The global park assist system market is expected to be valued at USD 595.6 million in 2022, with demand anticipated to grow at a CAGR of 14.3%, reaching USD 2.2 billion by 2032. Known as advanced parking guidance systems, these solutions enhance parking accuracy through the use of advanced radar and ultrasonic technologies.
Designed to improve the parking experience, these user-focused systems offer features that help drivers park with confidence. They deliver high performance, increased efficiency, and enhanced safety, reducing the chances of scratches or damage when parking in confined spaces.
According to FMI, Europe is expected to dominate the global park assist system market, followed by East Asia, a trend projected to persist throughout the forecast period. By 2032, Europe’s park assist system market is forecast to reach USD 773.4 million.
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Key Takeaways:
- Based on technology, the ultrasonic sensor segment is projected to hold approximately 6% of the total market share in 2022.
- In terms of sales channel, demand in the OEM segment is anticipated to grow at a 4% CAGR through 2032.
- By vehicle type, total sales in the passenger vehicle segment are slated to reach a valuation of US$ 1.7 Billion by 2032.
- Sales in the U.S. park assist system market are forecast to grow at a 14.6% CAGR over the assessment period.
- China is expected to hold about 67.4% of the East Asia park assist market share in 2022.
- Europe will emerge as an attractive park assist system market, creating an incremental dollar opportunity of US$ 588.3 Million over the forecast period.
“Increasing technological advancements in ADAS systems in autonomous vehicles, along with growing adoption of park assist systems in passenger vehicles will continue pushing sales in the market over the assessment period,” – says an FMI analyst.
Competitive Landscape
Key market participants of the park assist system market include Continental AG, Robert Bosch, Denso Corporation, Magna International, Valeo SA, Hitachi Ltd., Delphi Automotive, ZF Friedrichshafen, Siemens AG, and Aisin Seiki Co. Ltd.
Leading park assist system manufacturers are focusing on providing active guidance in parking while enhancing safety and comfort of the passengers. Many players are focusing on technological developments for park assists systems as well as expanding their manufacturing capabilities for ADAS solutions. For instance:
- In Aug 2020, Robert Bosch along with Ford and Bedrock began research for automated valet parking that can increase the parking capacity and offer other services for vehicles while parked.
Park Assist System Market by Category
By Technology:
- Ultrasonic Sensor
- Lidar Sensor
- Radar Sensor
- Camera Sensor
- Infrared Sensor
- Pressure Sensor
By Sales Channel:
- OEM
- Aftermarket
By Vehicle Type:
- Passenger Vehicles
- LCV
- HCV
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