Global Automotive Intelligent Park Assist Systems Market, By Component (Ultrasonic Sensor, Camera, Ultrasonic Sensor and Camera), Technology (Autonomous Parking Assist, Semiautonomous Parking Assist), Vehicle Type (Passenger Car, Commercial Vehicles), Country (U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa) Industry Trends and Forecast to 2028.
Market Analysis and Insights : Global Automotive Intelligent Park Assist Systems Market
The automotive intelligent park assist systems market is expected to witness market growth at a rate of 6.75% in the forecast period of 2021 to 2028. Data Bridge Market Research report on automotive intelligent park assist systems market provides analysis and insights regarding the various factors expected to be prevalent throughout the forecast period while providing their impacts on the market’s growth. The increase in the use of product in various industries globally is escalating the growth of automotive intelligent park assist systems market.
Automotive intelligent park assist system refers to the technological implementation of collective servicing of sensors, guidance systems and cameras based on artificial intelligence analysis. These technologies are combined for providing the drivers and even autonomous vehicles with help in safe and effective parking of the vehicle.
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Industry InsightAccording to Market Research Future (MRFR), the Automotive Intelligence Park Assist System Market is projected to touch a valuation of US$22.30 Billion by 2023, growing at 6.3% CAGR throughout the forecast period (2018-2023).
At this pace, the opportunities in the worldwide Automotive Intelligence Park Assist System market are estimated to swell up with high valuation by the end of the year 2023.Top Impacting Factors: Automotive Intelligence Park Assist SystemThe study signifies that a significant rise in the traffic flow has led to a substantial rise in the number of road accidents, which is influencing the global automotive intelligent park assist systems market remarkably.
Also, with the rising concerns among people over safety and comfort across the globe, automobile manufacturers are encouraged to combine automotive intelligent park assist systems into the vehicles and resulting in a massive rise in the demand for automotive intelligent park assist systems worldwide.Furthermore, some more essential factors came into light while evaluating the market and its prospects, is that mounting uses of wide-angle camera technology in vehicles, rising trend of vehicle electrification, and some government initiatives to reduce road accidents have also been responsible in shaping the future of the market.
In fact, the growing demand for autonomous and semi-autonomous parking systems, improving the economy in emerging nations, and growing population are also providing enough opportunity of growth to this market so that it can gain more and more shares in the coming years.Despite these factors, the market for Automotive Intelligence Park Assist System could hit by some restraints while growing owing to factors such as lack of skilled drivers, lack of standard protocols, and sophisticated design of the system.
Restrictive growth might occur during the years 2018 to 2023.Top Market ContendersThe global automotive intelligence park assist system market is highly consolidated as each of the regional markets is led by some of the best market contenders.
Valeo (France), Siemens AG (Germany), ZF Friedrichshafen AG (Germany), Robert Bosch GmbH (Germany), Continental AG (Germany), Magna International (Canada), Delphi Automotive (Germany) Toshiba Corporation (Japan), HELLA GmbH & Co. KGaA (Germany), NXP Semiconductors (Netherlands), are some of the prominent names listed in MRFR’s study.Get Free Sample Report @ https://www.marketresearchfuture.com/sample_request/7431 Segmentation of Market: Automotive Intelligence Park Assist SystemFrom the viewpoint of the segmental study of the global Automotive Intelligence Park Assist System, various segments have been involved, such as technology and component.Depending on the technology segment, the market has been segregated into autonomous and semi-autonomous parking assist.
Also known as Advance Parking Guidance System (APGS) in some countries, these systems consist of onboard computer used camera fixed into the front and rear sides of the car and sensors, which help in measuring the proximity of nearby vehicles.
Electromagnetic or ultrasonic sensors present in these systems help to alert the driver in case of obstruction in parking.
Market Research Future (MRFR's) latest in-depth report on the global automotive intelligence park assist system provides meaningful insights on the market, which has been compiled after a thorough analysis of the pertinent factors impacting the market.
MRFR's analysis predicts the market to capture a moderate CAGR in the coming years.The use of intelligence park assist systems has increased considerably in recent years, owing to the high level of awareness about the benefits associated with them.
More intelligence park assist systems hinder the vehicle from exceeding the set speed during parking.
additionally, automotive OEMs are increasingly providing these systems in mid-range and low-range cars to ensure safety.
