Park assist cameras provide drivers a clear view of the vehicle's rear end and surroundings to assist in parking and avoiding collisions with objects. Their high resolution images allow easy detection of parked vehicles and obstacles around the vehicle during parking maneuvers.
The global Park Assist Camera Market is estimated to be valued at US$ 2.34 Bn in 2023 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 key trends:
The increasing demand for driver assistance systems and rear camera systems from the automotive industry has been a key market trend driving the growth of the park assist camera market. Park assist cameras with advanced features such as sensors, automatic break assistance and steering assist provide enhanced safety to drivers during parking. Manufacturers are focusing on development of cameras with higher resolution, wider viewing angles and integrated with parking sensors to detect vehicles and obstacles around the vehicle. Furthermore, implementation of regulations mandating rear view cameras in vehicles for safety is also expected to support the market growth over the forecast period. Technological advancements in camera technology and integration of camera systems with parking sensors would continue to provide growth opportunities for players in this market.
Segment Analysis
Park Assist Camera Market comprises sub segments advanced park assist camera, basic park assist camera, and side view camera. The advanced park assist camera sub segment dominates the market as it provides several additional features like 360 degree view around the vehicle, automatic braking to avoid collision while parking, and rear camera combined with parking sensors. These advanced features provide enhanced safety and convenience to drivers while parking in tight spaces.
Key Takeaways
The global Park Assist Camera Market Growth is expected to witness high growth during the forecast period of 2024 to 2031. The global Park Assist Camera Market is estimated to be valued at US$ 2.34 Bn in 2023 and is expected to exhibit a CAGR of 9.1% over the forecast period 2024 to 2031.
Regional analysis - Europe dominates the global Park Assist Camera Market backed by stringent safety norms by regulatory authorities in the region. The presence of major automotive OEMs and availability of advanced technologies also contribute to its leading position.
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.
For more details on the report, Read- https://whotimes.com/change-harmony-exploring-the-dynamic-world-of-ion-exchange-membranes-for-applications/
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