With each of the region led by a select numbers of players, the global automotive intelligence park assist systems market demonstrates a highly consolidated structure. Although the degree of competition within this market will significantly high over the next few years, thanks to the presence of medium and large sized manufacturers in a large number, states a new report by Transparency Market Research (TMR).
Toshiba Corp., Hitachi Ltd., Robert Bosch GmbH, Continental AG, ZF Friedrichshafen AG, Delphi Automotive LLP, Siemens AG, Valeo, Magna International, and Hella GmbH & Co. KGaA are some of the leading vendors of automotive intelligence park assist systems across the world. In the coming years, these players are expected to benefit significantly by involving into strategic alliances with regional participants in this market, reports the research study.
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According to the research study, the worldwide market for automotive intelligent park assist systems offered an opportunity worth US$22.30 bn in 2016. Analysts at TMR estimate it to rise at a healthy CAGR of 6.76% and reach a value of reach US$38.53 bn by the end of the forecast period. Currently, semiautonomous parking assist technology is witnessing a higher adoption and the trend is predicted to continue over the forthcoming years.
However, autonomous parking assist technology will also report a steady rise in its demand in the near future, especially in developed economies of North America and Europe. In terms of the region, North America has acquired the leadership with the U.S. emerging as the most prominent domestic market for automotive intelligent park assist systems across the world. Researchers expect this scenario to stay so over the next few years, states the market report.
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Upgradation of Models to Keep Demand High
“With the increasing traffic flow, resulting in a significant increase in the number of road accidents, the demand for automotive intelligent park assist systems has increased substantially,” says the author of this study. As the concerns regarding safety and comfort among people across the world increase, the automakers are encouraged to integrate automotive intelligent park assist systems into their vehicles, which is reflecting greatly on the global market for automotive intelligent park assist systems.
Over the coming years, the key manufacturers are expected to focus on upgrading their models, so as to maintain their presence in the market through product differentiating technologies integration into the vehicles, reports the market study.