The global Park Assist Camera market size was valued at US$ 2.03 billion in 2023 and is expected to reach US$ 4.79 billion by 2030, grow at a compound annual growth rate (CAGR) of 13% from 2023 to 2030.
Park assist cameras are advanced driver assistance systems that assist drivers while parking or reversing the vehicle. They use rearview, surround view, and 360-degree cameras along with ultrasonic sensors to provide visual aid and alerts to the driver. Park assist cameras enhance driver convenience, prevent collisions, and reduce accidents. Key factors driving the growth of this market are stringent safety regulations, adoption of advanced driver assistance systems (ADAS), and increasing vehicle production.
The Park Assist Camera Market is segmented by vehicle type, technology, component, sales channel, and region. By vehicle type, the market is segmented into passenger cars, light commercial vehicles, heavy commercial vehicles, electric vehicles, and others. Passenger cars is expected to be the largest and fastest growing segment during the forecast period owing to safety regulations mandating park assist systems in passenger vehicles and increasing adoption of surround view and 360-degree park assist systems.
Park Assist Camera Market Regional Insights
- North America is expected to be the largest market for Park Assist Camera Market during the forecast period, accounting for over 35% of the market share in 2022. The growth of the market in North America is attributed to stringent safety regulations, early adoption of advanced park assist technologies, and high penetration of park assist systems in passenger cars and commercial vehicles.
- The Europe market is expected to be the second-largest market for Park Assist Camera Market, accounting for over 25% of the market share in 2022. The growth of the market in is attributed to large vehicle manufacturing base and government mandates regarding blind spot detection and collision warning systems.
- The Asia Pacific market is expected to be the fastest-growing market for Park Assist Camera Market, with a CAGR of over 15% during the forecast period. The growth of the market in Asia Pacific is attributed to increasing vehicle production, adoption of ADAS technologies by OEMs, and growing demand for premium segment vehicles with surround view systems.
Figure 1. Global Park Assist Camera Market Share (%), by Region, 2023
Park Assist Camera Market Drivers:
- Stringent Vehicle Safety Regulations: Stringent vehicle safety regulations and mandates are majorly driving the growth of the park assist camera market. Governments across major automotive markets have implemented strict regulations and rating systems to improve vehicle safety. For instance, the European New Car Assessment Programme mandates all new commercial and passenger vehicles to be equipped with advanced driver assistance systems including park assist systems. Similarly, the US NHTSA has proposed to make rearview cameras mandatory in all new vehicles from May 2018 under Federal Motor Vehicle Safety Standard 111. Such regulations are compelling automakers to adopt park assist cameras in their new vehicle models, thereby driving market growth.
- Growing Adoption of Advanced Driver Assistance Systems: The growing adoption of advanced driver assistance systems (ADAS) such as blind spot detection, collision warning, etc. is boosting the uptake of park assist cameras. ADAS adoption is increasing rapidly in premium as well as mid-priced vehicles. As park assist technologies complement these ADAS capabilities, their adoption is consequently rising. Automakers are offering park assist cameras along with other ADAS technologies in bundled packages, especially in high-end SUVs and sedans. This growing integration of park assist into ADAS suites is fueling market growth.
- Increasing Sales of Premium and Luxury Vehicles: The increasing sales of premium and luxury vehicles globally is contributing to market growth as these vehicles are equipped with more sophisticated park assist systems such as surround view and 360-degree cameras. Premium segment models from Audi, BMW, Mercedes-Benz, etc. offer multi-camera park assist along with features such as self-parking. Growing disposable incomes in emerging markets combined with innovations in premium vehicle technologies are spurring the sales of high-end cars. This, in turn, is propelling the adoption of modern park assist systems.
- Developments in Camera, Display and Sensor Technologies: Advancements in core technologies including high-resolution cameras, displays, radar, ultrasonic sensors and advanced image processing are supporting the development of next-generation park assist systems. Emerging camera technologies such as monocular, infrared, and night vision provide detailed imagery and work efficiently in low light conditions. Additionally, increasing capabilities of ECUs and progress in sensor fusion and deep learning algorithms are enabling more accurate and reliable park assists. Such technological developments are driving meaningful innovations in the market.
