"Market Intelligence for High-Geared Performance"

Automotive Intelligence Park Assist System Market Size, Share & COVID-19 Impact Analysis, By Application (Semi-Autonomous, Autonomous), By Vehicle Type (Passenger Cars, Commercial Vehicles), and Regional Forecast, 2021-2028

Last Updated: December 09, 2024 | Format: PDF | Report ID: FBI106398

 

KEY MARKET INSIGHTS

Play Audio Listen to Audio Version

The global automotive intelligence park assist system market size was USD 8.6 billion in 2020. The market is projected to grow from USD 10.1 billion in 2021 to USD 20.7 billion in 2028 at a CAGR of 10.7% during the 2021-2028 period.  The North America dominated the Automotive Intelligence Park Assist System Market with a share of 41.51% in 2020. The global impact of COVID-19 has been unprecedented and staggering, with witnessing a negative demand shock across all regions amid the pandemic. Based on our analysis, the global market exhibited a decline of -3.87% in 2020 as compared to the average year-on-year growth during 2017-2019. The rise in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.


Advanced driver assistance system (ADAS) is designed to give smart parking features in a car is the automotive intelligence park assist system. This device supports drivers in parking their vehicles and ensures the vehicle's safety and security. It involves a blend of sensors, buttons, a camera, and an in-dash screen that allows the car to drive and park itself into a parking place with little user involvement. This technology runs the steering automatically, scanning the environs, and allowing the driver to focus on operating the throttle and brakes.


American Automobile Association (AAA) is a federation of motor clubs throughout North America. AAA’s testing found self-parking technology benefitted the drivers significantly. For instance, drivers using self-parking systems experienced 81% fewer curb strikes. Self-parking systems parallel parked the vehicle using 47% fewer maneuvers, with some systems completing the task in as little as one maneuver. Also, self-parking systems could park a vehicle 10% faster and park 37% closer to the curb.


Lockdowns and Restrictions due to COVID-19 to Hamper Market Growth


COVID-19 has presented the world with unprecedented economic, humanitarian, and healthcare challenges. The rapid spread of the disease led to a significant impact on the global automotive industry, with a downturn in demand for vehicles. The outbreak of the COVID-19 pandemic in several countries led to a global economic slowdown. Strict measures implemented for the containment of Coronavirus impacted the market scenario on a large scale. Several factors, including shortage of labor and raw materials led to numerous difficulties in developing and designing new devices, creating a wide gap in supply and demand. Market leaders are focused on catering to the order backlog to sustain a consistent stream of revenues in 2021. For instance, Hyundai, in November 2021, announced that it had developed the world's first urban ADA System called the Mobis Parking System (MPS), which integrates Narrow Space Assistance (NSA), Reverse Assistance (RA), and Remote Smart Parking Assistance (RSPA). Though they couldn’t manufacture the product during the COVID-19 period, they continued the development and eventually manufactured the product with the market returning to pre-pandemic conditions.


According to the Society of Indian Automobile Manufacturers, the sales of passenger vehicles experienced a decline of 2.24% from April to March 2021. Also, one of the leading suppliers from China faced the heat of COVID-19. In China, during the first six months of 2020, an average of 1.3 million new passenger cars were sold every month, about 23% lower than in 2019. The market in these regions took a hit as it is directly dependent on car sales in the region.


LATEST TRENDS


Request a Free sample to learn more about this report.


Rise in Demand For Autonomous And Driverless Vehicles To Set A Positive Trend For Automotive Intelligence Park Assist System Market


Automakers and tech companies are developing advanced technologies that will allow cars to drive themselves without the need for a human driver. As per the study, Google leads the race by having driverless cars in the testing stages, followed by Audi, Toyota, and Mercedes-Benz. According to the Institute of Electrical and Electronics Engineers (IEEE), by 2040, driverless cars will account for more than 75% of vehicles on the road.


