The autonomous parking market is estimated to surpass USD 3,270.6 million in 2023 and is predicted to thrive with a CAGR of 14.6% from 2023 to 2033. The market is likely to reach USD 12,815.5 million by 2033.
Increasing complexity in parallel parking needs advanced technologies to overcome various difficulties which are likely to increase the demand for autonomous parking. This technique is used for self-parking vehicles, as most automotive and telemetric vendors have adopted this technology to resolve parking issues.
However, while the demand for the citizen’s mobility experience is likely to decline - the increasing scarcity of the availability of free space is estimated to significantly challenge the parking capacity in metropolitan cities. This is further expected to obstruct global market growth. Therefore, in various premises including residential, commercial, and industrial areas the adoption of autonomous parking has risen all around the region in recent years.
| Attributes | Details |
|---|---|
| Autonomous Parking Market Share (2022) | USD 2,894.3 million |
| Autonomous Parking Market Share (2023) | USD 3,270.6 million |
| Autonomous Parking Market Share (2033) | USD 12,815.5 million |
| Autonomous Parking Market Share (2023 to 2033) | 14.6% |
Autonomous parking is the next evolution of self-parking which saves space as well as money. These factors are likely to boost the autonomous parking market share. The adoption of autonomous parking eliminates the need for manual parking, reduces the complexity of parking, and minimizes the environmental impact.
Customers have recently started buying cutting-edge vehicles with autonomous systems that need minimal driver involvement. Due to this issue, there is a higher need for autonomous parking options, which encourages automakers to incorporate self-parking capabilities into their products.
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Advance & Efficient Functioning
A reduction in human efforts with more efficient and advanced functioning is anticipated to increase the demand for autonomous parking during the forecast period. Its development stage has caught the attention of many companies and researchers are likely to invest more time in bringing new technologies to the market.
Enhanced Lifestyles
Widespread use of cars in urban areas, owing to the growing population, has triggered concerns regarding parking infrastructure. This has necessitated the advancement of the existing infrastructure in these areas.
Moreover, there has been a significant increase in the per capita income, along with an improvement in the lifestyles of consumers from various developing regions. This has accelerated the demand for personal mobility, and increased automobile sales in metropolitan cities. The autonomous parking market, hence, is likely to boost owing to these attributes.
Safe & Convenient
Due to its safety and convenience features the autonomous parking market share is likely to increase during the forecast period. Autonomous parking avoids unwanted accidents and serious injuries such as whiplash and concussions. These are the major factors that are anticipated to propel the autonomous parking market growth in recent years.
A key strategy that has influenced the evolution of urban areas is the creation of smart cities throughout the world. The implementation of IoT-based technology is the consequence of this endeavor, which aims to facilitate the enhancement of characteristics like mobility and transportation.
Thus, the implementation of smart city initiatives by governments across the globe is creating lucrative business opportunities for manufacturers involved in smart parking solutions, therefore assisting the expanded demand for autonomous parking.
The autonomous parking market is segmented into various regions including North America, Europe, Latin America, Asia Pacific & the Middle East, and Africa. North America is likely to dominate the autonomous parking market by acquiring 36.6% of the share during the forecast period. In 2022, North America captured 34.6% of global market shares in 2022.
| Factors | Increasing Demand |
|---|---|
| Details | Rising vehicle numbers and increased traffic in North America are expected to increase the autonomous parking market share due to rising demand in the automotive industry. |
| Factors | Digital Technology |
|---|---|
| Details | Growing innovative mobility and digital technology are likely to increase the adoption of autonomous parking in the region. |
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Europe held the second position in the autonomous parking market share by acquiring 23.7% of the global market shares in 2022.
| Attributes | Details |
|---|---|
| Rising Imports and Exports | The autonomous market is rapidly growing in Europe due to the increasing import and export of goods in the region. |
| Attributes | Details |
|---|---|
| Advance Technology | The end-users quick adoption of cutting-edge technology probably increases the market potential for autonomous parking in this region. |
The autonomous parking start-up market is pushing its direction toward innovative ideas to come up with unique products that capture consumers' attention. Start-up companies are focusing on day-to-day research and experiments to achieve their goals in recent years.
Discover Top 2 Start-ups in the Autonomous Parking Market
Wisesight:
Wisesight is an Israeli-based start-up company that manages autonomous parking with smart technology. The company provides parking solutions that include congestion gauge, revenue potential, and vacancies among others. The system has a reminder and it specifies the real-time payment position.
Yazamtec:
Yazamtec is a Dutch-based start-up company that provides autonomous parking optimization. The company developed communicator sensors that give real-time data and determine vehicles in parking areas.
The start-up company uses matrix blockchain techniques to monitor and operate the parking spaces. It also uses AI technology to manage autonomous parking in different areas.
The autonomous parking market is fragmented by the key players and manufacturers present all around the region, during the forecast period. They are developing devices that are easy to use while parking any vehicle. The key players are focusing on using various innovative technologies that fix consumers' needs.
Recent Developments in the Autonomous Parking Market
Major Global Autonomous Parking Players are
Volkswagen AG
With its headquarters in Wolfsburg, Germany- The Volkswagen Group is one of the world's leading manufacturers of automobiles and commercial vehicles.
Toyota Motor Corporation
They are a Japanese multinational automotive manufacturer headquartered in Toyota City, Aichi, Japan, founded by Kiichiro Toyoda and incorporated on August 28, 1937. Toyota is one of the largest automobile manufacturers in the world, producing about 10 million vehicles per year.
Ford Motor Company
They are an American multinational automobile manufacturer headquartered in Dearborn, Michigan, the United States - founded by Henry Ford and incorporated on June 16, 1903. The company sells automobiles and commercial vehicles under the Ford brand and luxury cars under its Lincoln luxury brand.
AB Volvo
They are a Swedish multinational manufacturing corporation headquartered in Gothenburg. While its core activity is the production, distribution, and sale of trucks, buses, and construction equipment, Volvo also supplies marine and industrial drive systems and financial services.
BMW AG
They are a German multinational manufacturer of luxury vehicles and motorcycles headquartered in Munich, Bavaria, Germany. The corporation was founded in 1916 as a manufacturer of aircraft engines, which it produced from 1917 until 1918 and again from 1933 to 1945.
Other Key Players in the Global Market:
| Attribute | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD Million for Value |
| Key Regions Covered | North America; Latin America; Europe; Asia Pacific; Middle East & Africa (MEA) |
| Key Countries Covered | United States, Canada, Germany, United Kingdom, Nordic, Russia, BENELUX, Poland, France, Spain, Italy, Czech Republic, Hungary, Rest of EMEAI, Brazil, Peru, Argentina, Mexico, South Africa, Northern Africa, GCC Countries, China, Japan, South Korea, India, ASEAN, Thailand, Malaysia, Indonesia, Australia, New Zealand, Others |
| Key Segments Covered | Type, Deployment, Vertical, Region |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, Trend Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
The growth potential of the market is 14.6% through 2033.
Europe acquired 23.7% of the global market shares in 2022.
Wisesight and Yazamtec are the key startup companies in the Market.
Tesla, Robert Bosch GmbH, and Skyline Parking AG are the prominent market players.
Advanced and efficient functioning drives sales.
| Estimated Size, 2024 | USD 6,901.1 million |
|---|---|
| Projected Size, 2034 | USD 19,212.2 million |
| Value-based CAGR (2024 to 2034) | 10.8% |
| Market SIze (2022) | USD 440 Billion |
|---|---|
| Market Size (2032) | USD 768.2 Billion |
| Market CAGR (2022 to 2032) | 5.6% |
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Autonomous Parking Market
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