The global 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 help in easing reverse parking and maneuvering of vehicles. It captures images of the rear and side views of the vehicle, displaying the same on infotainment screens and alerting drivers through audio-visual warning in case of potential collision with objects.

Market key trends:-

One of the key trends in the park assist camera market is the growing demand for autonomous parking technologies. Major automakers are investing heavily in development of advanced driver assistance systems including autonomous parking solutions enabled by park assist cameras, Ultrasonic sensors and other technologies. For instance, Volkswagen's new fully autonomous parking system can let occupants simply drop their car off at the curb and walk away. The vehicle is then able to find itself a free parking space autonomously without any human intervention. This is accelerating adoption of park assist cameras across luxury and mid-range passenger vehicle segments.

SWOT Analysis:-

• Strength: Advanced features such as surround view, autonomous parking assist, and night vision cameras provide enhanced visibility and safety.
• Weakness: High initial costs involved in installation and repair/replacement of these cameras.
• Opportunity: Growing demand for semiautonomous and autonomous vehicles will drive the need for advanced driver assistance systems.
• Threats: Changing regulatory environment and consolidation among major players.

Key Takeaways:-

The Global Park Assist Camera Market Growth is expected to witness high growth, exhibiting CAGR of 13% over the forecast period, due to increasing demand for advanced driver assistance systems from automakers and consumers.

Regional analysis: North America dominated the global market in 2023 and is expected to continue its dominance over the forecast period as well. This can be attributed to stringent safety regulations in the region. Asia Pacific is expected to witness the fastest growth owing to rising vehicle production in countries such as China and India.

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. Continental AG and Robert Bosch captured over 30% of market share in 2023 owing to their robust and comprehensive camera product portfolios and presence across vehicle classes.

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