The Autonomous Parking market is assessed to gain US$ 2,894.3 Million with a CAGR of 14.5% during the conjecture time frame. The market is probably going to arrive at US$ 11,234.2 Million by 2032.
The Autonomous parking is the next evolution of self-parking. Autonomous parking eliminates the need of manual parking and lessen the complexity in parking. It has been observed that most of customers are purchasing advanced vehicles which has automated features which require less human intervention while driving the vehicle.
Therefore, increasing the demand for autonomous parking solutions which helps to develop self-parking features in vehicles to fulfil the customer requirements.
Autonomous Parking Market: Drivers and Restraints
The difficulties faced in parallel parking is eliminated with autonomous parking, which acts as a major driver in the autonomous parking market. Reduction in human efforts with more efficient and secure functioning increases its adoption, acting towards the growth of autonomous parking market. The concept in its development stage has caught the attention of many companies and researchers, further increasing its adoption and demand.
Only a few companies have adopted autonomous parking because of its complexity and less awareness. The higher cost further restricts the growth of the autonomous parking market.
Global Autonomous Parking Market Technology Trends
- Installation of ultrasonic sensors on the front and the rear bumpers of the car helps the machine in collecting the required knowledge for autonomous parking. The processing is same as that of a bat, for locating their way around.
- In addition to that, companies are focusing on the transition from semi-autonomous parking to fully autonomous parking solutions to fulfill the demand of customers.
Autonomous parking market: Regional Outlook
North America and Europe are the largest market for global autonomous parking market. Majority of autonomous parking providers such as Volkswagen, Robert Bosch LLC., Tesla, etc. are based in North America and Europe.
U.S. and Germany in North America and Europe regions are the major investors for autonomous parking technology. With the advancements of developing countries in APAC region also have started adopting autonomous parking feature in their vehicles.
Global Autonomous Parking Competitive Landscape
Key Trends
Volvo introduced a smart phone application, which on instructing automatically parks the respective vehicle at the specified location. The notification is dropped automatically to the user once the task is complete.
Key Vendors
Some of the major global Autonomous Parking players are AB Volvo, Volkswagen, Toyota Motor Corporation, Ford Motor Company, BMW AG, Diamler AG, FCA US LLC., Tesla and Robert Bosch LLC.
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