Market Challenges And Opportunities
Park Assist Camera Market Drivers:
- Stringent vehicle safety regulations: Stringent vehicle safety regulations and mandates are majorly driving the growth of the park assist camera market. Governments across major automotive markets have implemented strict regulations and rating systems to improve vehicle safety. For instance, the European new car assessment program mandates all new commercial and passenger vehicles to be equipped with advanced driver assistance systems including park assist systems. Similarly, the U.S. NHTSA has proposed to make rearview cameras mandatory in all new vehicles from May 2018 under federal motor vehicle safety standard 111. Such regulations are compelling automakers to adopt park assist cameras in their new vehicle models, thereby driving market growth.
- Growing adoption of advanced driver assistance systems: Growing adoption of advanced driver assistance systems (ADAS) such as blind spot detection, collision warning, and others is boosting the uptake of park assist cameras. ADAS adoption is increasing rapidly in premium as well as mid-priced vehicles. As park assist technologies complement these ADAS capabilities, their adoption is consequently rising. Automakers are offering park assist cameras along with other ADAS technologies in bundled packages, especially in high-end SUVs and sedans. This growing integration of park assist into ADAS suites is fueling the market growth. For instance, in February 2020, Continental specialize in producing tires, brake systems, powertrains, chassis components, automotive safety systems, and various electronic components for vehicles establishes a new facility in the U.S. dedicated in producing advanced driver assistance systems.
- Increasing sales of premium and luxury vehicles: Increasing sales of premium and luxury vehicles globally is contributing to the market growth as these vehicles are equipped with more sophisticated park assist systems such as surround view and 360-degree cameras. Premium segment models from Audi, BMW, Mercedes-Benz, and others offer multi-camera park assist along with features such as self-parking. Growing disposable incomes in emerging markets combined with innovations in premium vehicle technologies are increasing the sales of high-end cars. This, in turn, is propelling the adoption of modern park assist systems.
- Developments in camera, display and sensor technologies: Advancements in core technologies including high-resolution cameras, displays, radar, ultrasonic sensors and advanced image processing are supporting the development of next-generation park assist systems. Emerging camera technologies such as monocular, infrared, and night vision provide detailed imagery and work efficiently in low light conditions. Increasing capabilities of ECUs and progress in sensor fusion and deep learning algorithms are enabling more accurate and reliable park assists. Such technological developments are driving meaningful innovations in the market.
Park Assist Camera Market Opportunities:
- Integration with vehicle connectivity and communication systems: There are significant growth opportunities for integrating park assist cameras with vehicle connectivity and communication systems. Park assist cameras combined with V2X connectivity can enable autonomous parking aided by inputs from connected infrastructure. For instance, navigation systems can identify and reserve parking spots, with park assist cameras and sensors facilitating automated parking. This can significantly enhance driver convenience and safety. Several automakers and semiconductor firms are working on infrastructure-assisted parking technologies.
- Increasing adoption in mass market and mid-priced vehicles: While currently limited mainly to premium segment vehicles, park assist cameras will witness increasing adoption across mid and economy vehicle categories. Expanding capabilities of cameras and electronic components combined with scale benefits will drive down costs. As costs lower, more automakers would incorporate basic park assists into mid-priced vehicles. With the large volume share of economy vehicles, increasing penetration in this price-sensitive segment can highly benefit market growth.
- Future applications for semi-autonomous driving and parking: Parking assist technologies are paving the way for completely automated parking in the future. Surround view systems can enable vehicles to autonomously drive and park within parking facilities and confined areas. Multiple OEMs (Original Equipment Manufacturer) and technology companies are developing and testing advanced autonomous parking assist systems combined with connectivity and communication capabilities. Such systems are a precursor for future level 3 and above semi-autonomous vehicles.
- Growth prospects in emerging markets: Emerging automotive markets such as China, India, Brazil and others present strong growth avenues for park assist cameras. Vehicle production has been growing rapidly in these regions over the last decade. Further, increasing disposable incomes are resulting in higher adoption of premium cars equipped with ADAS and park assists. Local automakers are also forging partnerships with international OEMs and suppliers to develop low-cost ADAS and park assist technologies tailored for their markets. The improving adoption of safety technologies in these regions will drive the park assist camera demand.
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