Automotive Intelligence Park Assist System Market Size - By Component (Ultrasonic Sensors, Camera), By Technology (Autonomous Park Assist, Semi-autonomous Park Assist), By Vehicle (Passenger Cars, Commercial Vehicles), Regional Outlook & Forecast, 2024 - 2032

Automotive Intelligence Park Assist System Market Size

Automotive Intelligence Park Assist System Market size was valued at USD 11.3 billion in 2023 and is estimated to register a CAGR of over 17% between 2024 and 2032. Increasing population and urbanization are the major drivers for the market.  According to the Census Bureau, there are 7.97 billion people now and there will be 9.5–10 billion by 2050. As cities become more densely populated, the availability of parking places stagnates or even decreases, making it difficult for drivers to locate a place to park.
 

According to the Urban Mobility Survey 2023 held by Times Network, parking is a common issue faced by car-owners in Indian metro cities. The survey showed that over 25% of car owners do not take their car outside due to lack of parking spaces. The automotive intelligence park assist system assists vehicles in finding vacant parking places more quickly, minimizing wasted time and fuel spent finding a spot. This system can help with parking, particularly parallel parking in tight spaces, allowing vehicles to squeeze into smaller spaces and optimizing available parking in congested metropolitan areas.
 

The market is expected to witness a growing demand as the demand for autonomous vehicles increases. Governments across the globe are emphasizing the adoption of autonomous vehicles to transform their transport sector. For instance, in July 2023, the UAE government approved the first preliminary national license for autonomous cars to Chinese company WeRide. The decision is in line with the country’s vision to upgrade the country’s transport sector and move towards a future economy.
 

The preliminary license allows WeRide to test all types of autonomous vehicles in the road of UAE. The automotive intelligence park assist systems are integrated with autonomous driving technologies. This allows autonomous vehicles to navigate parking lots and streets independently, requiring the use of dependable and complex parking systems.
 

The automotive intelligence park assist systems market is impeded by the high technological costs of these systems. Integrating different automotive intelligence park assist system components including sensors, computer units, and software increases the vehicle's cost, making it less affordable for budget-conscious buyers. This price rise may be a dealbreaker for many customers, particularly those in price-sensitive areas. The high cost also puts manufacturers under pressure to strike a balance between functionality, performance, and affordability. This can lead to technological and feature compromises, thereby affecting the automotive intelligence park assist system's overall efficacy and attractiveness.
 

Automotive Intelligence Park Assist System Market Trends

The automotive intelligence park assist system industry is witnessing significant technological advancements. Continuous advancements in sensor technologies, such as LiDAR, radar, and cameras, have enhanced range, resolution, and processing power in vehicles, thereby enabling automotive intelligence park assist systems to identify obstacles and move with higher accuracy & dependability.
 

Artificial Intelligence (AI) and Machine Learning (ML) algorithms are evolving, allowing automotive intelligence park assist systems to learn from experience, adapt to varied parking conditions, and make smarter judgments in real time. The continuous drive for innovation and collaboration in the industry paves the way for a future where the automotive intelligence park assist systems become a standard feature in vehicles.
 

For instance, in December 2022, Bosch, a major automotive component supplier, collaborated with Mercedes-Benz to create a new parking system called Intelligent Park Pilot. This technology, projected to be operational in 2025, offers a completely automated valet parking experience in which the car can identify a parking place and park itself without the driver's involvement.
 

Automotive Intelligence Park Assist System Market Analysis

Based on technology, the semi-autonomous park assist segment recorded around 80% of the market share in 2023. Semi-autonomous systems are much cheaper than fully autonomous ones due to simpler sensor setups, reduced computer power requirements, and lower software development expenses. This makes them more accessible to a broader range of automobile makers and buyers, resulting in a larger market share. Fully automated parking systems also need advanced technologies and complicated algorithms, which are still under development. Semi-autonomous systems rely on the existing & established technology, making them suitable for commercial implementation.
 

Based on vehicle, the passenger cars segment held over 71% of the automotive intelligence park assist system market share in 2023. The growing passenger car sales is a major factor driving the growth of the segment. According to the International Organization of Motor Vehicle Manufacturers, around 61.5 million passenger cars were produced as compared to 23.4 million commercial vehicles in 2022. Also, the current automotive intelligence park assist system technology is mostly geared toward the size and agility of passenger cars. Integrating these technologies into larger and commercial vehicles requires changes or alternative solutions, increasing complexity and expenses.
 

North America automotive intelligence park assist system market accounted for 35% of the revenue share in 2023. North America has a strong emphasis on vehicle safety, with regulatory bodies such as the National Highway Traffic Safety Administration (NHTSA) driving the adoption of advanced driver assistance systems (ADAS).
 

The automotive intelligence park assist system contributes to improved vehicle safety by assisting drivers in parking maneuvers, reducing the risk of accidents and collisions with obstacles. Also, the growing vehicle sales in U.S. is a major factor driving the growth of market in the region. According to the International Organization of Motor Vehicle Manufacturers, around 1.75 million passenger cars were produced in U.S. in 2022 as compared to 1.56 million in 2021, showing a growth of over 12%.
 

Automotive Intelligence Park Assist System Market Share

Robert Bosch GmbH and ZF Friedrichshafen AG hold a significant market share of over 10% in the market. Robert Bosch GmbH focuses on developing innovative automotive intelligence park assist solutions with advanced features, such as automated parking mode selection, enhanced obstacle detection, and improved user interfaces. By continuously innovating its product offerings, the company differentiates itself in the market and meets evolving customer needs.
 

ZF vertically integrates its capabilities across the value chain, from sensors and actuators to control units and software platforms. By leveraging synergies across its diverse product portfolio, the company enhances development processes, optimizes system integration, and delivers comprehensive solutions to customers.
 

Automotive Intelligence Park Assist System Market Companies

Major companies operating in the automotive intelligence park assist system industry are:

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

Automotive Intelligence Park Assist System Industry News

• In November 2023, Tesla released an upgrade to its Full Self-Driving (FSD) Beta software, which improved its parking skills. The new technology supports parallel and perpendicular parking as well as calling the automobile from its parking space. This feature also involves faster decision-making and improved park assistance.
   
• In September 2023, Hyundai Mobis developed a new autonomous parking control system that can park a vehicle in its regular spot with a single touch of a button. It is equipped with a Memory Parking Assist System (MPA) that remembers the parking maneuver when a driver parks his car in learning mode.
   

The automotive intelligence park assist system market research report includes in-depth coverage of the industry with estimates & forecasts in terms of revenue (USD Billion) from 2018 to 2032, for the following segments:

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Market, By Component

• Ultrasonic sensors
• Camera

Market, By Technology

• Autonomous park assist
• Semi-autonomous park assist

Market, By Vehicle

• Passenger cars
• Commercial vehiclee

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Russia
  • Nordics
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • ANZ
  • Southeast Asia
  • Rest of Asia Pacific 
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Rest of Latin America
• MEA
  • UAE
  • Saudi Arabia
  • South Africa
  • Rest of MEA