PUBLISHER: Orion Market Research | PRODUCT CODE: 1159397
PUBLISHER: Orion Market Research | PRODUCT CODE: 1159397
Global Automotive Automated Parking System Market Size, Share & Trends Analysis Report by Automation Level (Semi-automated and Fully-automated), by System (Hardware and Software), and by End-User (Commercial and Residential) Forecast Period (2022-2028)
The global automotive automated parking system market is anticipated to grow at a substantial CAGR of 15.4% during the forecast period. The continuous technological advancement in a vehicle is one of the core factors behind the increasing demand for the automotive automated parking system. In the past few years, market players have been deploying advanced automated features to the vehicle for providing something different and new to the consumers, and it has been increasing with every new launch. It has increased the demand for the automotive automated parking system. For instance, in September 2020, MG launched its MG Gloster with multiple advanced features such as ADAS level-1, auto parking, and other features.
The global automotive automated parking system market is segmented based on the automation level, system, and end-user. Based on the automation level, the market is segmented into semi-automated and fully automated. Based on the system, the market is sub-segmented into hardware and software. Based on the end-user, the market is sub-segmented into commercial and residential. Based on the automation level, the semi-automated is expected to hold the prominent share in the market, owing to the availability and low cost of semi-automated as compared to fully automated.
Geographically the global automotive automated parking system market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. Europe is anticipated to grow significantly during the forecast period owing to the existing large vehicle market in the region. The key vehicle market players present across the region are integrating high-tech features in vehicles such as Volkswagen, Mercedes, BMW, Audi, and others. As per the data published by OICA, 16,330,509 vehicles were produced in the Europe region in 2021, which is the 2nd largest number of vehicles produced across the globe in 2021.
The major companies serving the global automotive automated parking system market include Klaus Multiparking Systems Pvt. Ltd., Lodige Industries GmbH, ShinMaywa Industries Ltd., Westfalia Parking, Wohr Parking Systems Pvt. Ltd., and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in February 2022, Jaguar Land Rover and Nvidia announced a partnership for developing software-defined features to advance automated driving in their vehicle from 2025. The focus was on embedding Artificial Intelligence (AI) based features, including advanced visualization and occupant and driver monitoring via the Drive IX software.
Research Methodology
The market study of the global automotive automated parking system market is incorporated by extensive primary and secondary research conducted by the research team at OMR. Secondary research has been conducted to refine the available data to break down the market into various segments, and derive the total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report, the country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior, and macroeconomic factors. Numbers extracted from secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives, managers, key opinion leaders, and industry experts. Primary research brings authenticity to our reports.
Secondary Sources Include:
The report provides an in-depth analysis of the market size and intended quality of the service preferred by consumers. The report will serve as a source for a 360-degree analysis of the market thoroughly integrating different models.
Market Segmentation
The Report Covers: