Automotive Intelligence Park Assist System Market Analysis

Automotive Intelligence Park Assist System Market Analysis

To get key market trends

  Download Free Sample

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%.