PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1424401
PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1424401
The park assist camera market size is estimated to be valued at US$ 2.20 Bn in 2023 and is expected to reach US$ 4.90 Bn by 2030, exhibiting a compound annual growth rate (CAGR) of 12.1% from 2023 to 2030.
Report Coverage | Report Details | ||
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Base Year: | 2022 | Market Size in 2023/2024: | US$ 2.20 Bn |
Historical Data for: | 2017 to 2021 | Forecast Period: | 2023 - 2030 |
Forecast Period 2023/2024 to 2030/2031 CAGR: | 12.10% | 2030/2031 Value Projection: | US$ 4.90 Bn |
The park assist camera market has been witnessing steady growth over the past decade due to rising demand for driver assistance systems and increasing vehicle production across the globe. Park assist cameras use rear or front-mounted cameras to provide drivers with a clear view behind or around the vehicle on the in-vehicle display. This helps improve driver visibility and awareness during parking, thereby reducing the risk of accidents. Various automakers have been incorporating park assist cameras as standard features in high-end vehicles, while the aftermarket for these cameras has also grown significantly. Advancing camera technologies, increasing compute power and lower prices are expected to further accelerate the adoption of park assist cameras in mass-market vehicles over the coming years.
The growth of the park assist camera market is driven by several factors. Rapid sales of luxury and premium vehicles equipped with advanced driver assistance systems is a key driver. Continued decline in camera prices and growing demand for vehicle safety and convenience features also drives the market. However, the market faces challenges from the emergence of alternative sensors like ultrasonic and security cameras. Nevertheless, increasing awareness about safety benefits of park assist cameras among buyers presents significant opportunities. Automakers are also expanding standard integration of these cameras across their product lineups to meet evolving regulations. Development of multi-camera systems and integration with surround view technologies will further open up new avenues over the forecast period.