The Park Assist System market is experiencing significant growth, driven by the increasing adoption of advanced driver assistance systems (ADAS) and the rising demand for enhanced parking solutions. Ultrasonic sensor technology has become the dominant segment due to its accuracy, reliability, and cost-effectiveness, making it a preferred choice for parking assistance. This technology is particularly popular in regions with challenging parking conditions, such as Europe, where narrow roads and parallel parking are common. As automated parking systems gain traction, the market is expected to continue expanding, with innovations in sensor technologies and integration with autonomous driving systems playing a key role in the evolution of park assist solutions.
NEWARK, DE / ACCESS Newswire / February 19, 2025 / The global park assist system market is projected to reach USD 756.5 million in 2024, with a robust year-on-year growth rate of 13.1%. By 2025, the market is expected to expand to USD 855.3 million. With a compound annual growth rate (CAGR) of 14.4% from 2025 to 2035, the market is anticipated to achieve a valuation of USD 3,277.4 million by the end of 2035.
Ultrasonic sensor technology has become the leading segment within the park assist system market due to its precision, cost-effectiveness, and reliability in parking assistance. This technology has been widely adopted, particularly in Europe, where on-street and parallel parking in narrow private roads are common. Ultrasonic parking assistance was already in use before the widespread adoption of ADAS functions.
Ultrasonic sensors operate by emitting ultrasonic waves, which are reflected off obstacles and detected by a receiver. This process allows for object detection and accurate distance measurement.
Previously, these systems primarily issued warnings to drivers to help avoid collisions with walls or other vehicles. However, with the increasing adoption of automated parking systems that can control steering, ultrasonic parking assist continues to be a key component in both automated driving and parking functions.
A parking assistance system is a type of advanced driver assistance system (ADAS) designed to facilitate safer and more efficient parking. These systems are utilized in passenger vehicles as well as light and heavy commercial vehicles.
Park assist systems help drivers maneuver their vehicles into and out of parallel parking spaces. Additionally, many of these systems incorporate cross-traffic alert features, enhancing driver awareness by providing an expanded view of the vehicle’s surroundings.
