• Stacy Lawlor

Global Automotive Automated Parking System Market Size to grow USD 3.62 billion by 2028


Global Automotive Automated Parking System Market Size to grow USD 3.62 billion by 2028

The Global Automotive Automated Parking System Market Size is projected to grow from USD 1.33 billion in 2020 to USD 3.62 billion by 2028 at a CAGR of 15.79% during the forecast period.


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The Automated Parking System manages parking in order to reduce the amount of space needed for parking. The automated parking mechanism is a system that reduces the amount of parking space necessary. The Automated Parking System is used to construct multi-story parking structures that enhance the number of parking spaces while lowering the amount of land required for parking lots. Parking structures that stack cars vertically to save space are known as Automatic Parking Systems (APS). These one-of-a-kind technologies are designed to transfer vehicles from their entry to their parking location without the need for the driver to be present.

Global Automotive Automated Parking System Market Size

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The COVID-19 epidemic has resulted in a global economic downturn. Lockdowns imposed in various countries of the world to prevent the virus from spreading caused supply chain disruptions and the temporary closure of many manufacturing facilities.


The COVID-19 pandemic has had a major impact on the market for robotic parking systems. New vehicle production and sales, including passenger cars, have been halted due to the global lockdown restriction. Raw materials required to manufacture other automobile parts were unavailable due to the supply chain disruption, creating manufacturing delays. As a result, the industrial economy has been rapidly deteriorating. The COVID-19 pandemic has caused or is causing lockdowns in several countries throughout the world.


Increasing Smart City Initiatives from Government Is a Positive Trend for Market


The global movement to construct smart cities has had considerable impact on the evolution of metropolitan regions. As a result of this initiative, IoT-based technology has been adopted to improve facilities such as transportation and mobility. Moreover, smart city initiatives adopted by governments around the world have opened up commercial potential for smart parking solutions like automated parking systems. Parking management solutions in smart cities are adaptable, easy to manage, and space-efficient. For the city of Los Angeles, Xerox Corporation (US) developed a smart grid that assists drivers with parking. A driver can use a smartphone application to locate a parking place using the Xerox smart grid. The parking sensors in the parking bay register the spot as occupied once it is parked. The driver is responsible for paying the parking meter. Using the same mobile phone application, you can extend the time on the parking meter and pay for it. The parking prices change every few months, depending on how much the space is used. This type of innovation boosts the market growth during the forecast period.


Growing Demand for green and sustainable parking solutions


One of the major contributors to global warming and climate change is the growing volume of emissions produced by the automotive industry. In large automobile markets such as China, India, and the United States, vehicle emissions account for a significant portion of total emissions. Many government agencies are pursuing a variety of strategies to reduce automobile emissions. The European Union and the G8 nations, for example, announced a strategy in 2009 to reduce CO2 emissions by at least 80% by 2050. On April 1, 2016, China and the United States issued a joint declaration to sign the Paris Climate Agreement. The accord attempts to keep global climate change under control. As a result, the industry's attention has turned to the creation of environmentally friendly solutions.


The time spent looking for a parking spot when parking a car wastes fuel and increases emissions. In 2017, according to research by the British Parking Association (BPA), the average UK person spends 90.5 hours per year looking for parking places. This wastes fuel, time, and produces more pollution, all of which can be avoided with the help of an automatic parking system. Automated parking aids in the reduction of emissions, energy consumption, and the footprint of buildings. Furthermore, as compared to a traditional parking system, the automated parking system boosts efficiency and can park more vehicles in less space.


Europe is the largest market for automated parking systems due to automatic parking systems are widely used in the United Kingdom, Denmark, Germany, Norway, Switzerland, Netherlands, and Spain. The growing use of automated parking systems is projected to improve parking solutions, save space, and lower vehicle emissions while parking the car. Europe has a cutting-edge technological foundation and is home to the world's leading providers of automated parking solutions. This has prompted both the private and public sectors to implement automated parking solutions in order to properly manage parking issues.

Global Automotive Automated Parking System Market Size

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North America is the second largest market for automated parking systems due to the region's widespread adoption of automation technology. Also, in order to establish a good system and control parking space for large on-road fleets in countries like the United States, the use of automotive parking systems is projected to boost the market growth in the region.


The Asia Pacific is the third largest market for automated parking systems due to the large population and the common occurrence of automobile parking on the highways. The region is home to 40% of the world's population as well as some of the world's fastest-growing economies, including China and India. Furthermore, a number of smart city projects are being implemented to improve citizen services. These projects will have an impact on issues such as transit, infrastructure, connectivity, and utilities, and will undoubtedly contribute to the growth of the automated parking market. As a result, governments in the region are concentrating on urban planning and developing smart city solutions to maximize the use of existing infrastructure.


KEY INDUSTRY DEVELOPMENTS:


In February 2022, Nvidia and Jaguar Land Rover announced a collaboration to develop software-defined features for automatic driving in their vehicles starting in 2025. The Drive IX software focuses on AI-based capabilities such as improved visualization and driver and occupant monitoring.


In January 2022, Fauceria announced the purchase of 79.5% shares of Hella Electronics to extend their automotive technology product range, which includes ADAS convergence, radar, electronic power steering, and automated parking systems.


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