April 14, 2024
Park Assist Camera Market

Park Assist Camera Market Is Expected To Be Flourished By Growing Demand For Enhanced Parking Safety Solutions

The park assist camera market comprises cameras integrated with parking sensors used to detect objects and improve visibility for safe parking. These cameras are usually placed on the front and rear bumpers or license plates of vehicles. They are connected to video screens inside the vehicle cabin and enable drivers to view blind spots for safe parking and maneuvering. With the increasing instances of accidents during reverse parking, there has been a growing demand for parking assistance systems among consumers and automakers. The integration of park assist cameras allows automatic braking to prevent collisions and rear-end accidents, thereby enhancing safety.

The global park assist camera market is estimated to be valued at US$ 2.34 Bn in 2024 and is expected to exhibit a CAGR of 9.1% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

Growing demand for enhanced parking safety solutions is a key driver propelling the park assist camera market growth. Backover accidents can cause serious injuries, especially to children and the elderly. According to the National Highway Traffic Safety Administration, over 210 people die from non-traffic incidents such as backover accidents annually in the US alone. Park assist cameras with sensors and automatic braking help prevent such accidents and save lives. Rising consumer awareness about the safety benefits of these systems is fueling their adoption. Furthermore, plummeting prices of cameras with the technological advancements are making these systems affordable for mass-market vehicles, which is another factor boosting the park assist camera market expansion over the forecast period.

Segment Analysis

The park assist camera market can be segmented by technology, camera type, vehicle type, sales channel and region. The image sensor and LED light segment is dominating the market and is expected to continue its dominance over the forecast period. Advancements in LED technology have enabled brighter illumination with low power consumption which has increased its use in park assist cameras.

PEST Analysis

Political: Automotive safety regulations mandating park assist systems in vehicle is driving the market growth.

Economic: Increasing disposable incomes have increased consumer spending on advanced vehicle safety features.

Social: Rising safety concerns regarding vehicle maneuverability is increasing adoption of these systems.

Technological: Advancements in image sensors and LED technology have enabled development of compact and high resolution park assist cameras.

Key Takeaways

The global Park Assist Camera Market Growth  is expected to witness high growth over the forecast period. The global park assist camera market is estimated to be valued at US$ 2.34 Bn in 2024 and is expected to exhibit a CAGR of 9.1% over the forecast period 2024 to 2031.

Regional analysis

The North American region accounts for around 35% market share currently due to the presence of key automakers and availability of high-end and luxury vehicles. Majority of vehicles manufactured in countries like the US and Canada are equipped with advanced driver assistance features.

Key players

Key players operating in the park assist camera market are One Good (formerly Goodmylk), GoodDot, EVO Foods, Ahimsa Food, Wakao Foods, Jus Amazin, So Good, Live Yum, Piper leaf, Soft Spot Food, Vega Lyfe, The Hershey Company, Sun Opta Inc., Living Harvest Food Inc., Pascual Group, Grub market, SunFed, Danone, and Whitewave Foods Company. One Good and GoodDot specialize in non-dairy milks formulated from oats, almonds and seeds.