Skip to main content

Park Assist System Market : Key Players, Growth, Analysis, by 2032

 Park Assist System Market to Top US$ 2.2 Bn by 2032 Amid Rising Adoption in Passenger Vehicles

The global park assist system market is projected to reach a valuation of US$ 595.6 Mn in 2022. Demand is forecast to increase at a 14.3% CAGR during the forecast period, reaching US$ 2.2 Bn by 2032. Park assist system, which is also known as advanced parking guidance system, helps the driver park with higher precision using advanced guidance technology that uses radar and ultrasonic based solutions.

The park assist system is customer centric that elevates every phase of the parking experience with advanced parking features that guide drivers to park with confidence. These systems provide great performance, better efficiency, along with increased safety & security for vehicles which is propelling the demand for park assist systems. Along with the above mentioned factors, park assist system also minimizes the chance for potential scratches and dings when parking into very tight places.

As per FMI, the global park assist system market is expected to be dominated by Europe, followed by East Asia and the trend is predicted to continue during the forecast period. Park assist system market in Europe is projected to top US$ 773.4 Mn by 2032.

“Increasing technological advancements in ADAS systems in autonomous vehicles, along with growing adoption of park assist systems in passenger vehicles will continue pushing sales in the market over the assessment period,” says an FMI analyst.

Key Takeaways:

  • Based on technology, the ultrasonic sensor segment is projected to hold approximately 6% of the total market share in 2022.
  • In terms of sales channel, demand in the OEM segment is anticipated to grow at a 4% CAGR through 2032.
  • By vehicle type, total sales in the passenger vehicle segment are slated to reach a valuation of US$ 1.7 Bn by 2032.
  • Sales in the U.S. park assist system market are forecast to grow at a 14.6% CAGR over the assessment period.
  • China is expected to hold about 67.4% of the East Asia park assist market share in 2022.
  • Europe will emerge as an attractive park assist system market, creating an incremental dollar opportunity of US$ 588.3 Mn over the forecast period.

Competitive Landscape         

Key market participants of the park assist system market include Continental AG, Robert Bosch, Denso Corporation, Magna International, Valeo SA, Hitachi Ltd., Delphi Automotive, ZF Friedrichshafen, Siemens AG, and Aisin Seiki Co. Ltd.

Leading park assist system manufacturers are focusing on providing active guidance in parking while enhancing safety and comfort of the passengers. Many players are focusing on technological developments for park assists systems as well as expanding their manufacturing capabilities for ADAS solutions. For instance:

  • In Aug 2020, Robert Bosch along with Ford and Bedrock began research for automated valet parking that can increase the parking capacity and offer other services for vehicles while parked.

More Insights into the Global Park Assist System Market Report

In its latest report, FMI offers an unbiased analysis of the global park assist system market, providing historical data for the period of 2017-2021 and forecast statistics for the period of 2022-2032. To understand the global market potential, its growth, and scope, the market is segmented based on technology (ultrasonic sensor, lidar sensor, radar sensor, camera sensor, infrared sensor, pressure sensor), by sales channel (OEM, Aftermarket), by vehicle type (passenger vehicles, LCV, HCV) & by region ( North America, Latin America, Europe, East Asia, South Asia & Pacific, and Middle East & Africa).

About Future Market Insights – Automotive

The research report analyzes demand for automotive park assists systems. The global vehicle market has been analyzed upon covid-19 impact, macroeconomic factors, market trends & market background. As per FMI’s research scope, the market has been analyzed on the basis of products, customers & regions. The report gives us qualitative and quantitative information on various players in this market. Also, this report tracks the market by both supply side and demand side.

For More Info@ https://www.futuremarketinsights.com/reports/park-assist-system-market

Comments

Post a Comment

Popular posts from this blog

Frozen Fruits Market Size, Key Players, Growth Factors, Regions and Applications, Industry Forecast by 2032

 The Frozen Fruits Market has witnessed remarkable growth in recent years, driven by consumers' increasing preference for convenient and nutritious food options. Frozen fruits have become a popular choice among health-conscious individuals and busy households, offering a quick and easy way to incorporate the goodness of fruits into daily meals, smoothies, and desserts. These fruits are picked at the peak of ripeness and flash-frozen to lock in their natural flavors and nutritional value, making them a tasty and nutritious choice year-round. One of the key factors propelling the growth of the Frozen Fruits Market is the rising awareness of the health benefits associated with frozen fruits. They are often nutritionally comparable to fresh fruits, as freezing preserves vitamins and minerals. Additionally, frozen fruits are free from artificial preservatives or additives, making them an attractive option for those seeking a natural and wholesome diet. Their long shelf li...
Post a Comment
Read more

Kelp Market Future Trends, Industry Size and Forecast to 2032

 The kelp market is experiencing significant growth and is poised to become a prominent player in the global food and agriculture industry. Kelp, a type of large brown seaweed, offers a wide range of benefits and applications, driving its increasing demand across various sectors. First and foremost, the nutritional value of kelp makes it highly sought after. Packed with essential vitamins, minerals, and antioxidants, kelp offers a nutrient-rich addition to diets around the world. It is particularly valued for its high iodine content, which is vital for thyroid function and overall health. Additionally, kelp is a good source of fiber, calcium, iron, and other essential nutrients, making it a valuable ingredient for health-conscious consumers and dietary supplement manufacturers. The culinary world has also embraced the versatility of kelp. With its umami flavor and unique texture, kelp has become a popular ingredient in various cuisines. It is used in the preparation...
Post a Comment
Read more

Frozen Foods Market Demand, Supply, Growth Factors, Latest Rising Trend and Forecast to 2032

 The Frozen Foods Market has experienced a significant transformation in recent years and continues to be a prominent and dynamic segment of the global food industry. As we move into 2033, this market remains a crucial part of modern lifestyles, offering a wide variety of convenient and preserved food options for consumers. The growth of the Frozen Foods Market is fueled by changing consumer preferences, technological innovations, and an ever-increasing demand for convenient, time-saving, and nutritious meal solutions. In 2033, the Frozen Foods Market is expected to continue its upward trajectory, as more consumers seek the benefits of frozen products. This market encompasses an extensive range of items, from frozen vegetables and fruits to ready-to-eat meals, appetizers, and desserts. The versatility and extended shelf life of frozen foods have made them an essential staple in many households. Consumers are drawn to the convenience of having quick, easy-to-prepare, ...
Post a Comment
Read more