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Automotive Intelligence Park Assist System Market Trends

Report ID: GMI8185
Published Date: Feb 2024
Report Format: PDF

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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.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of automotive intelligence park assist system reached USD 11.3 billion in 2023 and is set to record over 17% CAGR between 2024 and 2032, owing to the increasing population and urbanization.

In 2023, the semi-autonomous park assist segment accounted for a market share of around 80%, as they are much cheaper than fully autonomous ones.

North America market share was around 35% in 2023, due to the strong emphasis on vehicle safety.

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