The global park assist system market is projected to reach a valuation of USD 595.6 million in 2022, with demand expected to grow at a 14.3% CAGR, reaching USD 2.2 billion by 2032. The park assist system, also known as an advanced parking guidance system, enhances parking precision using advanced radar and ultrasonic-based solutions.
These customer-centric systems elevate the parking experience by providing advanced features that guide drivers with confidence. Offering great performance, improved efficiency, and increased safety and security, park assist systems are in high demand. Additionally, they reduce the risk of potential scratches and dings when parking in tight spaces.
According to FMI, the global park assist system market is anticipated to be led by Europe, followed by East Asia, with this trend expected to continue throughout the forecast period. The park assist system market in Europe is projected to reach USD 773.4 million by 2032.
Unlock Growth Potential in the Automotive Industry – Get Your Sample Report Now!
Key Takeaways:
- Based on technology, the ultrasonic sensor segment is projected to hold approximately 6% of the total market share in 2022.
- In terms of sales channel, demand in the OEM segment is anticipated to grow at a 4% CAGR through 2032.
- By vehicle type, total sales in the passenger vehicle segment are slated to reach a valuation of US$ 1.7 Billion by 2032.
- Sales in the U.S. park assist system market are forecast to grow at a 14.6% CAGR over the assessment period.
- China is expected to hold about 67.4% of the East Asia park assist market share in 2022.
- Europe will emerge as an attractive park assist system market, creating an incremental dollar opportunity of US$ 588.3 Million over the forecast period.
“Increasing technological advancements in ADAS systems in autonomous vehicles, along with growing adoption of park assist systems in passenger vehicles will continue pushing sales in the market over the assessment period,” – says an FMI analyst.
Competitive Landscape
Key market participants of the park assist system market include Continental AG, Robert Bosch, Denso Corporation, Magna International, Valeo SA, Hitachi Ltd., Delphi Automotive, ZF Friedrichshafen, Siemens AG, and Aisin Seiki Co. Ltd.
Leading park assist system manufacturers are focusing on providing active guidance in parking while enhancing safety and comfort of the passengers. Many players are focusing on technological developments for park assists systems as well as expanding their manufacturing capabilities for ADAS solutions. For instance:
- In Aug 2020, Robert Bosch along with Ford and Bedrock began research for automated valet parking that can increase the parking capacity and offer other services for vehicles while parked.
Ready to Make an Informed Decision? Contact Sales Now!
Park Assist System Market by Category
By Technology:
- Ultrasonic Sensor
- Lidar Sensor
- Radar Sensor
- Camera Sensor
- Infrared Sensor
- Pressure Sensor
By Sales Channel:
- OEM
- Aftermarket
By Vehicle Type:
- Passenger Vehicles
- LCV
- HCV
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube