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.