Market overview
The intelligent parking system market is an advanced driver assistance system (ADAS) designed to provide a smart parking feature in a vehicle. It provides safety & security to the vehicle and assists drivers in parking their vehicles correctly. The intelligent parking system includes a camera, in-dash screen, buttons, sensors, and other controls, which helps the car steer itself into a parking space with little input from the user.
The Intelligence park assist system installed in a vehicle automatically operates the steering, leaving the driver free to concentrate on operating the accelerator and brakes and checking the surroundings.
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The system uses footage from the around view monitor, which gives drivers a virtual bird's-eye view of the vehicle and allows the drivers to park the vehicle in a perfect place. Several driving factors help the market grow, such as increased parking concern across the globe, the surge in demand for Internet of Things (IoT)-based technology, and enhancement in many vehicles, increasing the intelligent parking system industry. In addition, high implementation cost & configuration complexity accompanied by the low rate of internet penetration in developing regions restrains the market.
However, the factors such as the rise in investment in building driverless vehicles and the increase in government initiatives in building smart cities across the globe are some of the market's growth opportunities, which will further enhance the market. The intelligent parking system industry is expected to hold a CAGR of 6% from 2020 to 2027.
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Market segmentation
The intelligent parking system industry is segmented by vehicles, components and technology. The market is divided into autonomous and semi-autonomous parking assistants based on the technology. The market is further categorized into commercial cars and passenger cars by vehicle type. The component variables are ultrasonic sensors, camera and ultrasonic sensors & camera.
Region analysis
The automotive intelligence park assist market is analyzed in four major regions, namely North America, Europe, Asia-Pacific, and the Rest of the World. The Asia-Pacific region is expected to hold the largest market during the forecast period due to the growing population, lack of parking space, and changes in the lifestyle of consumers across the region. In addition to it, the growing use of electrification in vehicles is expected to propel the demand for intelligent parking systems in this region.
Furthermore, the increase in demand for safety features in vehicles and increasing investment by public and private players for the development of the automobile sector inbuilt with advanced technology such as IoT, AI, ADAS, Sensors and other systems are contributing to the growth of this market in this region. Other regions will also grow shortly due to the increase in the number of people accumulating vehicles to go from one place to another will boost the market in the forecast period.
Industry news
The Hyundai IONIQ 5 has been selected as the 2022 World Car of the Year. The EV from Hyundai has also won other awards, including 2022 World Car Design of the Year and World Electric Vehicle of the Year.
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