New York, US, Dec. 12, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), Automotive Intelligence Park Assist System Market Research Report: Information by Technology, Region, Component, and Vehicle Type - Global Forecast till 2027, the global market for automotive intelligence park assist systems is anticipated to thrive considerably during the assessment era from 2020 to 2027 at a robust growth rate of approximately 6%. The reports further project the market to attain a size of around USD 28 Billion by the end of 2027.
Automotive Intelligence Park Assist System Market Overview:
In some nations, the Automotive Intelligence Park Assist System (IPAS) is also called an Advance Parking Guidance System (APGS). It is a system encircled by electronic components such as sensors and is used in electric and ICE vehicles. The automotive intelligence park assist system offers physical containment for several power components like semiconductors and assists in parking the vehicle safely by analyzing the parking area. The automotive intelligence park assist system consists of an onboard computer-utilized camera fixed into the rear and front sides of the car and sensors located at analogous locations to notice the vicinity of neighboring vehicles. The ultrasonic or electromagnetic sensors are developed to alarm the driver of parking difficulties. The global Automotive Intelligence Park Assist System Market has recently demonstrated exponential development. The primary parameter boosting the market performance is the increasing number of manufacturers incorporating intelligence park assist systems technology in vehicles.
Automotive IPAS Market Competitive Analysis
The catalog for the leading participants across the global Automotive Intelligence Park Assist System Market includes players such as:
- Continental AG (Germany)
- Siemens AG (Germany)
- NXP Semiconductors (Netherlands)
- Valeo (France)
- Toshiba Corporation (Japan)
- Robert Bosch GmbH (Germany)
- HELLA GmbH & Co. KGaA (Germany)
- ZF Friedrichshafen AG (Germany)
- Delphi Automotive (Germany)
- Magna International (Canada)
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Furthermore, the rising emphasis of automotive OEMs and consumers on power savings and vehicle safety will likely influence the market's growth over the coming years. The intensifying competition between automotive intelligence park assist systems service providers and growing support from the local government to deploy safety systems in automobiles are also predicted to boost the market's growth over the evaluation period. This has encouraged market players worldwide to design and develop automotive intelligence park assist systems according to the guidelines set by governing bodies functioning across the semiconductor and automotive sectors across several regions.
Automotive IPAS Market Report Scope:
| Report Metric | Details |
| IPAS Market Revenue forecast in 2027 | USD 28 Billion |
| Growth Rate | CAGR of 6% from 2020 to 2027 |
| Key Market Opportunities | Developing commercial sectors globally |
| Key Market Drivers | Rising trend of vehicle electrification |
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Automotive Intelligence Park Assist System Market USP Covered
Market Drivers
The global automotive intelligent park assist system market has demonstrated a massive expansion in the last few years. The primary parameter boosting the market's growth is the global development of commercial sectors. Furthermore, the growth in traffic flow is anticipated to boost the market's growth over the review era. Moreover, the factors such as developing economy in emerging nations, expanding population, increasing demand for autonomous and semiautonomous parking systems, ever-increasing applications of wide-angle camera technology in vehicles, and escalating trend of vehicle electrification are also projected to influence the development of the automotive intelligent park assist system market over the coming years. In addition, governments across the globe are launching several initiatives in order to lower road accidents are also likely to catalyze the demand for these systems over the evaluation period.
Automotive Intelligence Park Assist System Market Restraints
On the other hand, the lack of standard protocols for developing these systems may restrict the market's growth. Furthermore, the aspects such as the complex design of the system and lack of skilled drivers are also predicted to limit the market's performance over the assessment period.
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Automotive Intelligence Park Assist System Market COVID-19 Impact
The global Automotive Intelligence Park Assist System Market has faced several unexpected challenges recently, given the rise of global health hazards in the form of COVID-19. With a rapid fall in demand for automobiles across the globe, the market faced a significant revenue loss during the pandemic. On the other hand, with global industrial and financial activities returning to normal, the global Automotive Intelligence Park Assist System Market is anticipated to show substantial growth over the coming years.
Automotive Intelligence Park Assist System Market Segment Analysis
Among all the technologies, the semiautonomous parking assist segment is anticipated to secure the top position across the global Automotive Intelligence Park Assist System Market over the assessment timeframe. The automotive intelligence park assist system utilized helped the driver look for a parking space by showing free spaces in a display situated on the upper center console.
Among all the components, an ultrasonic sensor & camera segment is anticipated to ensure the lead in the global market for automotive intelligent park assist systems during the assessment era. Ultrasonic proximity detectors measure the distances to neighboring objects via sensors in the rear and front bumper fascia or visually minimized within adjacent recesses or grills.
Automotive Intelligence Park Assist System Market Regional Analysis
The global automotive intelligent park assist system market is analyzed across five critical geographies: Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa.
The MRFR analysis reports suggest that the Asia-pacific region is anticipated to secure the top position across the global market for automotive intelligent park assist systems over the review era. The regional market's development is ascribed to the aspects such as increased uses of electrification in vehicles, changing lifestyle of consumers, lack of parking space, growing population, rise in demand for safety features, growing investments, and advances in technology.
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The North American regional market for automotive intelligent park assist systems will likely demonstrate considerable development over the review timeframe. The regional market's development is credited to the aspects such as the acceptance of advanced automotive technology, the presence of global manufacturers, and growing investments in R&D activities.
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