For instance, parking aid systems by Bosch, Continental, and Valeo warn the driver about any obstacles and monitor an area of approximately 20 and 250 cm in front of and behind the vehicle. Self-driving vehicles can plan their route; therefore, sensors can transmit information about available parking spaces to self-driving vehicles. Once the vehicle receives this information, that space can then be reserved for that specific car, and this reservation can be transmitted over the cloud so that multiple driverless cars do not get into conflict for the same parking space. Hence, rising demand for autonomous vehicles will propel the market growth.


DRIVING FACTORS


Increased Parking Concern Across the Globe To Drive Market Growth


It is very difficult to find a parking space that is available during rush hours in areas such as hospitals, hotels & shopping centers, airports, universities, and convention & exhibition centers. The growth of population in a region results in concerns related to residential and commercial parking. This problem is solved using advanced technological features such as reservation status is updated in real-time using smart parking technology and SMS notification of available free space. This technique reduces the amount of time it takes to complete a task, the user spends finding a vacant parking slot and automates searching for an ideal parking floor and location. Also, it reduces the probability of accidents in the parking lots. According to the CBS News reports, 20% of car accidents happen in parking lots and garages in the U.S. These accidents cause approximately 60,000 injuries and nearly 500 fatalities each year, on average. Therefore, such factors propel the global park assist system market growth.


Rising Demand For IoT-based Technology Will Fuel Market Growth


The Internet of Things (IoT) is a network of interconnected computing devices that exchange data to fulfil a specific purpose without needing human-to-human or human-to-computer interaction. Globally, more time is devoted looking for parking spaces, and this problem is being addressed by an initiative on intelligent parking solutions conducted by the University of Kansas using IoT technology. Furthermore, deploying an IoT-based smart parking system aids in improved parking management and saves drivers time. For example, by receiving continual information updates from the sensors, the driver can indeed check the number of parking positions available at the entry to parking garages before entering the garage. As a result, advances in IoT technology for smart parking solutions are predicted to greatly fuel the intelligence park assist market.


RESTRAINING FACTORS


High Cost Of Installation And Operational Intricacy Can Restrain Market Growth


Due to continual technological advancements, frequent upgrading of the system & software is necessary to keep them compatible with the current technological scenario. In addition, the assembly of smart parking and the cost of all components, including sensors, RFID, and fuzzy logic, are costly for the consumer. Furthermore, several elements and sensors are integrated into a single dielectric plate, which adds to the cost. This large system has a greater installation costs as it must be connected to wireless devices to function properly. Therefore, higher initial implementation cost coupled with high configuration complexity obstructs the widespread deployment of park assist systems.


SEGMENTATION


By Application Type Analysis


To know how our report can help streamline your business, Speak to Analyst


Semi-Autonomous Segment Dominates the Market Due To Its Low Cost


Based on application, the market is segmented into semi-autonomous and autonomous.


An autonomous vehicle can sense its environment and ride safely with little or no human input. In the semi-autonomous system, the vehicle is designed and constructed to operate autonomously for certain periods without continuous driver supervision. However, driver intervention is still expected or required. Semi-autonomous vehicles may be able to park themselves, but they cannot be classified as self-driving. In most cases, drivers must keep their hands on the wheel at all times. Reaching 100% autonomous vehicles is a slow process. In such a scenario, semi-autonomous systems are a promising solution that can bridge the gap between manual and autonomous vehicles with far greater adoption and faster implementation. Hence, the semi-autonomous segment accounts for a major share in the global market.


The vehicle is designed and manufactured to move autonomously without any driver supervision in the fully autonomous system. This system has many benefits such as fewer traffic accidents and the economic toll caused by property damage, injury, or death. Also, energy costs will be saved as these autonomous vehicles maximize driving efficiency and reduce traffic congestion. However, according to SAE International, most of the driver assistant technologies in use now are classified as L2 (level 2) or L2+. Full automation, which requires no human intervention, is classified as L5. Hence, the fact that autonomous system still needs to improve is highlighted from the accidents caused by vehicles equipped with autonomous systems. For instance, in August 2021, the U.S. National Highway Transportation Safety Administration reported that Tesla’s Autopilot feature, which allegedly has been involved in 11 collisions since 2018 with stopped cars, resulted in 17 injuries and one death over the past three and a half years. Hence, though the currently semi-autonomous segment is leading, owing to technological developments, the fully autonomous segment is expected to exhibit a higher CAGR during the forecast period.


