Global Automotive Intelligent Park Assist System Market 2018-2022
About Automotive Intelligent Park Assist System
The intelligent park assist system (IPAS) assists drivers in parking their vehicles. In vehicles equipped with IPAS, the car can steer itself into a parking space with little input from the user via an in-dash screen and button controls.
Technavio’s analysts forecast the global automotive intelligent park assist system market to grow at a CAGR of 19.69% during the period 2018-2022.
Covered in this report
The report covers the present scenario and the growth prospects of the global automotive intelligent park assist system market for 2018-2022. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Automotive Intelligent Park Assist System Market 2018-2022
Technavio recognizes the following companies as the key players in the global automotive intelligent park assist system market: Aptiv, HELLA, Magna, Robert Bosch, and Valeo.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is integration with other automotive technologies and systems. The automotive industry's efforts to accomplish the goal of zero road fatalities, combined with sufficing consumer safety demands and government regulations, are propelling the adoption of advanced safety and driver assistance systems.”
According to the report, one driver in the market is increasing usage of rear-view cameras in vehicles. Present-day automobiles are considered as rolling computers with cameras, sensors, chips, and codes, which control the automobile components ranging from the engine to the in-vehicle entertainment. However, most automotive manufacturers still use reflective glasses for rear-view images as these are available as a cheaper option in the automotive aftermarket.
Further, the report states that one challenge in the market is high replacement cost of various components in IPAS. The global automotive IPAS market faces the challenge of high replacement costs. An automotive camera is an essential component of the proper functioning of the driver assistance and safety systems. It plays a crucial role as it provides a blur-free and crisp image of the blind spots and nearby surroundings of the vehicle.