Global Automotive Park Assist Systems Market was valued at US$ 5.27Bn in 2017 and is expected to reach US$ 26.08Bn by 2026, at a CAGR of 22.13% during a forecast period.
Parking systems represent a more sophisticated form of parking aid system and perform the necessary parking manoeuvres either fully autonomously or semi-autonomously.
Major driving factors of the automotive park assist systems market are the rising accidents due to human error while parking the vehicle at various places. Advancements and increasing adoption of feature-rich instrument clusters in consumer segments. Declining prices of Consumer electronics and LCD display are boosting the demand for automotive park assist systems in market. Road safety has been a primary concern among consumers, governments and transport authorities, and automobile manufacturers. New type of system has been devised that employs on-board cameras to lighten the burden on the driver by providing
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