According to a new market report published by Lucintel, the future of the automotive parking assistance system market looks promising with opportunities for SUVs and crossovers, large cars, and mid-size cars. The automotive parking assistance system market is expected to decline in 2020 due to global economic recession led by COVID-19. However, market will witness recovery in the year 2021 and it is expected to reach an estimated $2.5 billion by 2025 with a CAGR of 12% to 14% from 2020 to 2025. The major drivers 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.
Browse 128 market data tables and 151 figures spread through 232 pages and in-depth TOC on “Automotive Parking Assistance System Market"
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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 because, camera provides visibility to the driver about a situation by creating image which ultimately helps the driver to take a proper decision; therefore, it is used in most of the ADAS products and that ultimately drives the camera segment in the automotive parking assistance system market.
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.
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. Continental, Robert Bosch, Denso, ZF TRW, Delphi Automotive, Magna International, and Valeo are the major parking assistance system suppliers in the automotive parking assistance system market.
Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities in the automotive parking assistance system market by component type, vehicle type, end user, and region. Lucintel has compiled a comprehensive research report entitled “Growth Opportunities in the Automotive Parking Assistance System Market 2020-2025: Trends, Forecast, and Opportunity Analysis.” The Lucintel report serves as a catalyst for growth strategy, as it provides comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast for the automotive parking assistance system market by component type, vehicle type, end user, and region, as follows:
By Component Type [Volume (Thousand Units) and $ M Shipment from 2014 to 2025]
Camera
Ultrasonic Sensors
By Vehicle Type [Volume (Thousand Units) and $ M Shipment from 2014 to 2025]
Large Cars
Mid-size Cars
Others
By End Use [Volume (Thousand Units) and $ M Shipment from 2014 to 2025]
By Region [Volume (Thousand Units) and $ M Shipment from 2014 to 2025]
North America
Europe
Germany
France
Russia
United Kingdom
Asia Pacific
China
Japan
South Korea
India
Indonesia
The Rest of the World
This 232-page research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or click on this link https://www.lucintel.com/automotive-parking-assistance-system-market.aspx or helpdesk@lucintel.com.
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