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Automated Valet Parking Technology Market Overview
The current model of vehicle parking is no longer able to handle the increasing demand for parking the vehicles efficiently. The demand for updated parking solution can be addressed with automated valet parking (AVP) technology or driverless parking, without increasing the space allocated for the parking lot. Moreover, this technology may help in optimizing and freeing -up the available space for parking in the near future. Hence, the need to optimize the current model of parking system is expected to drive the global automated valet parking technology market during the forecast period (2020–2030).
Currently, the automated valet parking technology market is in its nascent phase, and there are prerequisites for both vehicles and parking spaces to allow usage of AVP. The vehicle is required to have mostly automatic gearbox, electronic stability program (ESP), steering assistant, communication unit, and electric parking brake along with start/stop functions. On the other hand, the parking space is required to be equipped with communication unit, advanced sensor technology with intelligent infrastructure, and cloud server connection for backend management.
On the basis of design, the automated valet parking technology market can be categorized into flat floor (helical), flat floor (one-way ramp), and others. Among these, the flat floor (one-way ramps) category is expected to grow at significant rate during the forecast period, due to its feature of minimizing the slopped floor space and allow more flexibility in parking and other usage.
Based on geography, the automated valet parking technology market is categorized into North America; Europe; Asia-Pacific (APAC); and Latin America, Middle East, and Africa (LAMEA). Among these geographies, North America is expected to possess the largest share in the market during the forecast period. It is mainly due to fast development and production of autonomous and connected cars and parking spaces equipped with advance technologies, such as internet of things (IoT) and sensors.
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Automated Valet Parking Technology Market Dynamics
The automated valet parking technology market is currently witnessing the collaborations between technology developers and vehicle manufacturers. Moreover, the developers are connecting with the city and local-level authorities to get grants for the testing of their developed automated parking solutions. For instance, in July 2019, Robert Bosch GmbH and Daimler AG took approval from local authorities in Baden-Württemberg for testing their automated parking systems in the Mercedes-Benz Museum parking garage in Stuttgart, Germany.
The rapidly growing demand for more efficient, hassle-free, and user-friendly parking systems is boosting the automated valet parking technology market. Due to increased road congestion, people find it difficult to find parking spaces quickly, which, in-turn, leads to increased time, cost, and distance from the user’s destination point. All these issues are fueling the growth of the market.
Automated Valet Parking Technology Market Competitive Landscape
The global automated valet parking technology market is currently in the development stage with key players including Robert Bosch GmbH., Daimler AG, Clarion Co. Ltd., Continental AG, Audi AG, and Nvidia Corp. These players are working toward launching their driverless parking systems.
The report covers country-wise automated valet parking market analysis. Some of the major countries covered in the report are the U.S., Canada, the U.K., France, Germany, Russia, Italy, China, Japan, India, South Korea, Australia, Brazil, Mexico, and the U.A.E.
Automated Valet Parking Technology Market Segmentation