The latest report on Automotive Intelligence Park Assist System Market by Infinium Global Research gives complete coverage of the Automotive Intelligence Park Assist System Market by in terms of key trends, market size, forecast and CAGR growth over the period of 2019 to 2025. In addition, the study covers deep dive into key product and applications trends in the regional markets of Automotive Intelligence Park Assist System such as North America, Europe, Asia-Pacific and Latin America over the short run and long run.
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Growing Traffic Flow and Subsequent Increase in the Road Accidents Act as Major Driving Forces for the Automotive Intelligence Park Assist System
Many car-makers including BMW, Ford, Mercedes-Benz, KIA, Volkswagen, and Toyota offer intelligent parking in their top-end cars. A key market player, Ambarella, Inc. collaborated with Longhorn Auto Co., Ltd. to develop an advanced automatic parking platform in 2019. While an Indian auto component manufacturer Minda Industries announced a joint venture with the Taiwan-based Tung Thih Electronic Co. (TTE) in India. The joint venture will produce driving assistance products including rear parking aid systems, auto parking aid systems, cameras and around view monitor systems.
Factors such as growing traffic flow and subsequent increase in the road accidents act as major driving forces for the automotive intelligence park assist system market. The increase in population worldwide resulted in traffic congestion, this, in turn, caused the problem of insufficient parking space. The upsurge in the rate of road accidents made the government bodies to execute stringent regulations for road safety.
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Growing Awareness Among the Population Regarding Safety has also Helped in Reducing the Mishaps
Governments had also undertaken some initiatives to promote safety and to reduce car accidents. This, in turn, has increased the demand for automotive intelligence park assist system in the cars. Moreover, growing awareness among the population regarding safety has also helped in reducing the mishaps. The increase in awareness among the people has also contributed to the growth of the automotive intelligence park assist system market.
However, the lack in the protocol for the development of the automotive intelligence park assist system is the key restraining factor for the market. Nevertheless, growing demand for autonomous and semi-autonomous cars provide lucrative business opportunities for the key players in the market.
In terms of region, North America dominated the market owing to the rise in the adoption of the automotive intelligence park assist system. Moreover, the presence of major car manufacturers and the growing adoption of advanced automotive technology in the region are the major factors driving the automotive intelligence park assist system market in North America. Europe followed the North America region in terms of sale owing to the development of automotive technologies and government regulations for road safety.
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