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.
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.
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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.