June 16, 2024
Park Assist Camera

Park Assist Camera Market is Estimated To Witness High Growth Owing To Trends of Increasing Adoption

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 rear and forward-facing cameras mounted on vehicles that help drivers in parking maneuvers by providing a clear view behind and in front of the vehicle. These cameras are connected to an in-vehicle display screen and use image processing technologies to detect parking lines and nearby objects or obstructions. They provide drivers a better visual of blind spots to safely maneuver and park the vehicle in tight spaces.

Market key trends:

The key trend driving growth in the park assist camera market is the increasing adoption of advanced safety features by automakers. With growing awareness of driver assistance technologies that enhance safety, automakers are making park assist cameras standard even in entry-level vehicles. Stringent safety regulations worldwide regarding addition of collision detection and blind-spot monitoring systems are also contributing to the rising installations of park assist cameras across new vehicle models. Furthermore, continuous technological upgrades in camera resolution, size, and placement coupled with introduction of new features like object detection is boosting popularity of park assist cameras among consumers.

Porter’s Analysis:-

  • Threat of new entrants: The high costs of R&D, manufacturing, and marketing act as barriers for new companies to enter the market.
  • Bargaining power of buyers: The presence of many companies providing similar park assist cameras results in high competition, giving buyers strong bargaining power in negotiations.
  • Bargaining power of suppliers: A few large suppliers dominate the market for park assist camera components and sensors, giving them significant bargaining power over camera manufacturers.
  • Threat of new substitutes: Technologies such as surround view systems and autonomous parking provide alternatives to park assist cameras but have not replaced their functionality.
  • Competitive rivalry: Competition is intense as companies compete on camera resolution, features, and integration with vehicle systems.

SWOT Analysis:-

  • Strengths: Park assist cameras provide safety benefits and are a standard feature in many luxury vehicles. Advanced cameras offer high resolution imaging.
  • Weaknesses: Additional equipment and installation costs. Image quality can degrade in harsh weather conditions.
  • Opportunities: Integration of park assist cameras with autonomous driving features and expansion into mid-range and compact vehicles.
  • Threats: Stringent regulations around autonomous driving could shift focus from parking to other ADAS functions. Price pressures from low-cost manufacturers.

Key Takeaways:-

The Global Park Assist Camera Market Size is expected to witness high growth, exhibiting CAGR of 13% over the forecast period, due to increasing demand for advanced driver-assistance systems and mandatory safety regulations. Asia Pacific dominates the market currently due to large vehicle production in China and Japan. Europe is the second largest market for park assist cameras driven by strict safety norms from ECE regulations.

Key players operating in the Park Assist Camera Market are Continental AG, Valeo, Robert Bosch, Denso Corporation, Magna International, Ficosa, ZF Friedrichshafen, Gentex, Aptiv, and Renesas Electronics. Continental AG and Robert Bosch collectively account for over 30% of the global market.

Regional analysis: Europe is the second largest and fastest growing market for park assist cameras driven by strict new car assessment programs (NCAP) and EU safety regulations mandating ADAS features in vehicles. The European Commission has proposed requiring new vehicles to be equipped with advanced safety systems such as lane assist, automated emergency braking and driver monitoring systems from 2022.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it