The North America Automotive Intelligence Park Assist System Market is estimated to be worth USD 28 Billion by 2030, registering a 6% CAGR during the forecast period (2022- 2030).
The Automotive Intelligence Park Assist System (IPAS) is also known as Advance Parking Guidance System (APGS). It is a system surrounded by electronic components like sensors and is applied in electric and ICE vehicles. The automotive intelligence park assist system offers physical containment for various power components like semiconductors and helps in parking the vehicle safely by analyzing the parking area.
The automotive intelligence park assist system subsists of an onboard computer-utilized camera fixed into the rear and front sides of the car and sensors located at analogous locations to notice the vicinity of neighboring vehicles. The ultrasonic or electromagnetic sensors are formed to alarm the driver of parking difficulties.
The global Automotive Intelligence Park Assist System Market has recently demonstrated augmented development. The primary parameter of growing the market performance is the boosting number of manufacturers incorporating intelligent park assist systems technology in vehicles. The increasing emphasis of automotive OEMs and consumers on power savings and vehicle safety will likely boost the market's growth over the coming years.
The increscent competition between automotive intelligence park assist systems service providers and increasing support from the local government to deploy safety systems in automobiles are also expected to boost the market's growth over the evaluation period. The culturing numbers of manufacturers who are integrating intelligent park assist systems technology in vehicles, rearing focus of consumers and automotive OEMs on vehicle safety and power savings are pushing the growth of this market.
Regional Analysis
The Global Automotive Intelligence Park Assist System Market is divided into five regions; North America, Asia Pacific, Europe, Latin America, and the Middle East Africa.
The Asia-Pacific region is projected to hold the largest market share during the forecast period owing to the surging population, lack of parking space, and changing lifestyles of consumers across the region. Moreover, the augmented use of electrification in vehicles is anticipated to boost the demand for automotive intelligence park assist systems in this region.
The North American regional market for automotive intelligent park assist systems will likely demonstrate substantial development over the review timeframe.
North America accounted for the largest market share in 2020, holding nearly two-fifths of the global automotive intelligent park assists system market. This is due to an upsurge in technology-driven companies and a boosts in RD activities.
Market Segmentation
The Global Automotive Intelligence Park Assist System Market is segmented into the following types;
By Technology
- Autonomous Parking Assist
- Semiautonomous Parking Assist
By Component
- Ultrasonic Sensor
- Camera
By Vehicle type
- Passenger Vehicles
- Commercial Vehicles
Key Players
The Global Automotive Intelligence Park Assist System Market prominent key players are Siemens AG (Germany), Valeo (France), Robert Bosch GmbH (Germany), ZF Friedrichshafen AG (Germany), Magna International (Canada), Continental AG (Germany), NXP Semiconductors (Netherlands), Toshiba Corporation (Japan), HELLA GmbH Co. KGaA (Germany) and Delphi Automotive (Germany).
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