Automotive Intelligence Parking Assistance System Market Size

Pune, India, March 01, 2022 (GLOBE NEWSWIRE) — The world automotive intelligence fleet assistance systems market the size was USD 8.6 billion in 2020. The market is expected to grow from USD 10.1 billion in 2021 to USD 20.7 billion by 2028 at a CAGR of 10.7% during the period 2022-2028 . This information is published by Fortune Business Insights™, in its report titled “Automotive Intelligence Park Assist System Market, 2022-2028”.

According to the research conducted by our analysts, this system helps drivers to park their vehicle and provides security to the automobile. It includes sensor fusion, an in-dash display, buttons and a camera, which allow the vehicle to drive and park in the parking area with minimal input from the user. Therefore, this easy parking feature is expected to boost the demand for this technology.

industry development

  • March 2021: Samsung Electronics has purchased Waymo, the self-driving unit of Alphabet, Google’s parent company, to produce chips for next-generation self-driving cars. These self-driving cars have skills such as collision warning, emergency braking, and parking guidance.

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Increase in parking concern across the globe to drive the growth of Automotive Intelligence Parking Assistance System Market

In recent times, due to the increase in production and vehicle usage, it has become difficult to find vacant parking spaces during peak hours in vital areas such as hospitals, hotels and shopping malls, airports, universities, as well as exhibition and convention centers. In addition, a region’s growing population brings concerns related to residential and commercial parking. This problem is solved by using progressive technological features such as live updates of space reservation using smart parking technology and accessible free zone SMS alert.

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Report scope and segmentation

Report cover Details
Forecast period 2021 to 2028
Forecast Period 2019 to 2026 CAGR 10.7%
2028 value projection $20.7 billion
Year of reference 2020
Market size in 2020 $8.6 billion
Historical data for 2017 to 2019
Number of pages 200
Segments Covered By application, by vehicle type, by geography
Growth engines Increase in parking issues worldwide to drive market growth
Rising demand for IoT-based technologies will fuel market growth
High cost of installation and operational complexity may restrain market growth

Lockdowns and limitations due to COVID-19 to hamper market growth

COVID-19 has left the world with unprecedented economic, humanitarian and health concerns. The rapid cessation of the disease had a considerable influence on the global automotive industry, with a drop in demand for vehicles. The outbreak of the COVID-19 pandemic in many countries has led to a global economic downturn. The strict guidelines imposed for the containment of COVID-19 influenced the market situation on a large scale.

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Application, vehicle type and region are studied

Based on application, the market is categorized into semi-autonomous and autonomous. The semi-autonomous segment is responsible for a top share in the global market.

By vehicle type, the market is categorized into passenger cars and commercial vehicles.

Geographically, the market is segregated into North America, Europe, Asia-Pacific, and Rest of the World.

Report cover

The report offers comprehensive market research and in-depth analysis of major market segments. It provides an in-depth review of crucial players and their insightful tactics to sustain market growth for tax gains. He also shares actionable insights that guide business owners with their investing perspective. The regional dynamics and how it is shaping the market in an upward curve are presented in the following report. Also, the influences of COVID-19 have been added for additional information and how it is expected to influence the demand for Automotive Intelligence Fleet Assistance System Technology in the near future.

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Regional outlook

North America held the largest automotive intelligence fleet assistance system market share and accounted for USD 3.5 billion in 2020. The United States holds the leading position in this region as major producers of systems are located in that country.

Europe is estimated to be the second largest shareholder and show good growth over the forecast period.

Asia-Pacific ranks third in the market; nevertheless, it is expected to show the highest CAGR during the forecast period.

Supplies launched by vital companies to support market growth

The dominating players of the market are relentlessly searching for effective tactics to increase their brand equity and endorse the growth of the global product market by encountering the least conceivable obstacles. One of these effective concepts is to procure competitive companies and reserve more tax advantages for the two companies involved.

List of Key Players Covered in the Report

  • Aisin Seiki Co., Ltd. (Aichi, Japan)
  • Continental AG (Hanover, Germany)
  • Delphi Automotive (Dublin, Ireland)
  • Hitachi Ltd. (Tokyo, Japan)
  • Magna International (Aurora, Canada)
  • NXP Semiconductors (Eindhoven, Netherlands)
  • Robert Bosch GmbH (Gerlingen, Germany)
  • Siemens AG (Munich, Germany)
  • Valeo SA (Paris, France)
  • ZF Friedrichshafen (Friedrichshafen, Germany)

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About Shirley L. Kreger

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