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.
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).
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Automotive Automated Parking System Market Size Summary
The automotive automated parking system market is experiencing significant growth, driven by the increasing integration of technology in vehicles and the rising demand for connected and autonomous cars. This trend is encouraging vendors to develop advanced parking solutions to address challenges such as traffic congestion and limited parking space availability in urban areas. The market is further bolstered by the growing sales of entry- and mid-level autonomous vehicles in both developed and emerging countries, including the United States, Western Europe, China, and India. Technological advancements in cameras, sensors, wireless communications, and data analytics are enhancing the capabilities of automated parking systems, making them more appealing to consumers and businesses alike.
The market landscape is characterized by a fragmented structure, with major players like Westfalia Parking, ShinMaywa Industries, and Klaus Multiparking holding significant shares due to their advanced products and extensive project networks. These companies are collaborating with technology and real estate firms to enhance their offerings. The European market is expected to lead in adoption, supported by a strong inclination towards eco-friendly technologies and regulatory frameworks that promote efficient land use. The automated parking systems are anticipated to reduce pollution and optimize space utilization, making them a viable solution to the growing number of vehicles worldwide. As the demand for self-driving cars rises, particularly in North America, investments in automated parking technologies are expected to increase, further propelling market growth.
Automotive Automated Parking System Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.2 Market Restraints
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1.3 Industry Attractiveness - Porter's Five Forces Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 System
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2.1.1 Hardware
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2.1.2 Software
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2.2 End User
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2.2.1 Residential
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2.2.2 Commercial
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2.3 Geography
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2.3.1 North America
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2.3.1.1 United States
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2.3.1.2 Canada
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2.3.1.3 Rest of North America
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2.3.2 Europe
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2.3.2.1 Germany
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2.3.2.2 United Kingdom
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2.3.2.3 France
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2.3.2.4 Rest of Europe
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2.3.3 Asia-Pacific
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2.3.3.1 India
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2.3.3.2 China
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2.3.3.3 Japan
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2.3.3.4 South Korea
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2.3.3.5 Rest of Asia-Pacific
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2.3.4 Rest of the World
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2.3.4.1 South America
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2.3.4.2 Middle-East and Africa
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Automotive Automated Parking System Market Size FAQs
What is the current Automotive Automated Parking System Market size?
The Automotive Automated Parking System Market is projected to register a CAGR of 16.96% during the forecast period (2024-2029)
Who are the key players in Automotive Automated Parking System Market?
Wohr Parking System Pvt. Ltd, Lodige Industries GmbH, Shinmaywa Industries, Westfalia Technologies Inc. and Klaus Multiparking are the major companies operating in the Automotive Automated Parking System Market.
