Intelligent Park Assist Market Size, Share, Trends, Growth 2032

Intelligent Park Assist Industry Prospective:

The global intelligent park assist market size was worth around USD 8.9 billion in 2023 and is predicted to grow to around USD 59.4 billion by 2032 with a compound annual growth rate (CAGR) of roughly 23.5% between 2024 and 2032.

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Intelligent Park Assist Market: Overview

Intelligent Park Assist, an advanced driving assistance system (ADAS), automatically helps the driver with parking movements, therefore enhancing the parking experience. Usually using sensors, cameras, and sometimes ultrasonic sensors, it finds parking spaces and obstacles around the automobile. The technology can steer, accelerate, and brake the car when the driver changes gears and uses the brake. It can occasionally operate on its own, allowing the car to park without the driver's help, therefore helping parallel parking or in limited areas. Intelligent Park Assist could include real-time input, informing the driver of obstacles, or easy parking space navigation ability.

Key Insights

• As per the analysis shared by our research analyst, the global intelligent park assist market is estimated to grow annually at a CAGR of around 23.5% over the forecast period (2024-2032).
• In terms of revenue, the global intelligent park assist market size was valued at around USD 8.9 billion in 2023 and is projected to reach USD 59.4 billion by 2032.
• The increasing adoption of autonomous cars is expected to drive the intelligent park assist market over the forecast period.
• Based on vehicle type, the passenger car segment is expected to dominate the intelligent park assist market over the forecast period.
• Based on application, the semi-autonomous segment is expected to hold the largest market share over the forecast period.
• Based on vehicle class, the mid-priced segment is expected to capture a significant revenue share over the forecast period.
• Based on region, North America is expected to dominate the market during the forecast period.

Intelligent Park Assist Market: Growth Drivers

Rising demand for autonomous vehicles drives market growth

Tech companies and automakers are developing advanced technologies that allow cars to run on their initiative without a human operator. With autonomous cars in testing, the report shows Google leads the competition, followed by Mercedes-Benz, Audi, and Toyota. According to the Institute of Electrical and Electronics Engineers (IEEE), by 2040 around 75% of all vehicles on the road will be autonomous. Bosch, Continental, and Valeo parking aid systems, for instance, scan an area between 20 and 250 cm in front of and behind the car and notify the driver of any obstacles.

Self-driving cars can plan their paths, so sensors can inform them about accessible parking areas. Seeing this, the car can mark that place for that specific car. After that, this reservation can be transferred across the cloud to avoid disputes among several autonomous vehicles fighting for the same parking spot. Consequently, the increased demand for autonomous vehicles will help the intelligent park assist market to evolve.

Intelligent Park Assist Market: Restraints

High implementation cost and configuration complexity hinder market growth

The need to regularly update the system and software necessary to maintain their compatibility with the external environment arises from the ongoing improvements in technology. Additionally, the consumer must pay a high price for the assembly needed for smart parking, as well as the cost of all the components, such as the sensor, RFID, and fuzzy logic. It costs more since many parts and sensors are put together on one dielectric plate based on compatibility. As it requires wireless components to function properly, this large system has a higher implementation cost. Therefore, the market for intelligence park assist systems is not widely adopted due to high setup complexity and higher initial installation costs.

Intelligent Park Assist Market: Opportunities

Increasing collaboration among the key market players offers a lucrative opportunity for market growth

The intelligent park assist industry is driven by the rising collaboration among the key market participants. For instance, in July 2023, the automotive software company LeddarTech®, which offers patented disruptive low-level sensor fusion and perception software technology for ADAS and AD, announced that its sophisticated LeddarVisionTM software has been successfully integrated with Ficosa's state-of-the-art surround-view camera system, in addition to other sensors like GPS, radars, and IMUs. A prominent worldwide business, Ficosa is committed to studying, creating, manufacturing, and promoting cutting-edge vision, safety, and efficiency solutions for the automobile sector.

