Market Trends of Automotive Automated Parking System Industry
This section covers the major market trends shaping the Automotive Automated Parking System Market according to our research experts:
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 safe testing for every vehicle and the deployment of automated and connected vehicles while creating awareness regarding driver-assistance technologies.
The demand for self-driving cars in North America has increased significantly over the past three years. This demand is fueled by huge investments by tech hubs across the United States and the implementation of self-driving features as standard across luxury vehicle models.
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 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 conditionally automated vehicles at a considerable pace, which is expected to drive the market.
Europe is expected to be the largest market during the forecast period
According to the European Automobile Manufacturers Association, in 2019, there were 277.7 million motor vehicles on the road in the European Union. With the presence of many big players in automated parking systems in the region and people's inclination toward adopting new technologies that are also eco-friendly, Europe is expected to be the largest market for automated parking systems.
The automated parking system is a result of a partnership between different companies. Thus, major players are teaming up with other technology and real estate companies to provide automated parking systems.
The European government regulates the use of its land and other resources and emphasizes better utilization of these resources. For instance, the government of the 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. It may also reduce the parking space required for a large fleet of vehicles. With the increasing number of vehicles in the world, this solution will be very feasible to tackle most problems simultaneously.
