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The automotive intelligent park assist system market share is expected to increase by 16.45 million units from 2020 to 2025, and the market’s growth momentum will accelerate at a CAGR of 24%.
This automotive intelligent park assist system market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers automotive intelligent park assist system market segmentation by technology (semi-autonomous and fully autonomous) and geography (Europe, North America, APAC, South America, and MEA). The automotive intelligent park assist system market report also offers information on several market vendors, including Aisin Corp, Aptiv Plc, Continental AG, DENSO Corp., Hyundai Mobis Co. Ltd., Magna International Inc., Panasonic Corp., Robert Bosch GmbH, Valeo SA, and ZF Friedrichshafen AG among others.
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The increasing demand for safety solutions in vehicles is notably driving the automotive intelligent park assist system market growth, although factors such as the high replacement cost of components in intelligent park assist systems may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the automotive intelligent park assist system industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Automotive Intelligent Park Assist System Market Driver
The increasing demand for safety solutions in vehicles is one of the major drivers impacting the automotive intelligent park assist system market growth. The increasing accident rates are rising the demand for safety features, such as adaptive cruise control (ACC), collision warning systems, and intelligent park assist systems, in a vehicle. Nowadays, these advanced systems are no longer limited to premium vehicles. The high demand for these systems is attributable to the growing awareness among consumers about safety systems and technologies. Therefore, OEMs are increasingly promoting their products related to safety to increase demand. According to Euro NCAP that safety systems, such as ACC and collision warning systems, have decreased the risk of crashes by 42%. In the last decade, there has been a significant increase in the number of US motor vehicle license holders in the age group of 60 years and above. It has been found that baby boomers have a significantly higher capacity to pay for purchasing vehicles when compared with Gen X or Gen Y generation, making them an attractive consumer group, which is not price-sensitive.
Key Automotive Intelligent Park Assist System Market Trend
Integration of intelligent park assist systems with the cloud is one of the major trends influencing the automotive intelligent park assist system market growth. The automotive industry is focusing on the trend of integrating various systems, which are beyond car maneuvering. Several sensors mounted in advanced automobiles are used to collect information about the surrounding environment, traffic congestion, and the available parking spots, which can be shared with other drivers to make the roads traffic-free and safe. Nowadays, the major issue faced by vehicle drivers is to search for parking spaces, especially in crowded urban areas. However, with the advancement in technology, OEMs are focusing on improving the present-day PAS by integrating it with cloud-based technology. The integration of the two technologies will provide information about the available parking spots and the surrounding environment in the nearby areas to the drivers. Although parking space detection via ultrasonic sensors is not always accurate, this can be improved by utilizing the parked-out and parked-in messages, which are available on the vehicles installed with IPAS.
Key Automotive Intelligent Park Assist System Market Challenge
The high replacement cost of components in intelligent park assist systems is one of the major challenges impeding the automotive intelligent park assist system market growth. The global automotive intelligent park assist system market faces the challenge of high replacement costs. An automotive camera is an essential component of driver assistance and safety systems. It plays a crucial role, as it provides a blur-free and crisp image of the blind spots and nearby surroundings of the vehicle. The replacement cost of automotive cameras is not much high, but the repair, which includes the removal or replacement of the cameras and image sensors, is very time-consuming and involves a high labor cost. The cost of automotive cameras ranges between $30 and $1,600. Hence, the high cost of these components is a major challenge for the growth of the market in focus, especially for the aftermarket.
This automotive intelligent park assist system market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.
Technavio categorizes the global automotive intelligent park assist system market as a part of the global automotive components and accessories market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the automotive intelligent park assist system market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the automotive intelligent park assist system market encompasses successful business strategies deployed by the key vendors. The automotive intelligent park assist system market is fragmented and the vendors are deploying various organic and inorganic growth strategies to compete in the market
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The automotive intelligent park assist system market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the automotive intelligent park assist system market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of the automotive components and accessories market includes the following core components:
The report has further elucidated other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Technology
6 Customer landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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