Market Overview

The global automotive automated parking system market is witnessing robust growth in recent years, driven by the surging demand for advanced parking solutions in both residential and commercial sectors. According to a report by Allied Market Research, the market is projected to reach $6.65 billion by 2026, growing at a CAGR of 9.4% from 2019 to 2026. The rising urbanization, increasing vehicle ownership, and the need for reducing parking space have fueled the demand for automated parking systems.

Meaning

An automotive automated parking system is a technology that allows a vehicle to park itself in a designated parking space without human intervention. The system uses sensors, cameras, and software algorithms to scan the surroundings, detect obstacles, and maneuver the vehicle into the parking space. The automated parking system enables efficient use of space, saves time, and reduces the risk of accidents.

Executive Summary

The automotive automated parking system market is poised to witness robust growth in the coming years due to the increasing demand for advanced parking solutions. The rising urbanization, increasing vehicle ownership, and the need for reducing parking space have fueled the demand for automated parking systems. The market is characterized by the presence of several players, both established and new entrants, striving to offer innovative solutions to gain a competitive edge.

Important Note: The companies listed in the image above are for reference only. The final study will cover 18–20 key players in this market, and the list can be adjusted based on our client’s requirements.

Key Market Insights

The increasing demand for efficient parking solutions and the need for reducing parking space are driving the growth of the automotive automated parking system market. The rising adoption of advanced technologies such as AI, machine learning, and IoT in the automotive industry is further fueling market growth. Moreover, the increasing preference for electric and hybrid vehicles is expected to boost the demand for automated parking systems in the coming years.

Market Drivers

1. Increasing Demand for Efficient Parking Solutions The growing urbanization and increasing vehicle ownership have led to a surge in demand for efficient parking solutions. Automated parking systems offer efficient use of space, saves time, and reduces the risk of accidents, thereby driving market growth.
2. Need for Reducing Parking Space With the growing urban population and limited parking space, there is a need for reducing the parking space. Automated parking systems help in reducing the space required for parking, thereby fueling market growth.
3. Rising Adoption of Advanced Technologies The automotive industry is witnessing a rapid transformation, with the increasing adoption of advanced technologies such as AI, machine learning, and IoT. The integration of these technologies in automated parking systems is driving market growth.

Market Restraints

1. High Installation and Maintenance Cost The high installation and maintenance cost of automated parking systems act as a major restraint to market growth. The cost of the system varies based on the size and complexity of the parking lot, making it unaffordable for small-scale businesses and individuals.
2. Technical Glitches and Security Concerns Automated parking systems are prone to technical glitches, which can result in the malfunctioning of the system. Moreover, the security of the system is a major concern, as any malfunction can result in vehicle damage or accidents, thereby restraining market growth.

Market Opportunities

1. Increasing Preference for Electric and Hybrid Vehicles The increasing preference for electric and hybrid vehicles is expected to boost the demand for automated parking systems. These vehicles require specialized parking solutions, and automated parking systems offer an efficient and safe parking solution.
2. Growing Smart City Initiatives The growing smart city initiatives across the globe offer significant opportunities for the automotive automated parking system market. The smart city projects focus on enhancing the parking experience, reducing traffic congestion, and improving the overall mobility experience, thereby driving market growth.

Market Dynamics

The automotive automated parking system market is highly dynamic, with several factors influencing market growth. The market is characterized by the presence of several players, both established and new entrants, striving to offer innovative solutions to gain a competitive edge. The market dynamics are influenced by the following factors:

1. Technological Advancements The market is witnessing a rapid transformation with the integration of advanced technologies such as AI, machine learning, and IoT. These technologies are enabling the development of more efficient and effective automated parking systems, thereby driving market growth.
2. Growing Urbanization The increasing urbanization across the globe is fueling the demand for automated parking systems. The limited parking space in urban areas has led to the need for reducing parking space, and automated parking systems offer an efficient solution to this problem.
3. Increasing Vehicle Ownership The increasing vehicle ownership across the globe is driving the demand for automated parking systems. These systems offer a safe and efficient parking solution, which is becoming increasingly important due to the rising number of vehicles on the road.
4. Government Regulations The government regulations related to parking and transportation are also influencing the market dynamics. The regulations related to parking space and vehicle emissions are driving the adoption of automated parking systems.

Regional Analysis

The automotive automated parking system market is segmented into North America, Europe, Asia-Pacific, and Rest of the World (RoW). North America and Europe are the leading markets, followed by Asia-Pacific. The market in North America and Europe is driven by the increasing demand for advanced parking solutions, whereas the market in Asia-Pacific is driven by the growing urbanization and increasing vehicle ownership.

Competitive Landscape

Leading Companies in the Automotive Automated Parking System Market

1. Robert Bosch GmbH
2. Continental AG
3. Valeo S.A.
4. Siemens AG
5. Stanley Robotics
6. CityLift Parking
7. Westfalia Parking Solutions
8. Unitronics
9. MHE-Demag (Terex Corporation)
10. Skyline Parking AG

Please note: This is a preliminary list; the final study will feature 18–20 leading companies in this market. The selection of companies in the final report can be customized based on our client’s specific requirements.

Segmentation

The automotive automated parking system market is segmented based on technology, application, and region.

By Technology

• Sensor-Based Parking Assistance Systems
• Infrastructure-Based Parking Assistance Systems

By Application

• Residential
• Commercial

By Region

• North America
• Europe
• Asia-Pacific
• Rest of the World (RoW)

Category-wise Insights

Based on technology, the sensor-based parking assistance systems segment is expected to dominate the market during the forecast period. The increasing adoption of advanced sensors and cameras in automated parking systems is driving the growth of this segment.

Based on application, the commercial segment is expected to witness robust growth in the coming years. The increasing demand for advanced parking solutions in commercial spaces such as airports, shopping malls, and office complexes is driving the growth of this segment.

Key Benefits for Industry Participants and Stakeholders

The automotive automated parking system market offers several benefits for industry participants and stakeholders, including:

1. Efficient Use of Space Automated parking systems enable efficient use of space, thereby reducing the need for a large parking area.
2. Saves Time Automated parking systems offer a faster and more efficient parking solution, saving time for both vehicle owners and parking lot operators.
3. Improves Safety Automated parking systems reduce the risk of accidents and vehicle damage, thereby improving safety.
4. Enhances User Experience Automated parking systems offer a seamless and convenient parking experience, enhancing user experience.

SWOT Analysis

Strengths:

• Efficient use of space
• Saves time
• Improves safety
• Enhances user experience

Weaknesses:

• High installation and maintenance cost
• Technical glitches and security concerns

Opportunities:

• Increasing preference for electric and hybrid vehicles
• Growing smart city initiatives

Threats:

• Intense competition
• Government regulations

Market Key Trends

1. Integration of AI and IoT The integration of AI and IoT in automated parking systems is driving market growth. These technologies enable the development of more advanced and efficient parking systems, which offer a seamless and convenient parking experience.

2. Emergence of Hybrid Parking Solutions The emergence of hybrid parking solutions, which combine the benefits of automated and conventional parking systems, is a key trend in the market. These solutions offer the convenience of automated parking systems, along with the flexibility of conventional parking solutions.
3. Increasing Adoption of Electric Vehicles The increasing adoption of electric vehicles is driving the demand for specialized parking solutions. Automated parking systems offer an efficient and safe parking solution for electric vehicles, thereby driving market growth.

Covid-19 Impact

The Covid-19 pandemic has had a mixed impact on the automotive automated parking system market. While the initial lockdowns and restrictions led to a slowdown in the market, the increasing need for contactless and safe parking solutions has fueled the demand for automated parking systems. The pandemic has also accelerated the adoption of advanced technologies such as AI and IoT in the market.

Key Industry Developments

1. In July 2020, Bosch launched its new automated parking solution, which combines sensors and cameras to enable efficient and safe parking.
2. In December 2020, Continental AG announced the launch of its new automated parking solution, which offers advanced features such as remote parking and valet parking.

Analyst Suggestions

The automotive automated parking system market is poised to witness robust growth in the coming years, driven by the increasing demand for advanced parking solutions. The market is characterized by intense competition, with several players striving to gain a competitive edge by offering innovative solutions. The integration of advanced technologies such as AI, machine learning, and IoT is expected to drive market growth, along with the increasing adoption of electric and hybrid vehicles.

Future Outlook

The global automotive automated parking system market is expected to witness robust growth in the coming years, driven by the increasing demand for advanced parking solutions. The market is expected to witness significant investments in R&D activities, aimed at developing more advanced and efficient parking solutions. The market is also expected to witness strategic collaborations and partnerships among key players to gain a competitive edge.

Conclusion

The automotive automated parking system market is revolutionizing the parking experience, offering efficient, safe, and convenient parking solutions. The market is witnessing robust growth, driven by the increasing demand for advanced parking solutions, the need for reducing parking space, and the adoption of advanced technologies. The market is characterized by intense competition, with several players striving to gain a competitive edge by offering innovative solutions. The future outlook for the market is positive, with significant investments in R&D activities and strategic collaborations expected to drive market growth in the coming years.