DUBLIN--(BUSINESS WIRE)--Research and Markets (http://www.researchandmarkets.com/research/nm6pmp/global_automotive) has announced the addition of the "Global Automotive Park Assist Systems Market 2014-2018" report to their offering.
The analysts forecast the Global Automotive Park Assist Systems market to grow at a CAGR of 6.53 percent over the period 2013-2018. One of the key factors contributing to this market growth is the increasing demand for various ADAS. The Global Automotive Park Assist Systems market has also been witnessing the increasing adoption of camera-based systems. However, the recent economic slowdown could pose a challenge to the growth of this market.
Key vendors dominating this space are Delphi Automotive plc, Denso Corp., Hella Kgaa Hueck & Co., Magna International Inc., and Robert Bosch GmbH.
Other vendors mentioned in the report are Aisin Seiki Co. Ltd., Gentex Corp., Panasonic Corp., and Valeo SA.
Commenting on the report, an analyst from the team said: The Global Automotive Park Assist Systems market is driven by customer demand for rear view camera systems. As a result, these devices are becoming increasingly common as vehicle safety features. The EU and the US are in the process of making rear view camera systems mandatory in the near future. Moreover, the European New Car Assessment Program standards actively promote pedestrian safety. In the US, the National Highway Traffic Safety Administration has proposed a mandate that requires all passenger vehicles to implement rear-facing camera technology. The regulation is aimed at addressing the issue of blind zones behind vehicles. It is estimated that this legislation will spread globally in the coming years, resulting in increased demand for vehicle cameras.
According to the report, one of the major drivers in this market is the growth of the Global ADAS market. The demand for ADASs in automobiles has a direct and immediate positive effect on the growth of the Global Automotive Park Assist Systems market.
Further, the report states that one of the main challenges in this market is the recent economic slowdown that is negatively affecting the market.
For more information visit http://www.researchandmarkets.com/research/nm6pmp/global_automotive
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