Westford, USA,, April 23, 2023 (GLOBE NEWSWIRE) -- SkyQuest projects that the global park assist system market will attain a value of USD 2017.98 billion by 2030, with a CAGR of 14.92% over the forecast (2022-2030). Park Assist System sensors are utilized in blind spot detection systems that warn drivers of any vehicles or objects in their blind spots. Ultrasonic sensors are affordable and simple to install into the existing vehicle system. Furthermore, they can operate in various weather conditions, making them perfect for usage in different vehicle types. The market is witnessing an increased demand for ultrasonic sensors due to these considerations. Therefore, ultrasonic sensors are anticipated to dominate the market due to their precision in identifying obstacles and extensive use in several vehicles.
According to the SkyQuest, the goal of advanced technology being created by automakers and tech companies is to enable autonomous driving with the necessity for human drivers. Google is now in the testing phase of its autonomous cars, which are the front-runner in the quest to accomplish this feat. Audi, Toyota and Mercedes-Benz are some of the businesses that are closely monitoring. According to the research by the Institute of Electrical and Electronics Engineers (IEEE), more than 75% of all vehicles on the road are expected to be autonomous by 2040.
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Browse in-depth TOC on "Park Assist System Market"
- Pages - 242
- Tables - 78
- Figures – 75
For businesses in the park assist system sector, collaborations and relationships with strategic partners are as important as developing new products. For Instance, ZF Friedrichshafen AG and NVIDIA Corporation have worked together to create cutting-edge park assist systems that use artificial intelligence-based computer vision and machine learning algorithms to offer precise and dependable parking assistance. Similarly, Siemens AG and Valeo S.A. have collaborated to create cutting-edge products that precisely detect obstacles using radar and ultrasonic sensors. To gain market dominance, the vendors are continuously making significant investments towards innovation and differentiation.
Prominent Players in Park Assist System Market
- Bosch
- Continental AG
- Delphi Technologies
- Denso Corporation
- HELLA GmbH & Co. KGaA
- Hitachi Automotive Systems
- Magna International Inc.
- Mobileye (Intel Corporation)
- NXP Semiconductors N.V.
- Panasonic Corporation
- Quanergy Systems, Inc.
- Renesas Electronics Corporation
- Siemens AG
- Texas Instruments Incorporated
- Toshiba Corporation
- Valeo SA
- Velodyne Lidar, Inc.
- ZF Friedrichshafen AG
- Aisin Seiki Co., Ltd.
- Aptiv PLC
Ultrasonic Sensors Segment is Expected to Grow Due to the Sound Waves to Detect Obstacles and Measure Distance
The ultrasonic sensors segment is anticipated to hold the largest market share due to its accuracy in detecting impediments and its widespread application in various vehicles. For example, automotive parking assist systems use ultrasonic sensors as sensor technology. These sensors emit high-frequency sound waves, which bounce off surrounding objects and come back to the sensor. The sensor then calculates the time it takes for the sound waves to return, allowing it to estimate the distance between the vehicle and the object and decide whether or not the object is a possible hazard. For example, in parking assist systems, ultrasonic sensors are frequently used since they are quite accurate at identifying impediments.
North America is expected to dominate the global market due to the widespread use of advanced driver assistance systems (ADAS) in vehicles, notably in the US. Also, the region's market is expanding due to the increased demand for luxury vehicles and the rising popularity of automatic parking systems.
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Display Unit Segment Is Expected to Continue Growing in the Coming Years Due to Growing Adoption of Advanced Driver Assistance Technologies
The display unit segment is anticipated to expand in the upcoming years due to rising demand for sophisticated driver assistance technologies and the implementation of autonomous driving technologies. As a result, manufacturers are spending money on R&D to make more complex and user-friendly display units that may give drivers even more specific instructions and guidance during the parking procedure.
The regional markets in the Asia Pacific is anticipated to expand rapidly due to the rising demand for automobiles in developing nations like China and India. Also, the region's market is growing as a result of customers' rising disposable incomes and increased awareness of car safety.
A comprehensive analysis of the major players in the Park Assist System market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
Key Developments in Park Assist System Market
- In April 2022, Magna International, a major automobile industry supplier, began operations at a new manufacturing facility in Slovakia. This facility was created especially, to manufacture cutting-edge solutions and products for the automobile sector, such as park assist systems. By boosting its manufacturing capacity and enabling it to fulfil the increased demand for sophisticated driver assistance systems, the plant is anticipated to contribute to the company
- In October 2021, NXP Semiconductors recently announced that, at the ITS World Conference in Hamburg, it would exhibit novel safety scenarios that make use of vehicle-to-vehicle communication. In addition, NXP intends to show how vehicle-to-vehicle communication may improve several operations, including autonomous parking, lane shifting, adaptive cruise control, and autonomous emergency braking, in co-operation with luxury manufacturer Riese & Müller and other partners.
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Key Questions Answered in Park Assist System Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market's future growth?
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