Automotive Intelligent Park Assist System Market Research Report
14 June 2019, Global automotive intelligent park assist system market is anticipated to grow significantly in the forecast period owing to rise in the utility of rear-view cameras in automobiles. Automotive intelligent park assist system is also termed as Advanced Parking Guidance System (APGS). Along with high efficiency of the technology that helps the drivers in parking vehicle, it is plugged with several benefits. These comprise eliminating stress and difficulty with respect to parallel parking, helping automobiles to fit in confined parking spaces, reducing the traffic and time for parking issues and prevents scratches and minor dents on the car by unskilled drivers.
The growth of the market is influenced by significant rise in traffic flow that results in road mishaps (especially in populated countries of Asia Pacific and others around the globe), increasing government initiatives for reducing the rate of road accidents worldwide. Moreover, growing number of manufacturers who are integrating intelligent park assist systems in automobiles is accelerating the demand for the products and thereby fueling the market growth. However, lack of awareness about the advantages of intelligent park assist systems and limited funding is restricting the growth of the market.
Manufacturing companies are getting associated with the other automotive systems and technologies, which are expected to bring opportunities in the market. Growing replacement of several parts of intelligent park system is posing challenges in automotive intelligent park assist system market.
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The market is categorized on the basis of component, technology, and geography. On the basis of component, market is divided into software, hardware, and services. Services segment is expected to lead the market owing to the increasing technological innovations in the developed and developing economies and rise in its adoption.
Based on technology, market is split into fully autonomous and semi-autonomous. Semi-autonomous segment is anticipated to hold larger share of the segment due to growing innovations that is gaining attraction worldwide. Geographically, market is segmented as North America, South America, Europe, Asia Pacific and Middle East & Africa. Owing to the rise in number of automobiles that stimulates efficient parking, North America is expected to dominate automotive intelligent park assist system market.
The key participants in automotive intelligent park assist system market comprise Delphi Automotive LLP, Robert Bosch GmbH, NXP Semiconductors, ZF Friedrichshafen AG, Siemens AG, TOSHIBA CORPORATION, Magna International, HELLA GmbH & Co. KGaA, Continental AG, Clarion, Aisin World Corp. of America, and Valeo.
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