Report: Global Parking Assistance Market Worth Billions by 2023
The future of the global automotive parking assistance system market looks promising with opportunities for SUVs and crossovers, large cars, and mid-size cars, according to a new market report published by Lucintel.
The global automotive parking assistance system market is expected to reach an estimated $2.1 billion by 2023 and it is forecast to grow at a compound annual growth rate (CAGR) of 15.9 percent from 2018 to 2023. The major drivers of growth for this market are increasing demand for assisted driving in constrained environments, and rising focus on safety and convenience, leading the OEMs to integrate the parking assistance systems into their vehicles, according to Lucintel.
By component type, camera and ultrasonic sensors are the major segments of the automotive parking assistance system market. On the basis of its comprehensive research, Lucintel forecasts that the camera segment will show above average growth during the forecast period.
By vehicle type, SUVs and crossovers, large cars, and mid-size cars are the major segments of the automotive parking assistance system market. The SUV and crossover segment is expected to show above average growth during the forecast period.
North America is expected to remain the largest region due to increasing vehicle production, government regulations for vehicle safety features, and increasing investment by the industry players within the North America region. Europe and North America are expected to witness significant growth over the forecast period because of rapidly increasing demand for advanced and high performance parking assistance systems, according to Lucintel.
Emerging trends, which have a direct impact on the dynamics of the industry, include the introduction of valet parking systems, adoption of LiDAR in parking assist systems, and the development of parking assistance systems for autonomous driving.
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