The market size of the global automotive intelligence park assist system was more than USD 3.22 million in 2020. The global automotive intelligence park assist system market will grow at a compound annual growth rate (CAGR) of more than 23.5% during the forecast period from 2021-2027

Automotive intelligence park assist is an advanced driver assistance system (ADAS) that provides intelligent parking in a vehicle. This system improves the security of the vehicle and assists drivers with parking. A park assist system incorporates a camera, dashboard screen, buttons, sensors, and other controls to allow the car to steer itself into a parking spot without much human intervention. A vehicle's intelligence park assist system takes care of the steering, allowing the driver to focus their attention on accelerating, braking, and inspecting the surroundings while the system operates the steering. This system can show drivers a virtual bird's-eye view of their vehicles by utilizing footage from the camera mounted on the vehicle. It enables the driver to park their vehicles with greater ease.

Factors Affecting the Market

Several factors contribute to the growth of the global automotive intelligence park assist system market, including a rise in parking concerns worldwide, the creation of Internet of Things (IoT)-based technology, and a growing number of vehicles.
A high implementation cost and configuration complexity, combined with low internet penetration rates in developing regions, hinder the market's growth.
The rise in investment in building driverless vehicles and the expansion of smart city initiatives across the globe create ample opportunities for the automotive intelligence park assist system market to grow in the coming years.
COVID-19 Impact

In COVID-19, the world is facing unprecedented challenges in the areas such as economics, humanitarianism, and healthcare.
Globally, the rapid spread of the disease led to a significant decline in demand for new and old vehicles.
The adoption of electric vehicles will increase significantly after a pandemic happens, which will change last-mile transportation.
During and after COVID-19, however, it is highly speculated that governments will alter their priorities and focus on more pressing social and economic issues, thus limiting the adoption of electric vehicles.
A lack of transportation during the pandemic resulted in no longer selling many products due to the rapid spread of the disease. Consequently, there was a shortage of products, thereby increasing the price of existing or alternative products, such as sensors or integrated circuits, which have a broader application in vehicles.
Regional Overview

In the Asia-Pacific region, the market is forecast to hold the highest market share during the forecast period owing to the rapidly growing population and lack of parking spaces, and the changing lifestyles of consumers. Increased electrification of vehicles will also likely contribute to the growth of automotive intelligent park assist systems in this region. Furthermore, there is a growing demand in the markets of this region for safety features integrated into vehicles and increasing investments by the public and private sectors to develop the automobile sector with technology such as IoT, AI, ADAS, sensors, and other systems.

Key Players

The leading prominent competitors in the global automotive intelligence park assist system market are:

Robert Bosch GmbH
Continental AG
Aisin Seiki Co., Ltd.
Delphi Automotive
Hitachi Ltd.
Magna International
ZF Friedrichshafen
NXP Semiconductors
Siemens AG
Valeo SA
Other Prominent Players
Aim of the Report

The global automotive intelligence park assist system market is segmented into Vehicle Type, Vehicle Class, Application, and Region.

Segmentation based on Vehicle Type

Passenger Car
Light Commercial Vehicles
Heavy Commercial Vehicles
Segmentation based on Vehicle Class

Mid-priced
Luxury
Segmentation based on Application

Semi-Autonomous
Fully Autonomous
Segmentation based on Region

North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America
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