Automotive Intelligence Park Assist System Market Size

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.

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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.