Park Assist Camera Market Opportunities:
- Integration with Vehicle Connectivity and Communication Systems: There are significant growth opportunities for integrating park assist cameras with vehicle connectivity and communication systems. Park assist cameras combined with V2X connectivity can enable autonomous parking aided by inputs from connected infrastructure. For instance, navigation systems can identify and reserve parking spots, with park assist cameras and sensors facilitating automated parking. This can significantly enhance driver convenience and safety. Several automakers and semiconductor firms are working on infrastructure-assisted parking technologies.
- Increasing Adoption in Mass Market and Mid-Priced Vehicles: While currently limited mainly to premium segment vehicles, park assist cameras will see increasing adoption across mid and economy vehicle categories. Expanding capabilities of cameras and electronic components combined with scale benefits will drive down costs. As costs lower, more automakers would incorporate basic park assists into mid-priced vehicles. Given the large volume share of economy vehicles, increasing penetration in this price-sensitive segment can highly benefit market growth.
- Future Applications for Semi-autonomous Driving and Parking: Parking assist technologies are paving the way for completely automated parking in the future. Surround view systems can enable vehicles to autonomously drive and park within parking facilities and confined areas. Multiple OEMs and technology companies are developing and testing advanced autonomous parking assist systems combined with connectivity and communication capabilities. Such systems are a precursor for future level 3 and above semi-autonomous vehicles.
- Growth Prospects in Emerging Markets: Emerging automotive markets such as China, India, Brazil etc. present strong growth avenues for park assist cameras. Vehicle production has been growing rapidly in these regions over the last decade. Further, increasing disposable incomes are resulting in higher adoption of premium cars equipped with ADAS and park assists. Local automakers are also forging partnerships with international OEMs and suppliers to develop low-cost ADAS and park assist technologies tailored for their markets. The improving adoption of safety technologies in these regions will spur the park assist camera demand.
Park Assist Camera Market Report Coverage
||Market Size in 2023:
||US$ 2.03 Bn
|Historical Data for:
||2018 to 2021
||2023 - 2030
|Forecast Period 2023 to 2030 CAGR:
||2030 Value Projection:
||US$ 4.79 Bn
- North America: U.S. and Canada
- Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
- Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe
- Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
- Middle East & Africa: GCC Countries, Israel, South Africa, North Africa, and Central Africa and Rest of Middle East
- By Vehicle Type: Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles, Electric Vehicles, Others
- By Technology: Rear view camera system, 360 degree camera system, Around view monitor system, Others
- By Component: Camera, Display Unit, Sensors, ECU Module, Others
- By Sales Channel: OEMs, Aftermarket
Continental AG, Valeo, Robert Bosch, Denso Corporation, Magna International, Ficosa, ZF Friedrichshafen, Gentex, Aptiv, Renesas Electronics
- Stringent Vehicle Safety Regulations
- Growing Adoption of Advanced Driver Assistance Systems
- Increasing Sales of Premium and Luxury Vehicles
- Developments in Camera, Display and Sensor Technologies
|Restraints & Challenges:
- High Initial Costs and Complex Integration
- Cyber Security and Data Privacy Concerns
- Insufficient Infrastructure for V2X Assisted Parking
Park Assist Camera Market Trends:
- Integration of Park Assist Cameras with 360-degree Surround View Systems: A major technology trend is the integration of park assist cameras with 360-degree surround view systems that provide an immersive live view of the vehicle’s surroundings. Surround view systems stitch image feeds from multiple cameras to give drivers a virtual bird’s eye view of the vehicle, enabling easier and safer parking. Automakers such as Nissan, Hyundai, and Toyota already offer surround view technologies and their adoption is rising rapidly. More OEMs are expected to incorporate surround systems along with park assists.
- Increasing Adoption of User-friendly Graphical Interfaces: Park assist cameras are incorporating new user-friendly graphical interfaces and displays to enhance the parking experience. Companies are developing animated representations, customizable overlays, and predictive trajectory displays to provide visual aids to drivers. Interfaces are also integrating parking guidelines, hazards, and instructions. Voice alerts and touchscreen displays further simplify usage. As park assist technologies advance, intuitive and expressive interfaces will play a key role in their adoption.
