Market Size of Automotive Automated Parking System Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 16.96 % |
| Fastest Growing Market | Europe |
| Largest Market | Europe |
| Market Concentration | Low |
Major Players
*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.
