Automotive Intelligence Park Assist System Market to Reach $38.93 Billion, Globally, by 2030 at 24.9% CAGR: Allied Market Research

Surge in concerns related to parking and advent of internet of things (IoT)-based technology fuel the growth of the global automotive intelligence park assist system market

PORTLAND, Ore., Oct. 11, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Automotive Intelligence Park Assist System Market by Vehicle Type (Passenger Car, Light Commercial Vehicles, and Heavy Commercial Vehicles), Application (Semi-Autonomous and Fully Autonomous), and Vehicle Class (Mid-priced and Luxury): Global Opportunity Analysis and Industry Forecast, 2021–2030." According to the report, the global automotive intelligence park assist system industry generated $4.33 billion in 2020, and is estimated to reach $38.93 billion by 2030, witnessing a CAGR of 24.9% from 2021 to 2030.

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Drivers, restraints, and opportunities

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.

Covid-19 Scenario

• Owing to the lockdown measures imposed by governments in many countries, daily operations in the automotive sector came to standstill and disrupted the supply chain. Moreover, there were challenges such as unavailability of workers.
• The supply chain disruptions led to shortage in raw materials and increased prices of sensors and ICs that are used in manufacturing of intelligent park assist systems.
• The demand for new vehicles decreased due to economic uncertainties and challenges. This hampered the total revenue gained by manufacturers and budgets allocated to R&D activities for intelligent park assist systems.

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The passenger car segment to continue its lead position throughout the forecast period

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.

The semi-autonomous segment to continue its dominance throughout the forecast period

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.

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North America to maintain its leadership status by 2030

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.

Leading market players

• Aisin Seiki Co., Ltd.
• Continental AG
• Delphi Automotive
• Hitachi Ltd.
• Magna International
• NXP Semiconductors
• Robert Bosch GmbH
• Siemens AG
• Valeo SA
• ZF Friedrichshafen

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