By Vehicle Type Analysis


Passenger Cars Segment Will Hold Largest Market Share


Based on vehicle type, the market is segmented into passenger cars and commercial vehicles.


The passenger car segment holds the largest market share and is expected to continue during the forecast period. Passenger cars include vehicles such as sports utility vehicles (SUV), hatchbacks, sedans, electric cars (battery electric vehicle (BEV), multi-utility vehicles (MUV), and hybrid electric vehicles (HEV)). Car manufacturers see automotive intelligence park assist systems as convenient, economic, and the most productive feature to add to the riding system of a car. Currently, the passenger car segment holds a significant share and would continue to lead during the forecast period.


The commercial vehicle segment is expected to project the highest CAGR during the forecast period. The proposition for autonomous platforms in the commercial vehicle segment is becoming more and more favorable for fleet operators. According to the U.S. transport department, over 4,000 people die per year from auto accidents involving an 18 wheeler. That is only a small portion of 330,000 annual accidents involving large trucks. Accidents are caused by driver error approximately 90% of the time. Autonomous trucking capabilities can drastically decrease those numbers. Also, there is a shortage of truck drivers in the U.S. It’s been noted that there is a need for 48,000 truckers in an industry of 800,000. Hence, the intelligence park assist systems along with the autonomous trucking capabilities will solve the problem. Thus, technological developments in the parking aid systems are anticipated to drive the market growth. 


REGIONAL INSIGHTS


North America Automotive Intelligence Park Assist System Market Size, 2020 (USD Billion)

To get more information on the regional analysis of this market, Request a Free sample


The North America automotive intelligence park assist system market accounted for USD 3.57 billion in 2020. The U.S. ranks first in this region as major automotive intelligence park assist system manufacturers are situated here. At present, the U.S. fleet market operates in a low-inflation and low-interest environment and meets the country's economy standards, requiring substantial OEMs investment. Previously, in the U.S., the advanced parking guidance system was only used for the Lexus system. However, with developing technology, its adoption has been increased. Many of the vehicles with park assist systems are award winners and among the best in their classes. Increasing globalization further propels the market growth in the region.


Europe is expected to be the second-largest shareholder and exhibit good growth during the forecast period. It can be attributed to the consumers choosing upgraded automotive intelligence park assist systems over normal steel wheels. According to the market research study published by BVRLA, the size of the car fleet in the U.K. in the first quarter of 2021 grew by 1.5% following consecutive quarters of decline. In Q1-2021, the car fleet grew by 0.4% to 1.37 million, with growth in consumers partially declining in the business fleet. In contrast, the van fleet accounted for 5% increase in the previous quarter, reaching record levels in Q1, with 440,502 LCVs. In 2017, 68% of cars in the U.K. featured parking assist systems and also a major number of companies are present in the Europe market.


Asia Pacific holds the third-largest position in the market; however, it is expected to exhibit the highest CAGR during the forecast period. It currently holds the largest market share in the market. A significant factor propelling the growth of this region is the high population in China and India, accounting for more than 38% of the global population. This growth is attributed to the increase in urbanization and rising disposable income leading to evolving preferences of the individuals. The automotive industry in China, South Korea, and India is growing mainly due to increasing manufacturing of vehicles. For instance, India produced 4.51 million automobiles, of which 3.62 million were cars in 2019. Also, in 2019, China was the largest vehicle-producing country; it produced 25.72 million vehicles in 2019, of which 21.36 million were cars. The robust automotive sector and the increasing number of passenger car manufacturers drive the region's market growth. Therefore, Asia Pacific is anticipated to lead the market during the forecast period.


