Global
automotive
intelligent park assist system market is anticipated to grow
significantly in the forecast period owing to rise in the utility of rear-view
cameras in automobiles. Automotive intelligent park assist system is also
termed as Advanced Parking Guidance System (APGS). Along with high efficiency of
the technology that helps the drivers in parking vehicle, it is plugged with
several benefits. These comprise eliminating stress and difficulty with respect
to parallel parking, helping automobiles to fit in confined parking spaces,
reducing the traffic and time for parking issues and prevents scratches and
minor dents on the car by unskilled drivers.
The
growth of the market is influenced by significant rise in traffic flow that
results in road mishaps (especially in populated countries of Asia Pacific and
others around the globe), increasing government initiatives for reducing the
rate of road accidents worldwide. Moreover, growing number of manufacturers who
are integrating intelligent park assist systems in automobiles is accelerating
the demand for the products and thereby fueling the market growth. However,
lack of awareness about the advantages of intelligent park assist systems and
limited funding is restricting the growth of the market.
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Manufacturing
companies are getting associated with the other automotive systems and
technologies, which are expected to bring opportunities in the market. Growing
replacement of several parts of intelligent park system is posing challenges in
automotive intelligent park assist system market.
The
market is categorized on the basis of component, technology, and geography. On
the basis of component, market is divided into software, hardware, and
services. Services segment is expected to lead the market owing to the
increasing technological innovations in the developed and developing economies
and rise in its adoption.
Based
on technology, market is split into fully autonomous and semi-autonomous.
Semi-autonomous segment is anticipated to hold larger share of the segment due
to growing innovations that is gaining attraction worldwide. Geographically,
market is segmented as North America, South America, Europe, Asia Pacific and
Middle East & Africa. Owing to the rise in number of automobiles that
stimulates efficient parking, North America is expected to dominate automotive
intelligent park assist system market.
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Market Segment:
The following manufacturers are covered
in this report:
•
Aptiv
•
HELLA
•
Magna
•
Robert Bosch
•
Valeo
Automotive Intelligent Park Assist
System Breakdown Data by Type
•
Semi-autonomous
•
Fully autonomous
Automotive Intelligent Park Assist
System Breakdown Data by Application
•
Passenger Car
•
Commercial Vehicle
Automotive Intelligent Park Assist
System Production by Region
•
United States
•
Europe
•
China
•
Japan
•
South Korea
•
India
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