Global Automotive Intelligence Park Assist System Market Size, Share, Forecast Report, 2020-2027
Automotive Intelligence Park Assist System (IPAS) is also known as Advance Parking Guidance System (APGS) in some countries. It is a system surrounded by electronic components such as sensors and is used in both, ICE and electrical vehicles. The automotive intelligence park assist system provides physical containment for various power components like semiconductors and helps to park the vehicle safely by tracking the parking area. The automotive intelligence park assist system comprises of onboard computer used camera fixed into the front and rear sides of the car and sensors positioned at similar locations notice the proximity of nearby vehicles. The sensors are electromagnetic or ultrasonic and are designed to alert the driver from obstacles while parking.
The major driving factors responsible for the growth of this market are developing commercial sectors globally, increasing in traffic flow, increasing uses of wide-angle camera technology in vehicles, rising trend of vehicle electrification, and the government initiative to reduce road accidents. Growing demand for autonomous and semi-autonomous parking systems, growing population, and improving economy in emerging nations are providing enough opportunity growth of this market.
However, lack of standard protocols for the development of automotive intelligence park assist systems, lack of skilled drivers, and complex design of the system are considered as the key restraining factors of this market.
The global automotive intelligence park assist system is projected to witness a significant growth during the study period. The rising number of manufacturers who are integrating intelligence park assist systems technology in vehicles, growing focus of consumers and automotive OEMs on vehicle safety and power savings are driving the growth this market.
The one of the key factors considered for the growth of this market is the growing competition between automotive intelligence park assist systems service providers and increasing support from the local government to employ safety systems in automobiles. This has stimulated the global players to design and develop the automotive intelligence park assist systems as per the guidelines set by governing bodies operating in automotive and semiconductor sectors across different regions.
The global automotive intelligence park assist system market is segmented on the basis of technology, component, and region. On the basis of technology, the market has been segmented into autonomous and semi-autonomous parking assist. On the basis of component, the market has been segmented into ultrasonic sensor, camera, and Ultrasonic Sensor & Camera. On the basis of vehicle type, the market has been segmented into passenger car and commercial vehicle.
Geographically, the global automotive intelligence park assist system has been segmented into four major regions namely North America, Europe, Asia-Pacific, and the Rest of the World. The Asia-Pacific region is estimated to hold the largest market share during the forecast period owing to growing population, lack of parking space, and changing lifestyle of consumers across the region. Moreover, increased uses of electrification in vehicles is expected to boost the demand for automotive intelligence park assist system in this region. Furthermore, the rise in demand for safety features in vehicles and increasing investment by public and private players to develop automobile sector inbuilt with advance technology such as IoT, AI, ADAS, Sensors and other systems, are contributing in the growth of this market in this region.
The prominent players in the global automotive intelligence park assist system include Siemens AG (Germany), Valeo (France), Robert Bosch GmbH (Germany), ZF Friedrichshafen AG (Germany), Magna International (Canada), Continental AG (Germany), NXP Semiconductors (Netherlands), Toshiba Corporation (Japan), HELLA GmbH & Co. KGaA (Germany), and Delphi Automotive (Germany)