The rest of the world consists of Latin America, the Middle East, and Africa. The Middle East is anticipated to contribute significantly to the growth of the global automotive intelligence park assist system market. This can be attributed to the socio-economic prosperity of the area. Automotive intelligence park assist system systems are anticipated to expect high demand in this region.


KEY INDUSTRY PLAYERS


Bosch Automotive Focuses On Technological Developmental Partnerships To Enhance Market Share


Bosch is a German multinational engineering and technology company headquartered in Gerlingen. Robert Bosch founded the company in Stuttgart in 1886. Bosch operates across four business sectors, mobility, consumer goods, industrial technology, and energy & building technology.


In November 2020, Bosch partnered with Mercedes-Benz to develop Intelligent Park Pilot. It was mainly developed as a replacement for the valet parking attendant. This system parks the new 2021 Mercedes-Benz S-Class and retrieves it when the customer is ready to leave. In August 2020, Bosch collaborated with Ford to fully automate electric car recharging. The system facilitates the user to drop a car at the charging station, and then the vehicle will autonomously park in a slot, recharge, and move to a regular parking space when the battery is topped off. When the user returns and summons the vehicle, the Electric Vehicle will drive itself back to the valet station.


LIST OF KEY COMPANIES PROFILED:



  • Aisin Seiki Co., Ltd. (Aichi, Japan)

  • Continental AG (Hanover, Germany)

  • Delphi Automotive (Dublin, Ireland)

  • Hitachi Ltd. (Tokyo, Japan)

  • Magna International (Aurora, Canada)

  • NXP Semiconductors (Eindhoven, Netherlands)

  • Robert Bosch GmbH (Gerlingen, Germany)

  • Siemens AG (Munich, Germany)

  • Valeo SA (Paris, France)

  • ZF Friedrichshafen (Friedrichshafen, Germany)


KEY INDUSTRY DEVELOPMENTS:



  • October 2021 – NXP Semiconductors announced that it would showcase new safety scenarios enabled by vehicle-to-vehicle communication as part of this year’s ITS World Congress in Hamburg. NXP will work with partners such as premium manufacturer Riese & Müller to aid with tasks such as lane changing, autonomous parking, autonomous emergency braking, and adaptive cruise control.

  • March 2021 – GlobalFoundries announced a partnership with automotive supplier Bosch to develop radar chips for self-driving capabilities. This system helps drivers stay safe by keeping a vehicle in the correct lane, warning of collisions, initiating emergency braking, assisting with parking, and more.


REPORT COVERAGE


To gain extensive insights into the market, Request for Customization


The global automotive intelligence park assist system market research report provides a detailed analysis of the market and focuses on crucial aspects such as leading companies, types, and leading product applications. Besides this, the report offers insights into the market trends and highlights key industry developments. In addition to the factors above, the report encompasses several factors that have contributed to the market's growth over recent years.


Report Scope & Segmentation












































  ATTRIBUTE



  DETAILS



Study Period



2017-2028



Base Year



2020



Estimated Year



 2021



Forecast Period



2021-2028



Historical Period



2017-2019



Unit



Value (USD Billion)


 

By Application



  • Semi-Autonomous

  • Fully Autonomous



By Vehicle Type



  • Passenger Cars

  • Commercial Vehicles



By Geography



  • North America (By Application Type, By Vehicle Type)



  • U.S. (By Vehicle Type)

  • Canada (By Vehicle Type)

  • Mexico (By Vehicle Type)



  • Europe (By Application Type, By Vehicle Type)



  • U.K. (By Vehicle Type)

  • Germany (By Vehicle Type)

  • France (By Vehicle Type)

  • Rest of Europe (By Vehicle Type)



  • Asia Pacific (By Application Type, By Vehicle Type)



  • China (By Vehicle Type)

  • Japan (By Vehicle Type)

  • India (By Vehicle Type)

  • Rest of APAC (By Vehicle Type)



  • Rest of the World (By Application Type, By Vehicle Type)






Frequently Asked Questions

Fortune Business Insights says that the global automotive intelligence park assist system market size was USD 8.6 billion in 2020 and is projected to reach USD 20.7 billion by 2028.

