Transparency Market Research has released a new market report titled “Automotive Intelligence Park Assist System Market (Technology, Component, and Region) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast -– 2017–2025.” According to this report, the automotive intelligence park assist system market was valued at US$ 22.30 Bn in 2016 and is projected to reach US$ 38.53 Bn by 2025, at a CAGR of 6.76% from 2017 to 2025.Rising number of accidents due to increase in traffic flow coupled with the growing concerns among people towards safety and comfort are some of the prime reasons contributing to the growth of automotive intelligence park assist system market.
The implementation of such safety systems by the automobile industry has rapidly increased. The manufacturers are continuously upgrading their models so as to retain their presence in the market through product differentiating technologies integration into the vehicles. Government initiatives for passenger safety and comfort attributes of the sales channel are encouraging manufacturers to implement such integrated systems that can ensure safety as well as comply with such regulations.
The advent and realization of autonomous vehicle commercialization in the next couple of decades is one of the prime instigators that is likely to keep the automakers on their toes for integration of such advanced driver assisting technologies in their vehicles. Moreover, the availability of advance driving assist systems aids in gaining the popularity of specific vehicles thereby raining its market sale ability and share in the coming period.
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The market for automotive intelligence park assist system is highly consolidate and each region of the market is dominated by a select number of players. For instance, the Automotive intelligence park assist system in Europe is dominated by Robert Bosch GmbH which captures more than 30% of the market share. Furthermore, the Asia Pacific and North America is fragmented and is dominated by regional players. In these regions, giants such as HELLA GmbH & Co. KGaA and ZKW Group have significant share in the global automotive intelligence park assist system market. The automotive Intelligence park assist system market, therefore, is characterized by the presence of TOSHIBA CORPORATION, Valeo, Hitachi, Ltd., and others.