The global park assist system market is slated to top USD 595.6 Million in 2022, with demand growing at a stellar CAGR of 14.3%. Park assist systems help the driver park into any suitable parking space within seconds without any hassle. As per the report, the market size will reach USD 2.2 Billion by 2032.
| Attribute | Details |
|---|---|
| Park Assist System Market Base Year Value (2021A) | USD 526.8 Million |
| Market Estimated Value (2022E) | USD 595.6 Million |
| Market Projected Size (2032F) | USD 2.2 Billion |
| Market Value-based CAGR (2022 to 2032) | 14.3% |
| Market Collective Value Share: Top 3 Countries (2022E) | 41.8% |
FMI forecasts that the park assist system market is projected to register year-on-year growth of 13.1% in 2022. Intelligent parking assist systems in various vehicle models assist the driver in reverse parking and getting out of a parallel parking spot. Considering this, FMI has projected the market to reach 9.4 Million Units in terms of volume by 2032.
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Demand for park assist systems grew at a 9.1% CAGR between 2017 and 2021. The use of ultrasonic sensors to scan the side of the road, along with park assistant steering helps in faster parking of the vehicle. The park assist system market comprises around 2.0% of the global ADAS market.
Rising demand for park assist systems in passenger vehicles to improve vehicle safety and enable comfortable parking and parking out is expected to fuel sales at a prolific 13.8% CAGR in terms of volume over the forecast period. Park assistance systems are very effective for the utilization of tight parking spaces.
Many OEMs are equipping vehicles with ADAS solutions like automatic parking assistance that controls the steering and braking of the vehicle while parking. These systems also detect objects and avoid collision with them. On the back of these factors, sales of park assist systems will gain momentum over the forecast period.
A parking assistance system is an advanced driver assistance system (ADAS) that helps drivers park more safely in any parking spot. Park assist systems are used in passenger cars, and light & heavy commercial vehicles.
These systems assist the driver to park the vehicle in a line of parallel parked vehicles as well as exiting from such parking spots. Many systems provide cross-traffic alerts where that display an extended visualization and surrounding view of the vehicle.
Parking assist systems use sensors like radar, cameras, and ultrasonic sensors that scan the surroundings when the vehicle is being parked. These systems have two types of parking safety technology, passive and active. Passive assistance provides audible cautions to drivers whereas active assistance takes control over the vehicle’s acceleration and steering while parking. T
here are many vehicle models that are available with parking assistance features in the market. These features are expected to increase the demand for park assistance systems in the forthcoming years.
Surging Demand for Garage Parking Assistants in the USA Will Augment Growth
The parking assist system helps the driver to know immediately when it finds a parallel or perpendicular parking spot. This system not only guides less skilled drivers to park in tight spaces but also reduces traffic congestion in large cities.
Manufacturers of park assist systems in the USA are using 6th-generation ultrasonic sensors that enable comfortable parking in small spaces as well as automatic parking. In addition to this, these systems also help in pulling out the vehicle from the parking space.
These systems have fast and robust object detection as they use highly integrated control unit ASIC. This enables automated parking functions like remote park assistance where the vehicle moves automatically into and out of parking spaces at the touch of a button.
This remote park assist system allows easy and safe parking and maneuvering of the vehicle. The park assist system sales in the USA are anticipated to grow at a CAGR of 14.6% during the forecast period.
Increasing Adoption of Car Parking Assistance Systems in Passenger Vehicles Will Spur Demand
China is estimated to remain a key producer and consumer of park assist systems, accounting for about 67.4% of the East Asia park assist systems market in 2022. Advanced driver assistance systems are paving the way for automated mobility which is also driving the demand for park assist systems in China.
Demand for ADAS is increasing in China owing to the expected future demand for autonomous vehicles. The rising focus on driver safety is augmenting the growth in the ADAS market in developed and developing countries.
Manufacturers in China are focusing on improving the performance of parking systems through advanced external recognition and integrated vehicle technology that support autonomous vehicles and parking technology. Key players are providing parking assistance by installing a sensor on the vehicle that performs all steering movements for vehicles by parking in tight spaces.
