by The Park Assist Camera market is estimated to be valued at US$ 2.03 Bn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:-
Park assist cameras are imaging devices that help drivers navigate safely while parking or maneuvering in tight spaces. They provide a wider field of view compared to traditional mirrors and help avoid collision with objects that may be difficult to see directly. The key functions of park assist cameras include object detection for parking guidance, rear or surround view display for better visibility around vehicles, and parking sensors for alerts when close to objects. They are useful in various types of vehicles like passenger cars, light commercial vehicles, and heavy trucks.
Market Dynamics:-
Increasing demand for advanced driver assistance systems is a major factor driving the park assist camera market growth. Many new vehicles today come equipped with technologies like backup cameras, blind spot monitoring, and parking guidance to enhance safety and convenience. Government regulations in various countries mandating the installation of rearview cameras in new vehicles will also boost adoption of park assist cameras. Moreover, growing demand for luxury and premium vehicles featuring advanced parking technologies will propel the market forward. However, high costs associated with these cameras can restrain the market to some extent. Ongoing technological advancements in computer vision and image processing are allowing manufacturers to develop more intelligent and affordable parking camera solutions, which can help overcome this challenge.
SWOT Analysis:-
- Strength: Park Assist Camera provides a wide-field of view to the driver which enhances visibility around the vehicle. It detects parking space availability and guides drivers during parking with ease. This improves parking convenience and safety. Park Assist Camera eliminates blind spots allowing drivers to park effortlessly.
- Weakness: The effectiveness of Park Assist Camera is limited based on weather and lighting conditions. Poor visibility due to snow, fog or darkness decreases camera performance. Additional sensors are often required for robust functionality. The initial costs associated with Park Assist Cameras are higher compared to traditional methods like side mirrors.
- Opportunity: With increasing vehicle production and sales globally, demand for advanced driver assistance technologies is rising. This provides an opportunity to mass produce and supply Park Assist Cameras worldwide. Growing vehicle electrification and connectivity leads to increased integration of such cameras and sensors.
- Threats: Vulnerability to cyber threats is a challenge as vehicles become more connected. Developing low-cost alternatives and additional capabilities could pose competition.
Key Takeaways:-
The Global Park Assist Camera Market Demand is expected to witness high growth, exhibiting CAGR of 13% over the forecast period, due to increasing vehicle production globally as major automakers aggressively expand electric and autonomous offerings. Mandates requiring parking assistance and blind-spot detection technology will also fuel demand.
Regional analysis: North America dominates the park assist camera market currently due to high vehicle sales and presence of major automotive manufacturers. Asia Pacific is expected to grow at a faster pace led by China, India and Japan. Stringent safety norms and increasing automotive manufacturing in the region promotes Park Assist Camera adoption.
Key players operating in the Park Assist Camera market are Continental AG, Valeo, Robert Bosch, Denso Corporation, Magna International, Ficosa, ZF Friedrichshafen, Gentex, Aptiv, Renesas Electronics. Top players have invested in advanced technologies and focus on partnerships to expand business opportunities. They also aim to offer customizable solutions for various vehicle types.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