In terms of the strategic partnership Ficosa announced in December 2022 to integrate the LeddarVision software into Ficosa's advanced driving assistance systems (ADAS) for parking, this milestone represents a significant advancement. Created using raw data inputs from sensor systems, LeddarVision is a high-performance sensor fusion and perception software stack that produces incredibly realistic 3D models of the vehicle's environment. This software's full potential to allow Ficosa's smart parking assistant for ADAS and AD is unlocked by integrating it with the company's well-known vision technology.

Intelligent Park Assist Market: Challenges

Limited availability of parking infrastructure poses a major challenge to market expansion

The availability of appropriate parking spots may affect how well Intelligent Park Assist technology works. The usefulness of these sophisticated systems may be diminished in some places because parking infrastructure may not be built to support them, especially in rural or underdeveloped locations. Therefore, the limited availability of parking infrastructure poses a major challenge for the intelligent park assist market over the projected period.

Intelligent Park Assist Market: Report Scope

Intelligent Park Assist Market: Segmentation

The global intelligent park assist industry is segmented based on vehicle type, application, vehicle class, and region.

Based on vehicle type, the global intelligent park assist market is segmented into passenger cars, light commercial vehicles, and heavy commercial vehicles. The passenger car segment is expected to dominate the market over the forecast period. Intelligent Park Assist and other ADAS systems are becoming more and more common in passenger automobiles as standard and optional features. Demand for these systems is rising as a result of the emphasis on enhancing driver convenience and safety, especially in high-end and mid-range automobile models.

Furthermore, safety features in cars are being required by regulatory agencies in regions like North America and Europe, which is indirectly encouraging the use of Intelligent Park Assist systems. Regulations about reversing cameras and sensors, for instance, are compatible with the incorporation of parking assistance systems.

Based on application, the global intelligent park assist industry is bifurcated into semi-autonomous and fully autonomous. The semi-autonomous segment is expected to hold the largest market share over the forecast period. Semi-autonomous vehicles with Intelligent Park Assist systems are a viable solution to the congested cities and limited parking spots caused by rapid urbanization. These systems' convenience meets the demands of metropolitan consumers, increasing demand.

Based on vehicle class, the global intelligent park assist industry is bifurcated into mid-priced and luxury. The mid-priced segment is expected to capture a significant revenue share over the forecast period. Features like Intelligent Park Assist, which were formerly exclusive to luxury cars, are becoming more and more popular among mid-range car buyers. To satisfy these demands, automakers are reacting by incorporating advanced driver-assistance systems (ADAS) into mid-range cars.

Intelligent Park Assist Market: Regional Analysis

North America dominates the market over the projected period

North America is expected to dominate the global intelligent park assist market. Convenience and safety are top priorities for North American buyers, which makes Intelligent Park Assist a very appealing feature. Parking is made easier by the feature, particularly in constrained metropolitan locations.

Additionally, government laws that require backup cameras in all new cars built in the United States (from May 2018) have sped up the implementation of IPA systems, which frequently use related technologies. Intelligent Park Assist use is anticipated to increase in response to future advanced driver-assistance system (ADAS) regulations. North America is also home to top automakers and IT firms that are developing ADAS innovations, such as Intelligent Park Assist. Automakers, including Tesla, Ford, and General Motors, are equipping their cars with cutting-edge IPA systems.

Intelligent Park Assist Market: Competitive Analysis

The global intelligent park assist market is dominated by players like:

• VALEO
• ZF FRIEDRICHSHAFEN AG
• Robert Bosch GmbH
• Siemens
• AISIN SEIKI CO. LTD
• Delphi Technologies (a subsidiary of BorgWarner
• NXP Semiconductors
• Hitachi Ltd
• Magna International Inc.
• CONTINENTAL AG

The global intelligent park assist market is segmented as follows:

By Vehicle Type

• Passenger Car
• Light Commercial Vehicles
• Heavy Commercial Vehicles

By Application

• Semi-Autonomous
• Fully Autonomous

By Vehicle Class

• Mid-priced
• Luxury

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa