May 29, 2024
Park Assist Camera Market

The Park Assist Camera Market Is Driven By Increasing Demand For Driver Assistance Systems

Park assist cameras provide drivers with a clear view of their vehicle’s rear or front view to assist them while parking or maneuvering in tight spaces. These cameras significantly reduce the risk of collisions by detecting nearby objects that may not be visible to the driver. They display video images on an in-vehicle display screen in real-time to alert drivers of any obstacles. Some advanced systems incorporate proximity sensors and active braking assistance to automatically apply brakes if an imminent collision is detected. The growing need for safer parking and improved driver convenience has boosted the adoption of park assist cameras across both passenger and commercial vehicles.

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 key Trends:

One of the key trends in the park assist camera market is the integration of cameras with advanced driver-assistance features. Leading automakers are focusing on developing cameras with wider dynamic range, night vision, and object detection capabilities. For instance, some high-end systems use infrared sensors and cameras to detect objects beyond the standard field of vision during low light conditions. Another trend is the miniaturization of cameras to accommodate various vehicle design requirements without compromising image quality. This has also reduced production costs. Moreover, there is growing demand for cameras with wireless capability for a more seamless integration with vehicle connectivity and infotainment systems. This allows over-the-air updates and remote access to vehicle features.

Porter’s Analysis

Threat of new entrants: Low capital requirements and technology make entry relatively easy in this market. However, established brands enjoy benefits of scale and customer loyalty.
Bargaining power of buyers: Buyers have high bargaining power due to availability of alternatives and undifferentiated products. They can negotiate on price and demand value-added services.
Bargaining power of suppliers: Technology companies that supply camera modules have some power due to specialized skills. However, power is balanced by competition between suppliers.
Threat of new substitutes: Alternatives exist in the form of rear view cameras and sensors as well as self-driving technology. However, there are no close substitutes currently for park assist cameras.
Competitive rivalry: Large number of players compete based on technology, reliability, features and pricing leading to intensive competition.

Key Takeaways

The global Park Assist Camera Market Growth is expected to witness high growth. 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.

The North American region dominates the market currently due to high vehicle production and presence of major OEMs. However, Asia Pacific region is expected to witness fastest growth during the forecast period with China, Japan and India emerging as major markets.

Regional analysis 

North America dominates the market currently accounting for over 35% of global sales in 2024 led by the US and Canada. stringent safety norms have propelled demand. Asia Pacific is expected to witness the fastest CAGR of 11.2% during the forecast period with China and India emerging as high growth economies.

Key players operating in the Park Assist Camera market are Robert Bosch GmbH, Continental AG, Magna International, Valeo, Autoliv, HYUNDAI MOBIS, ZF Friedrichshafen AG, Aptiv, Sony, and Garmin Ltd. Key players are focusing on incorporating autonomous technologies and offering customizable features to end users.