[220 Pages Report] The global park assist system market is slated to top US$ 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 US$ 2.2 Billion by 2032.
| Park Assist System Market Base Year Value (2021A) | US$ 526.8 Million |
|---|---|
| Market Estimated Value (2022E) | US$ 595.6 Million |
| Market Projected Size (2032F) | US$ 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.
Don't pay for what you don't need
Customize your report by selecting specific countries or regions and save 30%!
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.
Principal Consultant
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 US$ 1.7 Billion by end of the forecast period.
Get the data you need at a Fraction of the cost
Personalize your report by choosing insights you need
and save 40%!
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 | US$ 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 US$ 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.
1. Executive Summary | Park Assist System Market
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Innovation / Development Trends
4. Key Success Factors
4.1. Product Adoption / Usage Analysis
4.2. Product Innovation & Diversification
4.3. Marketing and Brand Management
4.4. Supply Chain Management
5. Global Market Demand Analysis 2017 to 2021 and Forecast, 2022 to 2032
5.1. Historical Market Volume (‘000 Units) Analysis, 2017 to 2021
5.2. Current and Future Market Volume (‘000 Units) Projections, 2022 to 2032
5.3. Y-o-Y Growth Trend Analysis
6. Global Market - Pricing Analysis
6.1. Regional Pricing Analysis
6.2. Pricing Analysis by Regions
7. Global Market Demand (in Value or Size in US$ Million) Analysis 2017 to 2021 and Forecast, 2022 to 2032
7.1. Historical Market Value (US$ Million) Analysis, 2017 to 2021
7.2. Current and Future Market Value (US$ Million) Projections, 2022 to 2032
7.2.1. Y-o-Y Growth Trend Analysis
7.2.2. Absolute $ Opportunity Analysis
8. Market Background
8.1. Macro-Economic Factors
8.2. Forecast Factors - Relevance & Impact
8.3. Supply-Demand Analysis
8.4. Value Chain
8.5. Market Dynamics
8.6. Impact of COVID-19 Crisis
9. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, by Technology Type
9.1. Introduction / Key Findings
9.2. Historical Market Size (US$ Million) and Volume Analysis By Technology Type, 2017 to 2021
9.3. Current and Future Market Size (US$ Million) and Volume Analysis and Forecast By Technology Type, 2022 to 2032
9.3.1. Ultrasonic Sensor
9.3.2. Lidar Sensor
9.3.3. Radar Sensor
9.3.4. Camera Sensor
9.3.5. Infrared Sensor
9.3.6. Pressure Sensor
9.4. Market Attractiveness Analyses, By Technology Type
10. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Sales Channel
10.1. Introduction / Key Findings
10.2. Historical Market Size (US$ Million) and Volume Analysis By Sales Channel, 2017 to 2021
10.3. Current and Future Market Size (US$ Million) and Volume Analysis and Forecast By Sales Channel, 2022 to 2032
10.3.1. OEM
10.3.2. Aftermarket
10.4. Market Attractiveness Analysis By Sales Channel
11. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Vehicle Type
11.1. Introduction / Key Findings
11.2. Historical Market Size (US$ Million) and Volume Analysis By Vehicle Type, 2017 to 2021
11.3. Current and Future Market Size (US$ Million) and Volume Analysis and Forecast By Vehicle Type, 2022 to 2032
11.3.1. Passenger Vehicles
11.3.2. LCV
11.3.3. HCV
11.4. Market Attractiveness Analysis By Vehicle Type
12. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, by Region
12.1. Introduction
12.2. Historical Market Size (US$ Million) and Volume Analysis By Region, 2017 to 2021
12.3. Current Market Size (US$ Million) and Volume Analysis and Forecast By Region, 2022 to 2032
12.3.1. North America
12.3.2. Latin America
12.3.3. Europe
12.3.4. East Asia
12.3.5. South Asia & Pacific
12.3.6. Middle East & Africa
12.4. Market Attractiveness Analysis By Region
13. North America Market Analysis 2017 to 2021 and Forecast 2022 to 2032
13.1. Introduction
