According to a new market report published by Lucintel, the future of the automotive parking assistance system market looks promising with opportunities for SUVs and crossovers, large cars, and mid-size cars. The automotive parking assistance system market is expected to reach an estimated $2.3 billion by 2024 with a CAGR of 14.0% from 2019 to 2024. The major drivers for this market are increasing demand for assisted driving in constrained environments, and rising focus on safety and convenience, leading the OEMs to integrate the parking assistance systems into their vehicles.

By component type, camera and ultrasonic sensors are the major segments of the automotive parking assistance system market. On the basis of its comprehensive research, Lucintel forecasts that the camera segment will show above average growth during the forecast period because, camera provides visibility to the driver about a situation by creating image which ultimately helps the driver to take a proper decision; therefore, it is used in most of the ADAS products and that ultimately drives the camera segment in the automotive parking assistance system market.
By vehicle type, SUVs and crossovers, large cars, and mid-size cars are the major segments of the automotive parking assistance system market. The SUV and crossover segment is expected to show above average growth during the forecast period.
North America is expected to remain the largest region due to increasing vehicle production, government regulations for vehicle safety features, and increasing investment by the industry players within the North America region. Europe and North America are expected to witness significant growth over the forecast period because of rapidly increasing demand for advanced and high performance parking assistance systems.
Emerging trends, which have a direct impact on the dynamics of the industry, include the introduction of valet parking systems, adoption of LiDAR in parking assist systems, and the development of parking assistance systems for autonomous driving. Continental, Robert Bosch, Denso, ZF TRW, Delphi Automotive, Magna International, and Valeo are the major parking assistance system suppliers in the automotive parking assistance system market.

Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities in the automotive parking assistance system market by component type, vehicle type, end user, and region. Lucintel has compiled a comprehensive research report entitled “Growth Opportunities in the Automotive Parking Assistance System Market 2019-2024: Trends, Forecast, and Opportunity Analysis.” The Lucintel report serves as a catalyst for growth strategy, as it provides comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast for the automotive parking assistance system market by component type, vehicle type, end user, and region, as follows:

By Component Type [Volume (Thousand Units) and $ M Shipment from 2013 to 2024]
• Camera
• Ultrasonic Sensors

By Vehicle Type [Volume (Thousand Units) and $ M Shipment from 2013 to 2024]
• SUVs and crossovers
• Large Cars
• Mid-size Cars
• Others
By End Use [Volume (Thousand Units) and $ M Shipment from 2013 to 2024]
• OEM
• Aftermarket
By Region [Volume (Thousand Units) and $ M Shipment from 2013 to 2024]
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o France
o Russia
o United Kingdom
• Asia Pacific
o China
o Japan
o South Korea
o India
o Indonesia
• The Rest of the World
o Brazil
o Argentina
This 232-page research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or email us at [email protected].
About Lucintel
Lucintel, the premier global management consulting and market research firm, creates winning strategies for growth. It offers market assessments, competitive analysis, opportunity analysis, growth consulting, M&A, and due diligence services to executives and key decision-makers in a variety of industries. For further information, visit www.lucintel.com.
This report answers the following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities for the automotive parking assistance system market by component type (camera and ultrasonic sensors), by vehicle type (SUVs and crossovers, large cars, mid-size cars, and others), end user (OEM and aftermarket), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activities have occurred in the last 5 years and what impact have they had on the industry?