Rise in parking concerns across the globe, demand for internet of things (IoT)-based technology, and rise in the number of vehicles drive the growth of the global automotive intelligence park assist system market to witness a CAGR of 24.9% from 2021 to 2030.
According to the report -Automotive Intelligence Park Assist System Market by vehicle type, application and vehicle class - Global Opportunity Analysis and Industry Forecast, 2021–2030, by Allied Market Research, the market has generated $ 4.33 billion in 2020 and is estimated to reach $38.93 billion by 2030.
However, high implementation cost & configuration complexity and low internet penetration in developing regions restrain the market growth. On the other hand, increasing investments in building driverless vehicles and supportive government initiatives in building smart cities worldwide create new opportunities in the coming years.
Some of the leading market players in this segment include Aisin Seiki, Continental, Delphi Automotive, Hitachi, Magna, NXP Semiconductors, Robert Bosch, Siemens, Valeo and ZF.
Due to the lockdown measures imposed by governments in many countries, daily operations in the automotive sector came to a standstill and disrupted the supply chain. Moreover, there were challenges, such as the unavailability of workers. The supply chain disruptions led to a shortage in raw materials and increased prices of sensors and ICs used in manufacturing intelligent park assist systems.
The demand for new vehicles decreased due to economic uncertainties and challenges. This hampered the total revenue gained by manufacturers and budgets allocated to R&D activities for intelligent park assist systems, the market research and business-consulting firm said.
According to Allied Market Research, the passenger car segment will continue its lead position throughout the forecast period. The segment held the largest share in 2020, accounting for more than four-fifths of the global market, and is projected to continue its lead position throughout the forecast period. This is due to its vital role in the transportation industry, the introduction of safety & security features, and the surge in penetration in different countries. However, the heavy commercial vehicles segment is expected to manifest the highest CAGR of 30.4% from 2021 to 2030. This is due to stringent regulations by the government for safety features that enable manufacturers to use effective ADAS services such as height & pressure sensing systems.
The semi-autonomous segment to continue its dominance throughout the forecast period, the research firm observed. This segment contributed to the largest share in 2020, holding nearly 90% of the global market, and is projected to continue its dominance throughout the forecast period. It is due to the increased inclination of semi-autonomous vehicles worldwide. However, the fully autonomous segment is estimated to portray the largest CAGR of 29.2% from 2021 to 2030. The report said that it is attributed to the introduction of features such as ADAS, connected cars, and others.
Allied Market Research said North America will maintain its leadership status by 2030, as this region contributed to the largest market share in 2020, accounting for nearly two-fifths of the global market. It is due to an increase in technology-driven companies and a surge in R&D activities. However, Asia-Pacific is expected to register the fastest CAGR of 29.4% during the forecast period due to the rise in the need for vehicles equipped with advanced features across the region, the research firm noted.
Courtesy: Allied Market Research. NB: Photo is representational; courtesy: Continental.