A recent report published by Infinium Global Research on automotive intelligence park assist system market provides in-depth analysis of segments and sub-segments in the global as well as regional automotive intelligence park assist system market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional automotive intelligence park assist system market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global automotive intelligence park assist system market. According to the report, the global automotive intelligence park assist system market is projected to grow at a CAGR of 7.83% over the forecast period of 2019-2025.
Many car-makers including BMW, Ford, Mercedes-Benz, KIA, Volkswagen, and Toyota offer intelligent parking in their top-end cars. A key market player, Ambarella, Inc. collaborated with Longhorn Auto Co., Ltd. to develop an advanced automatic parking platform in 2019. While an Indian auto component manufacturer Minda Industries announced a joint venture with the Taiwan-based Tung Thih Electronic Co. (TTE) in India. The joint venture will produce driving assistance products including rear parking aid systems, auto parking aid systems, cameras and around view monitor systems.
Factors such as growing traffic flow and subsequent increase in the road accidents act as major driving forces for the automotive intelligence park assist system market. The increase in population worldwide resulted in traffic congestion, this, in turn, caused the problem of insufficient parking space. The upsurge in the rate of road accidents made the government bodies to execute stringent regulations for road safety. Governments had also undertaken some initiatives to promote safety and to reduce car accidents. This, in turn, has increased the demand for automotive intelligence park assist system in the cars. Moreover, growing awareness among the population regarding safety has also helped in reducing the mishaps. The increase in awareness among the people has also contributed to the growth of the automotive intelligence park assist system market. However, the lack in the protocol for the development of the automotive intelligence park assist system is the key restraining factor for the market. Nevertheless, growing demand for autonomous and semi-autonomous cars provide lucrative business opportunities for the key players in the market.
In terms of region, North America dominated the market owing to the rise in the adoption of the automotive intelligence park assist system. Moreover, the presence of major car manufacturers and the growing adoption of advanced automotive technology in the region are the major factors driving the automotive intelligence park assist system market in North America. Europe followed the North America region in terms of sale owing to the development of automotive technologies and government regulations for road safety.
The report on global automotive intelligence park assist system market covers segments such as technology, component, and vehicle type. On the basis of technology, the sub-markets include autonomous parking system, and semiautonomous parking system. On the basis of component, the sub-markets include ultrasonic sensor, camera, and ultrasonic sensor & camera. On the basis of vehicle type, the sub-markets include passenger cars, and commercial vehicles.
The report provides profiles of the companies in the market such as NXP Semiconductors N.V., Continental AG, Robert Bosch GmbH, ZF Friedrichshafen AG, Aptiv PLC, Hitachi, Ltd., Blighter Surveillance Systems Ltd., HELLA GmbH & Co. KGaA, Magna International Inc., Toshiba Corporation, and Other Companies.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of automotive intelligence park assist system market. Moreover, the study highlights current market trends and provides forecast from 2019-2025. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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