In 2022, the global park assist system market is expected to be worth US$ 595.6 million. During the projection period, demand is expected to grow at a 14.3% CAGR, reaching US$ 2.2 billion by 2032. Park assist, also known as an advanced parking guidance system, assists drivers in parking with more precision by utilizing sophisticated guiding technologies such as radar and ultrasonic-based solutions.
The park assist system is designed with the client in mind, elevating every aspect of the parking experience with innovative parking features that help drivers park safely. Park assist systems are in high demand because they provide excellent performance, enhanced efficiency, and increased vehicle safety and security. In addition to the aforementioned benefits, a park assist system reduces the risk of scratches and dings when parking in tight spaces.
According to FMI, Europe is likely to dominate the worldwide park assist system market, followed by East Asia, and this trend is expected to continue over the forecast period. By 2032, the European park assist system market is expected to reach US$ 773.4 million.
Continental AG, Robert Bosch, Denso Corporation, Magna International, Valeo SA, Hitachi Ltd., Delphi Automotive, ZF Friedrichshafen, Siemens AG, and Aisin Seiki Co. Ltd.