29 May 2019, Global automotive
intelligent park assist system market is anticipated to grow
significantly in the forecast period owing to rise in the utility of rear-view
cameras in automobiles. Automotive intelligent park assist system is also
termed as Advanced Parking Guidance System (APGS). Along with high efficiency
of the technology that helps the drivers in parking vehicle, it is plugged with
several benefits. These comprise eliminating stress and difficulty with respect
to parallel parking, helping automobiles to fit in confined parking spaces,
reducing the traffic and time for parking issues and prevents scratches and
minor dents on the car by unskilled drivers.
The growth of the market is
influenced by significant rise in traffic flow that results in road mishaps
(especially in populated countries of Asia Pacific and others around the
globe), increasing government initiatives for reducing the rate of road
accidents worldwide. Moreover, growing number of manufacturers who are
integrating intelligent park assist systems in automobiles is accelerating the
demand for the products and thereby fueling the market growth. However, lack of
awareness about the advantages of intelligent park assist systems and limited
funding is restricting the growth of the market.
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Manufacturing companies are getting
associated with the other automotive systems and technologies, which are
expected to bring opportunities in the market. Growing replacement of several
parts of intelligent park system is posing challenges in automotive intelligent
park assist system market.
The market is categorized on the basis of component,
technology, and geography. On the basis of component, market is divided into
software, hardware, and services. Services segment is expected to lead the
market owing to the increasing technological innovations in the developed and
developing economies and rise in its adoption.
Based on technology, market is split into fully
autonomous and semi-autonomous. Semi-autonomous segment is anticipated to hold
larger share of the segment due to growing innovations that is gaining
attraction worldwide. Geographically, market is segmented as North America,
South America, Europe, Asia Pacific and Middle East & Africa. Owing to the
rise in number of automobiles that stimulates efficient parking, North America
is expected to dominate automotive intelligent park assist system market.
The key participants in automotive intelligent park
assist system market comprise Delphi Automotive LLP, Robert Bosch GmbH, NXP
Semiconductors, ZF Friedrichshafen AG, Siemens AG, TOSHIBA CORPORATION, Magna
International, HELLA GmbH & Co. KGaA, Continental AG, Clarion, Aisin World
Corp. of America, and Valeo.
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