The worldwide market for automotive intelligent park assist systems estimated to rise at a healthy CAGR of 6.76% and reach a value of reach US$38.53 bn by the end of 2025.
Albany, NY -- (SBWIRE) -- 03/28/2018 -- The advancements in the automotive industry offering several features in a vehicle for the safety of the people. As the concerns regarding safety and comfort among people across the world rise, the automakers are reinvigorated to incorporate automotive intelligent park assist systems. Market Research Hub (MRH) has freshly broadcasted a new study titled "Automotive Intelligence Park Assist System Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2025" to its massive repository, which provides comprehensive insights on the current as well as future growth prospects for the market. Apart from that, the study highlights the drivers, restraints, and opportunities expected to influence market's growth during the forecast period.
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As the name suggests, intelligent parking assist system assists drivers to park their vehicles, making it easy even for drivers who find parking tricky. With the increasing traffic flow around the world, resulting in a significant increase in the number of road accidents, the demand for automotive intelligent park assist systems has increased substantially. According to the research key findings, the global market for automotive intelligent park assist systems offered an opportunity worth US$22.30 bn in 2016. Analysts of the report estimate that the global automotive intelligent park assist market will rise at a healthy CAGR of 6.76% and reach a value of US$38.53 bn by the end of the forecast period.
Geographical Expansion and Segmental Overview
For a deeper understanding of the market, the study highlights market growth in some prime regions including North America, Europe, APAC, Latin America and MEA. Apart from that the global automotive intelligence park assists system market by segmenting it in terms of component, technology and vehicle. The report also covers demand for individual application segments in all the regions.
- On the basis of geography, North America dominated the market in 2016 and gathered nearly 32% of the overall market revenue share. Further, the research estimates that this region is likely to retain its leading position throughout the forecast period.
- By the type of technology, the global market automotive intelligent park assist systems for autonomous parking assist and semiautonomous parking assist are the main segments of this market. Presently, semiautonomous parking assist technology is beholding a higher adoption and the trend is predicted to continue over the forthcoming years.
- By component, the global automotive intelligence park assist system market is segregated into the ultrasonic sensor, camera, and ultrasonic sensor and camera.
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As the report accomplishes, the competitive landscape is emphasized which focuses on the major players from the global A2P SMS market. Key players include NXP Semiconductors, HELLA GmbH & Co. KGaA, Valeo, Robert Bosch GmbH, TOSHIBA CORPORATION, Continental AG, ZF Friedrichshafen AG, Delphi Automotive LLP, Siemens AG, Magna International, Clarion, Aisin World Corp. of America and others.
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