Pune, India, March 01, 2022 (GLOBE NEWSWIRE) -- The global automotive intelligence park assist system market size was USD 8.6 billion in 2020. The market is projected to grow from USD 10.1 billion in 2021 to USD 20.7 billion by 2028 at a CAGR of 10.7% during the 2022-2028 period. This information is published by Fortune Business Insights™, in its report titled, “Automotive Intelligence Park Assist System Market, 2022-2028.”
As per the research conducted by our analysts, this system helps drivers to park their vehicles and offers safety to the automobile. It comprises an amalgamation of sensors, an in-dash screen, buttons, and a camera, which empower the vehicle to drive and park itself into the parking zone with minimum contribution from the user. Therefore, this ease in parking feature is expected to bolster the demand for this technology.
Industry Development
- March 2021: Samsung Electronics procured Google parent Alphabet’s autonomous driving unit Waymo to produce chips for next-generation self-driving cars. These self-driving cars have competencies such as the cautionary of crashes, initiating emergency braking, and guiding with parking.
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Augmented Parking Concern across World to Drive Automotive Intelligence Park Assist System Market Growth
In recent times, owing to the amplified vehicle production and usage, finding vacant parking spots during top hours in vital areas such as hospitals, hotels & shopping centers, airports, universities, as well as exhibition and convention centers has become challenging. Moreover, the rising population in a region leads to concerns linked with residential and commercial parking. This concern is resolved by utilizing progressive technological characteristics such as live updates of space reservation using smart parking technology and SMS alert of accessible free area.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2019 to 2026 CAGR | 10.7% |
| 2028 Value Projection | USD 20.7 Billion |
| Base Year | 2020 |
| Market Size in 2020 | USD 8.6 Billion |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 200 |
| Segments covered | By Application, By Vehicle Type, By Geography |
| Growth Drivers | Increased Parking Concern Across the Globe To Drive Market Growth |
| Rising Demand For IoT-based Technology Will Fuel Market Growth | |
| High Cost Of Installation And Operational Intricacy Can Restrain Market Growth |
Lockdowns and Limitations owing to COVID-19 to Obstruct Market Growth
The COVID-19 has left the world with unparalleled economic, humanitarian, and healthcare concerns. The speedy curb of the disease resulted in a considerable influence on the global automotive industry, with a decline in demand for vehicles. The outbreak of the COVID-19 pandemic in numerous nations has led to a global economic slowdown. Stringent guidelines imposed for the containment of COVID-19 influenced the market situation on a large scale.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit:
https://www.fortunebusinessinsights.com/automotive-intelligence-park-assist-system-market-106398
Application, Vehicle Type, and Region are Studied
On the basis of application, the market is classified into semi-autonomous and autonomous. The semi-autonomous segment is responsible for a prime share in the global market.
By vehicle type, the market is categorized into passenger cars and commercial vehicles.
Geographically, the market is segregated into North America, Europe, Asia Pacific, and the rest of the world.
Report Coverage
The report offers a comprehensive study of the market and a strong analysis of the principal segments of the market. It provides an in-depth examination of crucial players and their insightful tactics to support market growth for fiscal gains. It also shares tangible insights which direct business owners with their investment viewpoint. The regional dynamics and how they shape the market in an upward curve are presented in the following report. Moreover, COVID-19 influences have been added for extra information and how it is anticipated to influence the demand for automotive intelligence park assist system technology in the near future.
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Regional Insights
North America held the largest automotive intelligence park assist system market share and accounted for USD 3.5 billion in 2020. The U.S. stands first in this region as major system producers are situated in this country.
Europe is estimated to be the second-largest shareholder and display good growth during the forecast period.
Asia Pacific holds the third-largest position in the market; nevertheless, it is projected to showcase the highest CAGR during the forecast period.
Procurements Commenced by Vital Companies to Endorse Market Growth
The dominating players in the market incessantly root for effective tactics to boost their brand value as well as endorse the global market growth of the product with experiencing least imaginable hurdles. One such effective notion is procuring competitive companies and further reserving fiscal benefits for both the engaged companies.
List of Key Players Covered in the Report
- Aisin Seiki Co., Ltd. (Aichi, Japan)
- Continental AG (Hanover, Germany)
- Delphi Automotive (Dublin, Ireland)
- Hitachi Ltd. (Tokyo, Japan)
- Magna International (Aurora, Canada)
- NXP Semiconductors (Eindhoven, Netherlands)
- Robert Bosch GmbH (Gerlingen, Germany)
- Siemens AG (Munich, Germany)
- Valeo SA (Paris, France)
- ZF Friedrichshafen (Friedrichshafen, Germany)
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