- Cloud-based Parking Space Sharing and Mapping: Park assist technologies are progressively incorporating cloud connectivity for real-time parking space info. Automakers have demonstrated systems where vehicles share data on empty parking spots which is then available on the cloud for other users in the vicinity. Real-time parking maps reduce search time enabling efficient space utilization. Companies are also exploring dedicating parking zones for vehicles equipped with advanced park/summon features. Seamless connectivity and data sharing will enhance automated parking capabilities.
- Enhanced Accuracy through Sensor Fusion and AI: Companies are leveraging sensor fusion and AI to develop smarter, more accurate park assist systems. Sensor fusion combines visual, ultrasonic, and radar data to achieve enhanced environmental perception and hazard detection. AI algorithms help process and make sense of this data deluge in real-time. Deep learning applied to fused sensor data can enable park assists to understand complex environments and self-improve over time through experience. Such advancements will lead to next-gen intelligent systems.
Park Assist Camera Market Restraints:
- High Initial Costs and Complex Integration: The high costs and complex integration requirements of surround view and multi-camera park assist systems is limiting adoption in lower vehicle segments. Significant computing power and multiple cameras/displays are required for 360-degree systems, resulting in high costs. Complex synchronization, stitching and interfacing of feeds from multiple cameras is also a technical challenge. This makes integration difficult in small, affordable car models targeted at price-sensitive markets. Cost reduction remains a key priority.
- Cyber Security and Data Privacy Concerns: With increasing connectivity and data sharing capabilities, park assist systems face greater cyber security and privacy risks. Connected cameras may be vulnerable to hackers, posing threats to vehicle safety and user privacy. Automakers and technology firms are prioritizing cyber security to protect in-vehicle networks from malicious hacking. However, more efforts are needed to establish end-to-end data encryption and authenticity verification between vehicles, infrastructure, and the cloud.
- Insufficient Infrastructure for V2X Assisted Parking: While vehicle-to-everything (V2X) communications have enormous potential for automated parking, compatible infrastructure remains inadequate globally. Widespread V2X connectivity including interfaces, sensors, and coordination between vehicles and urban infrastructure is pivotal for seamless communication-assisted autonomous parking. Large-scale development of smart parking infrastructure entails significant long-term investments. This infrastructure gap poses a key challenge for realizing automated parking potential.
New product launches
- In January 2021, Valeo launched its PictureBeam Monolithic - a new generation of high-definition parking assistance technology with autonomous emergency braking. It uses a single chip instead of around 10 earlier, reducing costs.
- In June 2022, Continental unveiled its Surround View Plus system, an advanced surround view system for commercial vehicles providing a 360-degree bird's eye view to assist drivers.
- In January 2023, Bosch announced new self-parking technology that integrates infrastructure communication for safer autonomous parking.
Acquisition and partnerships
- In May 2021, Magna acquired Veoneer's active safety business for $31 million to strengthen ADAS capabilities including next-gen park assist technologies.
- In March 2022, Gentex acquired GuardLook, a machine vision technology startup to enhance camera-based driver assistance and parking aid systems.
- In January 2023, Renesas partnered with Ambarella to develop next-gen automotive camera systems for park assist and surround view applications.
Figure 2. Global Park Assist Camera Market Share (%), by Component, 2023
Top companies in Park Assist Camera Market
- Continental AG
- Robert Bosch
- Denso Corporation
- Magna International
- ZF Friedrichshafen
- Renesas Electronics
Definition: The Park Assist Camera Market refers to the industry and technologies related to camera-based systems that assist drivers while parking and reversing vehicles. These systems use rearview, surround view, and 360-degree cameras along with sensors and algorithms to provide visual aid, alerts, and autonomous steering control during parking maneuvers.
Few other promising reports in Automotive and Transportation Industry
Vehicle Camera Market
Smart Camera Market
Fundus Camera Market
InGaAs Camera Market