Autonomous Parking Market is likely to reach US$ 11,234.2 Million by 2032

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 the 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.

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Over the past years, increasing complexity in parallel parking needs advanced technologies to overcome such difficulties. Therefore, more than 20 years back INRIA (Institut National de Recherche en Informatique et an Automatique) a France based research organization introduced a prototype for parallel parking which help to automate the parallel parking, now this techniques have been used in self-parking vehicles and most of the automotive and telematics vendors have been adopted this technology to resolve the parking issues across various premises including residential, commercial and industrial areas.

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.

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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.

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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.

Regional analysis for Global Autonomous Parking Market includes

• North America Market
• Latin America Market
• Western Europe Market
• Eastern Europe Market
• Asia Pacific Market
• Japan Market
• Middle East and Africa Market

The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.

Global Autonomous Parking Market: Market Segmentation

Global Autonomous Parking Market can be segmented into the following segments – based on Type, Deployment and verticals.

Segmentation on basis of Type for Autonomous Parking Market:

• Semi-automated: In semi-automated autonomous parking, the user is present in the car to input some information and perform some tasks manually
• Fully automated: In Fully automated autonomous parking eliminates the presence of the individual in the automobile for task completion

Segmentation on basis of Deployment for Autonomous Parking Market-

• Assisted: In assisted type autonomous parking, the user is present in the automobile
• Remote control: In remote control type autonomous parking, we can remotely access the automobile to complete the task
• Fully automatic: In fully automatic deployment user does not need provide any information, the vehicle get parked automatically without any human intervention

Segmentation on basis of Verticals for Autonomous Parking Market:

• Residential
• Commercial
• Industrial