrasonic Sensor
- Camera
- Ultrasonic Sensor & Camera
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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