(MENAFN- EIN Presswire)
Automotive Intelligence Park Assist System Market
By vehicle type, the heavy commercial vehicles segment is expected to register a significant growth during the forecast period.
WILMINGTON, NEW CASTLE, DE, UNITED STATES, November 20, 2024 /EINPresswire / -- The global Automotive Intelligence Park Assist System
market was valued at $4.33 billion in 2020, and is projected to reach $38.93 billion by 2030, registering a CAGR of 24.9% from 2021 to 2030. Automotive intelligence park assist system is an advanced driver assistance system, which is installed in new vehicle models to provide safer & securer parking of the vehicle in tight parking space. Moreover, increased advancement in vehicle & related technology also supplements the automotive intelligence park assist system market during the forecast period. In addition, the installation of intelligence park assist system in a vehicle requires several components, such as sensors, camera, ICs, and other components, whose combination derives an exact image on the inbuilt display system of the vehicle, thus giving a clear view of the parking space.
Download Sample Report (Get Full Insights in PDF - 262 Pages) at:
Rise in parking concerns across the globe, demand for internet of things (IoT)-based technology, and rise in number of vehicles drive the growth of the global automotive intelligence park assist system market . However, high implementation cost & configuration complexity and low internet penetration in developing regions restrain the market growth. On the other hand, increase in investments on building driverless vehicles and supportive government initiatives in building smart cities worldwide create new opportunities in the coming years.
Based on application, the semi-autonomous segment contributed to the largest share in 2020, holding nearly 90% of the global automotive intelligence park assist system market, and is projected to continue its dominance throughout the forecast period. This is due to increased inclination of semi-autonomous vehicles worldwide. However, the fully autonomous segment is estimated to portray the largest CAGR of 29.2% from 2021 to 2030. This is attributed to introduction of features such as ADAS, connected cars, and others.
Buy Now & Get Exclusive Discount on this Report :
The key players profiled in this report include
Robert Bosch GmbH, Hitachi, Ltd, NXP Semiconductors, .ZF FRIEDRICHSHAFEN AG, Magna International Inc., VALEO, Siemens, AISIN SEIKI CO., LTD, CONTINENTAL AG, Delphi Technologies (subsidiary of BorgWarner
Factors, such as increased parking concern across the globe, surge in demand for Internet of Things (IoT)-based technology, and increase in number of vehicles, supplement the growth of the global automotive intelligence park assist system market. Moreover, high implementation cost & configuration complexity accompanied with low rate of internet penetration in developing regions hampers the growth of the market. However, rise in investment on building driverless vehicles and increase in government initiatives in building smart cities across the globe create ample opportunities for the growth of the global automotive intelligence park assist system market during the forecast period.
Based on region, North America contributed to the largest market share in 2020, accounting for nearly two-fifths of the global automotive intelligence park assist system market. This is due to increase in technology driven companies and surge in R&D activities. However, Asia-Pacific is expected to register the fastest CAGR of 29.4% during the forecast period, owing to rise in need for vehicles equipped with advanced features across the region.
Get Customized Reports with you're Requirements:
Based on vehicle type, the passenger car segment held the largest share in 2020, accounting for more than four-fifths of the global automotive intelligence park assist system market, and is projected to continue its lead position throughout the forecast period. This is due to its vital role in the transportation industry, introduction of safety & security features, and surge in penetration in different countries. However, the heavy commercial vehicles segment is expected to manifest the highest CAGR of 30.4% from 2021 to 2030. This is due to stringent regulations by government for safety features that enabled manufacturers use effective ADAS services such as height & pressure sensing system.
Most of the companies, such as Aisin Seiki, Continental AG, Robert Bosch, Valeo, Siemens, and others, have been operating in the global market and are offering their advanced products to vehicle manufacturers, thereby supplementing the growth of the market. For instance, in August, 2021, Continental AG acquired stake in Kopernikus Automotive, an artificial intelligence driven company for vehicle automated parking. The major focus is on infrastructure-based automated parking in parking garages and maneuvering in vehicle factories and logistics centers. In addition, in January 2021, Delphi Technologies introduced next-gen ADAS platform for highly automated and electrified vehicles that offers entry-level safety compliance to advanced highway pilot and parking assist to the vehicle. Such developments supplement the growth of the market across the globe.
Inquiry Before Buying:
The global automotive intelligence park assist system market size has been segmented into vehicle type, application, vehicle class, and region. Based on vehicle type, it is divided into passenger car, light commercial vehicles, and heavy commercial vehicles. Based on application, it is bifurcated into semi-autonomous and fully autonomous. Based on vehicle class, it is classified into mid-priced and luxury. By region, the global market has been studied across North America, Europe, Asia-Pacific, and LAMEA.
Other Trending Reports:
Automotive Over-the-Air (OTA) Market -
Automotive Piston Market -
Automotive Ecalls Market -
Automotive HVAC System Market -
David Correa
Allied Market Research
+1 800-792-5285
email us here
Visit us on social media:
Facebook
X
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability
for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this
article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
MENAFN20112024003118003196ID1108905036
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.