The Global Automotive Parking Assistance System Market is Expected to Reach an Estimated $4 Billion by 2030
The Global Automotive Parking Assistance System Market is Expected to Reach an Estimated $4 Billion by 2030
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According to a market report by Lucintel, the future of the global automotive parking assistance system market looks promising with opportunities in the SUVs and crossover, large car, and mid-size car markets. The global automotive parking assistance system market is expected to reach an estimated $4 billion by 2030 from $1 billion in 2023 at a CAGR of 14.3% from 2023 to 2030. The major drivers for this market are increasing global vehicle production and sales, rising emphasis on vehicle safety and stricter regulatory standards worldwide a, and rapid innovations in sensors, cameras, and radar technologies.
In this market, ultrasonic sensors, and camera are the major segments of automotive parking assistance system market by component.
Lucintel forecasts that camera will remain the largest segment over the forecast period due to it provides visibility to the driver about a situation by creating image which ultimately helps the driver to take a proper decision.
Within this market, SUVs and crossovers will remain the largest segment due to growing demand for automobiles.
North America will remain the largest region over the forecast period due to increasing vehicle production, government regulations for vehicle safety features, and increasing investment by the industry players within the region.
Continental, Robert Bosch, Denso, ZF TRW, Aptiv Plc, Magna International, and Valeo are the major suppliers in the automotive parking assistance system market.
This unique research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or write us at [email protected]. To get access of more than 1000 reports at fraction of cast visit Lucintel’s Analytics Dashboard.
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Contact:
Roy Almaguer
Lucintel
Dallas, Texas, USA
Email: [email protected]
Tel. +1 972.636.5056