13.2. Pricing Analysis
13.3. Historical Market Size (US$ Million) and Volume Trend Analysis By Market Taxonomy, 2017 to 2021
13.4. Market Size (US$ Million) and Volume Forecast By Market Taxonomy, 2022 to 2032
13.4.1. By Technology Type
13.4.2. By Sales Channel
13.4.3. By Vehicle Type
13.4.4. By Country
13.4.4.1. United States of America
13.4.4.2. Canada
13.5. Market Attractiveness Analysis
13.5.1. By Technology Type
13.5.2. By Sales Channel
13.5.3. By Vehicle Type
13.5.4. By Country
13.6. Market Trends
13.7. Drivers and Restraints Impact Analysis
14. Latin America Market Analysis 2017 to 2021 and Forecast 2022 to 2032
14.1. Introduction
14.2. Pricing Analysis
14.3. Historical Market Size (US$ Million) and Volume Trend Analysis By Market Taxonomy, 2017 to 2021
14.4. Market Size (US$ Million) and Volume Forecast By Market Taxonomy, 2022 to 2032
14.4.1. By Technology Type
14.4.2. By Sales Channel
14.4.3. By Vehicle Type
14.4.4. By Country
14.4.4.1. Brazil
14.4.4.2. Mexico
14.4.4.3. Rest of Latin America
14.5. Market Attractiveness Analysis
14.5.1. By Technology Type
14.5.2. By Sales Channel
14.5.3. By Vehicle Type
14.5.4. By Country
14.6. Market Trends
14.7. Drivers and Restraints Impact Analysis
15. Europe Market Analysis 2017 to 2021 and Forecast 2022 to 2032
15.1. Introduction
15.2. Pricing Analysis
15.3. Historical Market Size (US$ Million) and Volume Trend Analysis By Market Taxonomy, 2017 to 2021
15.4. Market Size (US$ Million) and Volume Forecast By Market Taxonomy, 2022 to 2032
15.4.1. By Technology Type
15.4.2. By Sales Channel
15.4.3. By Vehicle Type
15.4.4. By Country
15.4.4.1. Germany
15.4.4.2. Italy
15.4.4.3. France
15.4.4.4. United Kingdom
15.4.4.5. Spain
15.4.4.6. BENELUX
15.4.4.7. Russia
15.4.4.8. Rest of Europe
15.5. Market Attractiveness Analysis
15.5.1. By Technology Type
15.5.2. By Sales Channel
15.5.3. By Vehicle Type
15.5.4. By Country
15.6. Market Trends
15.7. Drivers and Restraints Impact Analysis
16. East Asia Market Analysis 2017 to 2021 and Forecast 2022 to 2032
16.1. Introduction
16.2. Pricing Analysis
16.3. Historical Market Size (US$ Million) and Volume Trend Analysis By Market Taxonomy, 2017 to 2021
16.4. Market Size (US$ Million) and Volume Forecast By Market Taxonomy, 2022 to 2032
16.4.1. By Technology Type
16.4.2. By Sales Channel
16.4.3. By Vehicle Type
16.4.4. By Country
16.4.4.1. China
16.4.4.2. Japan
16.4.4.3. South Korea
16.5. Market Attractiveness Analysis
16.5.1. By Technology Type
16.5.2. By Sales Channel
16.5.3. By Vehicle Type
16.5.4. By Country
16.6. Market Trends
16.7. Drivers and Restraints Impact Analysis
17. South Asia & Pacific Market Analysis 2017 to 2021 and Forecast 2022 to 2032
17.1. Introduction
17.2. Pricing Analysis
17.3. Historical Market Size (US$ Million) and Volume Trend Analysis By Market Taxonomy, 2017 to 2021
17.4. Market Size (US$ Million) and Volume Forecast By Market Taxonomy, 2022 to 2032
17.4.1. By Technology Type
17.4.2. By Sales Channel
17.4.3. By Country
17.4.3.1. India
17.4.3.2. ASEAN
17.4.3.3. Australia and New Zealand
17.4.3.4. Rest of South Asia & Pacific
17.5. Market Attractiveness Analysis
17.5.1. By Technology Type
17.5.2. By Sales Channel
17.5.3. By Country
17.6. Market Trends
17.7. Drivers and Restraints Impact Analysis
18. Middle East and Africa Market Analysis 2017 to 2021 and Forecast 2022 to 2032
18.1. Introduction
18.2. Pricing Analysis
18.3. Historical Market Size (US$ Million) and Volume Trend Analysis By Market Taxonomy, 2017 to 2021
18.4. Market Size (US$ Million) and Volume Forecast By Market Taxonomy, 2022 to 2032
18.4.1. By Technology Type
18.4.2. By Sales Channel
18.4.3. By Vehicle Type
18.4.4. By Country
18.4.4.1. GCC Countries
18.4.4.2. Turkey
18.4.4.3. Northern Africa
18.4.4.4. South Africa
18.4.4.5. Rest of Middle East and Africa
18.5. Market Attractiveness Analysis
18.5.1. By Technology Type
18.5.2. By Sales Channel
18.5.3. By Country
18.6. Market Trends
18.7. Drivers and Restraints Impact Analysis
