Global Automotive Park Assist Systems Market was valued at US$ 5.27Bn in 2017 and is expected to reach US$ 26.08Bn by 2026, at a CAGR of 22.13% during a forecast period.
Global Automotive Park Assist Systems Market
Parking systems represent a more sophisticated form of parking aid system and perform the necessary parking manoeuvres either fully autonomously or semi-autonomously.

Major driving factors of the automotive park assist systems market are the rising accidents due to human error while parking the vehicle at various places. Advancements and increasing adoption of feature-rich instrument clusters in consumer segments. Declining prices of Consumer electronics and LCD display are boosting the demand for automotive park assist systems in market. Road safety has been a primary concern among consumers, governments and transport authorities, and automobile manufacturers. New type of system has been devised that employs on-board cameras to lighten the burden on the driver by providing easily comprehended displays of pictures of the scene behind the vehicle plus other information necessary to aid driving. High cost of maintenance and less dependency will act restraints to the market.

Based on the Vehicle type, Passenger Vehicle is expected to hold the largest share in the market during the forecast period. Automation and connectivity are driving the passenger’s vehicle industry. Declining interest rates and rising in small car preferences across the globe leading the market with best possibility. Asia is leading the market in passenger car segment with developing infrastructure with best amenities for vehicle. Rise in vehicle policy for automobile sector is also creating demand for passenger’s vehicle and creating growth opportunity into this segment.

In Trends – SURROUND VIEW CAMERAS
Backup cameras are growing, but some automakers have experimented with cameras for all sides of the vehicle, giving drivers a complete view of their surroundings. These cameras allow drivers to spot all obstructions, centre the vehicle perfectly in a parking spot, and sidle up to the curb without scraping their wheels or the car’s body. Most of these systems stitch together the four camera views into one composite image with a representation of the car in the centre of the image. Some automakers also include side-view cameras in the nose of the vehicle, allowing drivers to peek around corners without sticking their nose into traffic.

In terms of region, Asia Pacific is expected to hold the largest share in the market during the forecast period for Automotive Park Assist Systems. Asia is maintaining its position as the fastest-growing region, with China, Japan and India leading the charge. Energy and fuel efficiency continue to be the drivers for growth. Environmental awareness in India and China through economic transformation in Asia are also creating the market opportunity in Asia. Asia Pacific is projected to lead global growth through forecasted period, driven by automotive production and sales in the region with an increase in revenue of 22.3%, though different countries will have different drivers.

The Automotive Park Assist Systems report includes a study of Porter’s Five Forces model to analyse the different factors affecting the growth of the market. Moreover, the study also covers a market attractiveness analysis, brand portfolio expansion, mergers, collaborations, joint ventures, acquisitions, PESTLE analysis, Value Chain Analysis, and SWOT analysis.
The Scope of the Report for Automotive Park Assist Systems Market

Global Automotive Park Assist Systems Market, By Type

• Ultrasonic
• Infrared
• Other
Global Automotive Park Assist Systems Market, By Vehicle Type

• Commercial Vehicle
• Passenger Vehicle
Global Automotive Park Assist Systems Market, by Region

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• South America
Key Players Operating in Automotive Park Assist Systems Market

• Robert Bosch
• TRW
• Panasonic
• Hella
• Denso
• Delphi Automotive
• Gentex
• Magna International
• Aisin Seiki
• Valeo
• Ford
• Aisin Seiki
• Hyundai
• GM
• Audi
• Honda
• Nissan