Trends, opportunities and forecast in automotive parking assistance system market to 2023 by component type (camera and ultrasonic sensors), by vehicle type (SUVs and crossovers, large cars, mid-size cars, and others), end user (OEM and aftermarket), and region (North America, Europe, Asia Pacific, and the Rest of the World)
According to a new market report published by Lucintel, the future of the global automotive parking assistance system market looks promising with opportunities for SUVs and crossovers, large cars, and mid-size cars. 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 CAGR of 15.9% 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.
Browse 128 market data Tables and 151 Figures spread through 232 Pages and in-depth TOC on "Automotive Parking Assistance System Market" www.lucintel.com/automotive-parkin…stem-market.aspx
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.
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 AG, Robert Bosch GmbH, Denso Corporation, ZF TRW Automotive Holdings Corporation, and Delphi Automotive PLC are the major parking assistance system suppliers in the global automotive parking assistance system market.
The study includes a forecast for the global automotive parking assistance system market by component type, vehicle type, end user, and region, as follows:
By Component Type ($ Million and Thousand Units from 2012 to 2023)
- Ultrasonic Sensors
By Vehicle Type ($ Million and Thousand Units from 2012 to 2023)
- SUVs and crossovers
- Large Cars
- Mid-size Cars
By End Use ($ Million and Thousand Units from 2012 to 2023)
By Region ($ Million and Thousand Units from 2012 to 2023)
- North America
- United Kingdom
- Asia Pacific
- South Korea
- The Rest of the World
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