In 2020, North America automotive intelligence park assist system market stood at USD 3.57 billion.

The automotive intelligence park assist system market is projected to grow at a CAGR of 10.7% and will exhibit steady growth during the forecast period (2021-2028).

The semi-autonomous segment is expected to be the leading segment in this market during the forecast period.

Increased parking concern is one of the key factors driving the global market

NXP Semiconductors is the leading player in the worldwide market.

North America dominated the market share in 2020.

A surge in demand for Internet of Things (IoT)-based technology and an increase in the number of vehicles are expected to drive the adoption of these systems.

Seeking Comprehensive Intelligence on Different Markets?
Get in Touch with Our Experts
Speak to an Expert
  • 2017-2028
  • 2020
  • 2017-2019
  • 200
Multi-report Purchase Plan
    A Customized Plan Will be Created Based on the number of reports you wish to purchase
Automotive & Transportation Clients
Toshiba
Hitachi
Hyundai
Bosch
GM
Client Testimonials

“We are quite happy with the methodology you outlined. We really appreciate the time your team has spent on this project, and the efforts of your team to answer our questions.”

- One of the largest & renowned medical research centers based in the U.S. on a report on the U.S. NIPT Market.

“Thanks a million. The report looks great!”

- Feedback from a consultant on a report on the U.S. Beef Market.

“Thanks for the excellent report and the insights regarding the lactose market.”

- Brazil based company specializing in production of protein ingredients.

“I liked the report; would it be possible to send me the PPT version as I want to use a few slides in an internal presentation that I am preparing.”

- Global Digital Services Agency on a report on the Global Luxury Goods Market.

“This report is really well done and we really appreciate it! Again, I may have questions as we dig in deeper. Thanks again for some really good work.”

- U.S.-based biotechnology company focussing on treatment of chronic pain.

“Kudos to your team. Thank you very much for your support and agility to answer our questions.”

- Europe-based provider of solutions to automate data centre operations.

“We appreciate you and your team taking out time to share the report and data file with us, and we are grateful for the flexibility provided to modify the document as per request. This does help us in our business decision making. We would be pleased to work with you again, and hope to continue our business relationship long into the future.”

- India-based manufacturer of industrial and specialty intermediates with a strong global presence.

“I want to first congratulate you on the great work done on the Medical Platforms project. Thank you so much for all your efforts.”

- One of the largest cosmetics company in the world.

“Thank you very much. I really appreciate the work your team has done. I feel very comfortable recommending your services to some of the other startups that I’m working with, and will likely establish a good long partnership with you.”

- U.S. based startup operating in the cultivated meat market.

“We received the below report on the U.S. market from you. We were very satisfied with the report.”

- Global hearing aids manufacturer.

“I just finished my first pass-through of the report. Great work! Thank you!”

- U.S. based solar racking solutions provider.

“Thanks again for the great work on our last partnership. We are ramping up a new project to understand the imaging and imaging service and distribution market in the U.S.”

- World’s leading advisory firm.

“We feel positive about the results. Based on the presented results, we will do strategic review of this new information and might commission a detailed study on some of the modules included in the report after end of the year. Overall we are very satisfied and please pass on the praise to the team. Thank you for the co-operation!”

- Germany based machine construction company.

“Thank you very much for the very good report. I have another requirement on cutting tools, paper crafts and decorative items.”

- Japanese manufacturing company of stationery products.

“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”

- One of the Leading Food Companies in Germany

“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”

- Intuitive Surgical

“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”

- Major Food Company in Japan

“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”

- Ziering Medical

“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”

- Major Manufacturer of Precision Machine Parts in India

“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”

- Hewlett-Packard

“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”

- Global Management Consulting Firm

“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”

- UK-based Start-up in the Medical Devices Sector

“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”

- One of the Largest Companies in the Defence Industry
We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies . Privacy.
X