The global park assist system market is projected to reach a valuation of US$ 595.6 Million in 2022. Demand is forecast to increase at a 14.3% CAGR during the forecast period, reaching US$ 2.2 Billion 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.

Parking assist systems utilize sensors such as radar, cameras, and ultrasonic sensors to scan the surroundings during the parking process. These systems encompass two categories of parking safety technology: passive and active. In passive assistance, drivers receive audible warnings as guidance, while active assistance goes a step further by assuming control over the vehicle's acceleration and steering during the parking maneuver. This dual approach enhances overall safety and convenience for drivers, making the parking experience more efficient and reducing the likelihood of collisions.

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 Million 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.

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.

Get more info: https://www.futuremarketinsights.com/reports/park-assist-system-market

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.