The expansion of the country's automotive sector is expected to boost park assist system sales. Manufacturers are focusing on increasing comfort and safety by using cutting-edge technologies for park assistance systems. These are some of the factors propelling the park assist system market in China.
The rising adoption of Ultrasonic Sensors Will Steer Sales of Park Assist Systems
Technologies like radar sensors, LIDAR sensors, ultrasonic sensors, and cameras are primarily used in park assist systems that are helpful for drivers to find suitable parking spaces within seconds without any hassle.
With the evolution of autonomous vehicles with ADAS functions, the demand for ultrasonic sensors is gaining popularity which will boost their adoption in autonomous vehicles and automated parking functions. The ultrasonic sensor segment is expected to expand at a CAGR of 13.7% through 2032.
Demand for Parallel Parking Assist Systems in Passenger Vehicles to Remain High
Park assist systems are extensive and complex ADAS features that can help drivers to park their cars. These systems use sensors like radar, ultrasonic, and lidar to take autonomous control of specific parking tasks thus helping drivers safely park their vehicles without any damage. Automatic parking assistance is available in passenger cars, and light & heavy commercial vehicles.
Growing demand for automobiles, along with the rising production volume of passenger vehicles in various countries will push sales of park assistance systems. An automatic parking assistance system allows the car to be operated remotely and is designed to reduce the stress associated with parallel parking.
As a result, during the forecast period, the passenger vehicles segment is expected to reach about USD 1.7 Billion by end of the forecast period.
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The global park assist system market is gaining momentum with the presence of several large and medium manufacturers and suppliers. Key players are focusing on providing active guidance in parking while enhancing the safety and comfort of the passengers.
Park assist system consists of automated parking assists (APA), camera-based parking, and reverses brake assist (RBA) systems. Key players are also focusing on research & development to enhance existing technologies for vehicles. Many major players are focusing on technological developments for park assist systems as well as expanding their manufacturing capabilities for ADAS solutions.
For instance:
| Attribute | Details |
|---|---|
| Forecast Period | 2022 to 2032 |
| Historical Data Available for | 2017 to 2021 |
| Market Analysis | USD Million for Value and Units for Volume |
| Key Countries Covered | The USA, Canada, Brazil, Mexico, Germany, Italy, France, the UK, Spain, BENELUX, Russia, China, Japan, South Korea, India, ASEAN, Australia and New Zealand, Turkey, Northern Africa, South Africa |
| Key Segments Covered | Technology, Sales Channel, Vehicle Type & Region |
| Key Companies Profiled | Robert Bosch GmbH; Continental AG; Delphi Automotive; Valeo SA; Magna International; Hitachi Ltd.; ZF Friedrichshafen; Siemens AG; Aisin Seiki Co. Ltd |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, Drivers, Restraints, Opportunities and Threats Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
The global park assist system market is anticipated to reach a valuation of USD 595.6 Million in 2022.
The global park assist system market is anticipated to witness a growth rate of 14.3% over the forecast period of 2022 and 2032 in terms of value.
The global park assist system market witnessed a growth of 9.1% CAGR between 2017 and 2021.
Robert Bosch GmbH, Continental AG, Valeo SA, Delphi Automotive, Magna International and others are the key players in the global park assist system market.
Key players in the global park assist system market are expected to hold around 60-65% of the total market share.
The top countries driving the global park assist system market demand are China, the USA, and Mexico.
| Market Valuation (2023) | USD 456.6 million |
|---|---|
| Market Valuation (2033) | USD 780.0 million |
| Market CAGR (2023 to 2033) | 5.5% |
| Market Estimated Size (2023) | USD 6,211.0 million |
|---|---|
| Market Forecasted Size (2033) | USD 29,601.1 million |
| Market CAGR (2023 to 2033) | 16.9% |
| Market Size (2022) | USD 7,058.0 Million |
|---|---|
| Market Size (2032) | USD 27,336.1 Million |
| Value CAGR (2022 to 2032) | 14.5 % |
| Market Size (2022) | USD 151.7 Million |
|---|---|
| Market Size (2032) | USD 604.8 Million |
| Value CAGR (2022 to 2032) | 14.80% |
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Park Assist System Market
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