Automotive Automated Parking System Market Size
|Study Period:||2018 - 2028|
|Fastest Growing Market:||Europe|
*Disclaimer: Major Players sorted in no particular order
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Automotive Automated Parking System Market Analysis
The automotive automated parking system market was valued at USD 1,534.38 million in 2021. It is expected to reach USD 3,358.42 million by 2027, at a CAGR of 16.96% during the forecast period (2022-2027).
- The influx of technology in vehicles has increased significantly over the last two decades, and companies are working on making vehicles and parking spaces more customer-centric.
- The growing demand for connected cars and autonomous cars has been encouraging vendors to develop advanced parking solutions in the market. Additionally, increasing traffic congestion and inadequate parking space availability in the cities are driving the market’s growth.
- The growing sales of entry- and mid-level autonomous vehicles in developed countries, such as the United States and the Western European countries, and emerging countries, such as China and India, are expected to boost the demand for these automated parking systems in the coming years.
- Automated parking systems are gaining traction in the market due to recent advancements and technological innovations in the automotive field, like cameras, sensors, wireless communications, data analytics, smart parking meters, and advanced algorithms.
Automotive Automated Parking System Industry Segmentation
The scope of the automotive automated parking system market covers the latest trends and technological development. The market is segmented by system (hardware and software), end-user type (residential and commercial), and geography(North America, Europe, Asia-Pacific, and Rest of the World).
Automotive Automated Parking System Market Trends
This section covers the major market trends shaping the Automotive Automated Parking System Market according to our research experts:
Increasing Demand for Autonomous Vehicles
The automotive manufacturers and governments are focusing on developing and promoting safe driving technologies, especially in passenger vehicles. Furthermore, most of those technologies are expected to become essential. For instance, the Canadian government announced safe testing for every vehicle and the deployment of automated and connected vehicles while creating awareness regarding driver-assistance technologies.
The demand for self-driving cars in North America has increased significantly over the past three years. This demand is fueled by huge investments by tech hubs across the United States and the implementation of self-driving features as standard across luxury vehicle models.
The autonomous car market is not limited to mature markets. Many automakers are launching various new models with entry- and mid-levels of autonomy in the less matured market. For instance, in September 2020, MG introduced its Gloster Luxury SUV in India, with autonomous level-1. The new SUV may come with advanced driver assistance technology and an auto park assist feature. The company claims that the Gloster will be India’s first autonomous level-1 premium SUV.
Cameras, RADAR, and other sensors are being deployed in conditionally automated vehicles at a considerable pace, which is expected to drive the market.
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Europe is expected to be the largest market during the forecast period
According to the European Automobile Manufacturers Association, in 2019, there were 277.7 million motor vehicles on the road in the European Union. With the presence of many big players in automated parking systems in the region and people’s inclination toward adopting new technologies that are also eco-friendly, Europe is expected to be the largest market for automated parking systems.
The automated parking system is a result of a partnership between different companies. Thus, major players are teaming up with other technology and real estate companies to provide automated parking systems.
The European government regulates the use of its land and other resources and emphasizes better utilization of these resources. For instance, the government of the Netherlands introduced the Spatial planning act, which looks at the land use in the region.
The automated parking system is expected to reduce the pollution levels in the region. It may also reduce the parking space required for a large fleet of vehicles. With the increasing number of vehicles in the world, this solution will be very feasible to tackle most problems simultaneously.
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Automotive Automated Parking System Industry Overview
The market for automated parking systems is fragmented, with major players holding a significant share of the market due to their developed products and project networks across different regions. The major players include Westfalia Parking e ShinMaywa Industries, Lodgie Industries, Klaus Multiparking, and Wohr Parking.
The other players, such as Skyline Parking, Unitronics Corporation, Fata Automation, Eito and Global, and Robotic Parking Systems Inc., hold a relatively smaller market share. These companies are in the process of expanding their operations in local and international markets.
Automotive Automated Parking System Market Leaders
Wohr Parking System Pvt. Ltd
Lodige Industries GmbH
Westfalia Technologies Inc.
*Disclaimer: Major Players sorted in no particular order
Automotive Automated Parking System Market News
- In February 2022, Nvidia and Jaguar Land Rover announced a partnership to develop software-defined features to improve automated driving in their vehicle from 2025. The emphasis is on AI-based features, including advanced visualization and driver and occupant monitoring through the Drive IX software.
- In January 2022, Fauceria announced the acquisition of 79.5% stakes in Hella Electronics to expand their product portfolio in automobile technology, including ADAS convergence, radar, electronic power steering, and automated parking system.
Automotive Automated Parking System Market Report - Table of Contents
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.2 End User
5.3.1 North America
188.8.131.52 United States
184.108.40.206 Rest of North America
220.127.116.11 United Kingdom
18.104.22.168 Rest of Europe
22.214.171.124 South Korea
126.96.36.199 Rest of Asia-Pacific
5.3.4 Rest of the World
188.8.131.52 South America
184.108.40.206 Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 Skyline Parking
6.2.2 Unitronics Corporation
6.2.3 Wohr Parking
6.2.5 Dayang Parking Company Ltd
6.2.6 Lodgie Industries
6.2.7 ShinMaywa Industries
6.2.8 Eito and Global
6.2.9 Fata Automation
6.2.10 Westfalia Parking
6.2.11 ParkPlus Inc.
6.2.12 Klaus Multiparking
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Automotive Automated Parking System Market Research FAQs
What is the study period of this market?
The Automotive Automated Parking System Market is studied from 2018 - 2028.
What is the growth rate of Automotive Automated Parking System Market?
The Automotive Automated Parking System Market is growing at a CAGR of 16.96% over the next 5 years.
What is Automotive Automated Parking System Market size in 2018?
The Automotive Automated Parking System Market is valued at 1794 Million USD in 2018.
What is Automotive Automated Parking System Market size in 2028?
The Automotive Automated Parking System Market is valued at 3358 Million USD in 2028.
Which region has highest growth rate in Automotive Automated Parking System Market?
Europe is growing at the highest CAGR over 2018 - 2028.
Which region has largest share in Automotive Automated Parking System Market?
Europe holds highest share in 2021.
Who are the key players in Automotive Automated Parking System Market?
Wohr Parking System Pvt. Ltd, Lodige Industries GmbH, Shinmaywa Industries, Westfalia Technologies Inc., Klaus Multiparking are the major companies operating in Automotive Automated Parking System Market.
Automotive Automated Parking System Industry Report
Statistics for the 2023 Automotive Automated Parking System market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Automotive Automated Parking System analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.