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 driver’s park vehicles easily and safely by providing a clear rear or surround view of the vehicle and nearby objects. They monitor the rear and surrounding areas of vehicles for obstacles during parking and maneuvering.

Market key trends:-

One of the major trends in the park assist camera market is the integration of artificial intelligence. AI-enabled cameras can detect objects and notify drivers about potential collisions in real-time. They use machine learning algorithms to accurately identify static and moving objects. With advanced AI and depth sensing capabilities, new cameras can accurately map the vehicle’s surroundings, identify obstacles and their distance to guide drivers during parking and low-speed maneuvering. This has significantly improved driver assistance and safety.

Segment Analysis:-

The global park assist camera market is segmented by camera type, vehicle type, sales channel. By camera type, the rear view segment held the largest market share in 2023. Rear view cameras provide drivers with an accurate and wide field of rearward view for tight parking spaces, thus aid in avoiding accidents and damage during parking. This has driven the demand for rear view cameras, making it the dominant segment.

Key Takeaways:-

The Global Park Assist Camera Market Growth is expected to witness high, exhibiting CAGR of 13% over the forecast period, due to increasing vehicle production across the world.

Regional analysis:-

North America dominated the park assist camera market in 2023 and is expected to continue its dominance over the forecast period. This is attributed to the presence of major automobile manufacturers and increasing production of premium vehicles integrated with advanced driver assistance systems in the US and Canada.

Key players:-

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 dominated the market in 2023 owing to its early adopter advantage and strong brand presence worldwide.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it