19. Key and Emerging Countries Market Analysis
19.1. USA Market Analysis
19.1.1. By Technology Type
19.1.2. By Sales Channel
19.1.3. By Vehicle Type
19.2. Canada Market Analysis
19.2.1. By Technology Type
19.2.2. By Sales Channel
19.2.3. By Vehicle Type
19.3. Mexico Market Analysis
19.3.1. By Technology Type
19.3.2. By Sales Channel
19.3.3. By Vehicle Type
19.4. Brazil Market Analysis
19.4.1. By Technology Type
19.4.2. By Sales Channel
19.4.3. By Vehicle Type
19.5. Germany Market Analysis
19.5.1. By Technology Type
19.5.2. By Sales Channel
19.5.3. By Vehicle Type
19.6. Italy Market Analysis
19.6.1. By Technology Type
19.6.2. By Sales Channel
19.6.3. By Vehicle Type
19.7. France Market Analysis
19.7.1. By Technology Type
19.7.2. By Sales Channel
19.7.3. By Vehicle Type
19.8. UK Market Analysis
19.8.1. By Technology Type
19.8.2. By Sales Channel
19.8.3. By Vehicle Type
19.9. Spain Market Analysis
19.9.1. By Technology Type
19.9.2. By Sales Channel
19.9.3. By Vehicle Type
19.10. Russia Market Analysis
19.10.1. By Technology Type
19.10.2. By Sales Channel
19.10.3. By Vehicle Type
19.11. BENELUX Market Analysis
19.11.1. By Technology Type
19.11.2. By Sales Channel
19.11.3. By Vehicle Type
19.12. China Market Analysis
19.12.1. By Technology Type
19.12.2. By Sales Channel
19.12.3. By Vehicle Type
19.13. Japan Market Analysis
19.13.1. By Technology Type
19.13.2. By Sales Channel
19.13.3. By Vehicle Type
19.14. S. Korea Market Analysis
19.14.1. By Technology Type
19.14.2. By Sales Channel
19.14.3. By Vehicle Type
19.15. India Market Analysis
19.15.1. By Technology Type
19.15.2. By Sales Channel
19.15.3. By Vehicle Type
19.16. ASEAN Market Analysis
19.16.1. By Technology Type
19.16.2. By Sales Channel
19.16.3. By Vehicle Type
19.17. Turkey Market Analysis
19.17.1. By Technology Type
19.17.2. By Sales Channel
19.17.3. By Vehicle Type
19.18. Northern Africa Market Analysis
19.18.1. By Technology Type
19.18.2. By Sales Channel
19.18.3. By Vehicle Type
19.19. South Africa Market Analysis
19.19.1. By Technology Type
19.19.2. By Sales Channel
19.19.3. By Vehicle Type
20. Market Structure Analysis
20.1. Market Analysis by Tier of Companies [Park Assist System]
20.2. Market Concentration
20.3. Market Share Analysis of Top Players
21. Competition Analysis
21.1. Competition Dashboard
21.2. Primary Survey Analysis
21.3. Competition Deep Dive
21.3.1. Robert Bosch GmbH
21.3.1.1. Overview
21.3.1.2. Product Portfolio
21.3.1.3. Key Financials
21.3.1.4. Sales Footprint
21.3.1.5. Strategy Overview
21.3.2. Continental AG
21.3.2.1. Overview
21.3.2.2. Product Portfolio
21.3.2.3. Key Financials
21.3.2.4. Sales Footprint
21.3.2.5. Strategy Overview
21.3.3. Hitachi Ltd.
21.3.3.1. Overview
21.3.3.2. Product Portfolio
21.3.3.3. Key Financials
21.3.3.4. Sales Footprint
21.3.3.5. Strategy Overview
21.3.4. Magna International
21.3.4.1. Overview
21.3.4.2. Product Portfolio
21.3.4.3. Key Financials
21.3.4.4. Sales Footprint
21.3.4.5. Strategy Overview
21.3.5. Denso Corporation
21.3.5.1. Overview
21.3.5.2. Product Portfolio
21.3.5.3. Key Financials
21.3.5.4. Sales Footprint
21.3.5.5. Strategy Overview
21.3.6. ZF Friedrichshafen
21.3.6.1. Overview
21.3.6.2. Product Portfolio
21.3.6.3. Key Financials
21.3.6.4. Sales Footprint
21.3.6.5. Strategy Overview
21.3.7. Delphi Automotive
21.3.7.1. Overview
21.3.7.2. Product Portfolio
21.3.7.3. Key Financials
21.3.7.4. Sales Footprint
21.3.7.5. Strategy Overview
21.3.8. Siemens AG
21.3.8.1. Overview
21.3.8.2. Product Portfolio
21.3.8.3. Key Financials
21.3.8.4. Sales Footprint
21.3.8.5. Strategy Overview
21.3.9. Aisin Seiki Co. Ltd
21.3.9.1. Overview
21.3.9.2. Product Portfolio
21.3.9.3. Key Financials
21.3.9.4. Sales Footprint
21.3.9.5. Strategy Overview
21.3.10. Other Manufacturers
21.3.10.1. Overview
21.3.10.2. Product Portfolio
21.3.10.3. Key Financials
21.3.10.4. Sales Footprint
21.3.10.5. Strategy Overview
22. Assumptions and Acronyms Used
23. Research Methodology
Explore Automotive Insights
View Reports
Park Assist System Market
