The Automotive Automated Parking System market is anticipated to register a CAGR of 16.96 %, during the forecast period (2020 – 2025).
- 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 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 the emerging countries (such as China and India) are expected to boost the demand for these automated parking systems in the coming years. - The automated parking systems are gaining traction in the market, owing to the recent advancements and technology innovations in the automotive field, like cameras, sensors, wireless communications, data analytics, smart parking meters, advanced algorithms, and others.
Key Market Trends 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 a safe testing for every vehicle and deployment of automated and connected vehicles, while creating awareness regarding driver-assistance technologies. - The demand for self-driving cars in North America has been increasing significantly over the past three years. This demand is fueled by the huge investments by tech hubs across the United States and the implementation of self-driving features as standard across the luxury vehicle models. For instance - In May 2018, Nissan announced its plan to expand its ProPILOT Assist semi-autonomous driving system to additional models, including the Rogue Sport in the United States and the Qashaqi in Canada. The technology may be expanded to 20 models and 20 markets by the end of 2022. - 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 an 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 conditional automated vehicles at a considerable pace, which is expected to drive the market studied.
Europe is expected to be the largest market during the forecast period
According to European Automobile Manufacturers Association, number of motor vehicles on road in European union were reported to be 308.3 million, in 2018. With the presence of many big players of automated parking systems in the region and the attitude of people living in the region towards adaption of new technologies which are also environment friendly, Europe is expected to be the largest market for automated parking systems.
The automated parking system results from a partnership of different companies; owing to that, major players are teaming up with other technology and real estate companies to provide automated parking systems. For instance, ?
- In 2019, the local authorities in Stuttgart, Germany, gave Daimler and Bosch permission to start testing the automated valet parking service at the Mercedes-Benz Museum parking garage. The technology will work through a smartphone app, through which the car will drive itself to the assigned space, and it will return the car to the drop-off point in the same manner.
The government in the region is regulating the use of its land and other resources, so they are emphasizing on better utilization of these resources. For instance, the government of 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, also reduce the parking space required for large fleet of vehicles and with the increasing number of vehicles in the world this solution will be very feasible to tackle most problems at the same time.For instance,
- In January 2020, Klaus multiparking in collaboration with British construction and real estate company Lendlease and the architects MACE developed a fully automatic parking system MasterVario R3L from KLAUS Multiparking at Rathbone Square, London. - In 2019, the government supported the Trusted Autonomous Parking project delivered by Horiba MIRA, in collaboration with Coventry University. In the project, the two companies will develop a multi-story car park, on-road parking bays, and parking lot environments on Horiba MIRA’s Proving Ground to support the development of self-parking solutions.
Competitive Landscape The market for automated parking systems is a fragmented one, with major players holding a significant share of the market due to their developed products and project networks across different regions. The major players in the market 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, 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. For instance: In 2019, Israel based parking solutions company Unitronics signed up to four agreements for the construction of autonomous parking spaces in the United States. The company started in the Northeastern United States, in New York and New Jersey, and currently has activities in South Carolina, Florida, Boston, and Houston. At present, the company is noticing North America as its major sales market.
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