Automotive intelligence park assist system market is anticipated to grow at a significant CAGR of 10.3% during the forecast period (2024-2031). Global automotive intelligence park assist systems are integrated with autonomous driving technologies that allow vehicles to navigate parking lots and streets independently.

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Market Dynamics

Growing autonomous vehicle demand drives park assist system industry growth

The automotive park assist system demand is growing due to the ongoing trend of autonomous cars.These systems when integrated into autonomous vehicle platforms enhance safety and convenience by facilitating precise parking manoeuvres. Consumer expectations for advanced features like park assist systems are driving automakers to incorporate sophisticated technologies. These systems not only improve safety and efficiency but also address regulatory standards emphasizing vehicle safety. Technological advancements, including AI and sensor technology, are propelling innovation in park assist systems, offering solutions to urban parking challenges. As automakers differentiate their offerings with these features, the park assist system sector is poised for significant expansion, playing a vital role in shaping the future of mobility alongside autonomous driving technology.

Urbanization's Impact on Autonomous Park Assist Systems

Urbanization profoundly impacts the market dynamics of autonomous intelligence park assist systems. With cities experiencing parking space scarcity and traffic congestion, the demand for efficient parking solutions rises. Autonomous park assist systems address these challenges by enabling vehicles to navigate tight spaces with minimal human intervention, aligning with smart city initiatives aimed at improving urban mobility and reducing emissions. Additionally, urban areas investing in infrastructure to support autonomous driving create opportunities for the integration of these systems into urban environments. Favourablegovernment regulations may further incentivize the adoption of autonomous park assist systems in urban markets, shaping the market landscape in this sector.

Market Segmentation

Our in-depth analysis of the global automotive intelligence park assist system market includes the following segments by component, by technology, and by vehicle:

• Based on components, the market is sub-segmented into ultrasonic sensors and camera

• Based on technology, the market is sub-segmented into autonomous park assist and semi-autonomous park assist

• Based on vehicle, the market is sub-segmented into passenger cars and commercial vehicles

Passenger Cars is Projected to Emerge as the Largest Segment

Based on the vehicle, the global automotive intelligence park assist system market is sub-segmented into passenger cars and commercial vehicles. Among these, the passenger cars sub-segment is expected to hold the largest share of the market. The primary factor supporting the segment's growth includesthe growing sales of the autonomous passenger car in the market.

Cameras Holds Major Share in Automotive Intelligence Park Assist Systems

The demand for cameras in automotive intelligence park assist systems is fueled by safety concerns, regulatory mandates for advanced driver assistance systems, consumer preferences for convenience. These factors collectively drive the integration of cameras into park assist systems, ensuring clearer visibility, reducing accidents, and meeting the evolving needs of modern drivers in urban environments.

Regional Outlook

The global automotive intelligence park assist systemmarket is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America). 

European Countries to Invest in Automotive Intelligence Park Assist System Market

European countries are attributed to consumers choosing upgraded automotive intelligence park assist systems over normal steel wheels. For instance, according to Volkswagen, in March 2022, Volkswagen introduced ID. Software 3.0, featuring advanced driver assistance systems, enhanced charging capacity, and premium-level voice control performance. The latest innovation, "Travel Assist with Swarm Data," facilitates assisted lane changing. Another new addition is the "Park Assist Plus with Memory Function," allowing vehicles to learn specific parking manoeuvres and execute them autonomously. Direct current charging capabilities have been boosted to a maximum of 135 kW, accompanied by a smart e-route planner. Even vehicles already in use will benefit from a forthcoming software update. These upgrades signify Volkswagen's commitment to delivering the latest technology and improving the driving experience for the consumers.

Global Automotive Intelligence Park Assist System Market Growth by Region 2024-2031

North America Holds Major Market Share

Among all the regions, North America holds a significant share owing to the rising  demand for automotive intelligence park assist systems. North America has strong safety standards for vehicles. The presence of advanced vehicle technology and densely populated urban areas, there is a significant focus on vehicle safety in North America. Numerous cities and local governments are allocating resources to implement intelligent parking solutions aimed at alleviating traffic congestion and improving parking management. The adoption of smart parking systems across North America is on the rise, driven by the widespread availability of sophisticated mobile applications, real-time data sharing, and advanced parking guidance systems. Additionally, the expansion of electric vehicle (EV) infrastructure has led to an increase in smart parking systems incorporating integrated EV charging capabilities.

Market Players Outlook

*Note: Major Players Sorted in No Particular Order.

The major companies serving the global automotive intelligence park assist system market includeHitachi Ltd., Robert Bosch GmbH,Toshiba Corp.,Valeo SA, andPark Assistamong others.The market players are increasingly focusing on business expansion and product development by applying strategies such as collaborations, mergers, and acquisitions to stay competitive in the market. For instance, in January 2024, the BMW Group and Valeo formed a strategic alliance to collaborate on developing advanced Level 4 automated parking solutions, focusing on automated valet parking (AVP). This innovative system enables customers to drop off their vehicle in a designated area, allowing the vehicle to autonomously search for a parking spot, manoeuvre into it, and later retrieve it for pickup. The underlying technology for AVP can either be an autonomous driving system or a teleoperated valet system, providing flexibility in various scenarios. 

The Report Covers

• Market value data analysis of 2023and forecast to 2031.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global automotive intelligence park assist system market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.