The global Autonomous Parking System Market size is expected to reach over 1.8 USD billion by 2026 and is expected to grow at CAGR 15.8% during the forecast period, 2019-2026.
Continuously rising vehicle sales across the globe coupled with the increasing concern for the parking spaces have drive the global Autonomous parking system market during the forecast period 2019-2026. During last few years, automation has changed the all scenario of the sectors. Introduction of advanced technology and use of AI in the various sector have improved the efficiency of the work. Rising demand for efficient work system, elevating demand for electronic systems for vehicles parking, and presence of huge automotive vehicles across the globe propel the growth of the Autonomous parking system market. The demand for automotive, especially in the developing countries, is growing rapidly on account of economic growth, which is projected to drive Autonomous parking system market growth during the forecast period 2018–2025. For instance, according to Automotive Production Statistics by International Organization of Motor Vehicle Manufacturers (OICA) in 2017, a total number of automotive produced was 97,302,534 units which include which cars and commercial vehicles; Whereas in 2016, it was 94,976,569. However, China was the major contributor to the global automotive production followed by Japan. China produced 24,806,687 cars and 4,208,747 commercial vehicles, whereas Japan produced 8,347,836 and 1,345,910 cars and commercial vehicles respectively
The market research study on “Autonomous Parking System Market - Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 – 2026” offers a detailed outlook, strategic recommendations, and insightful viewpoints on the global Autonomous Parking System Market. The report also analyzes the key players operating in Autonomous Parking System Market and identifies the key strategies deployed by them along with the market share of leading players.
The global Autonomous Parking System Market is segmented as below:
Autonomous Parking System Market By Components
Autonomous Parking System Market By Geography
The global Autonomous Parking System Market is segmented by component
On the basis of component , the Autonomous Parking System Market is segmented into Radar, Lidar, Image Sensor, Ultrasonic, camera, others.
Geographically, Autonomous parking system market is segmented into North America, Europe, Asia Pacific, Latin America and The Middle East & Africa (LAMEA).
North America accounts for the largest share in the Autonomous parking system market. The major factors driving the market in North America are increasing number of vehicles, rise in demand for automation in automotive industry, and constant growth in goods transportation. Growing interest in digital technology and innovative mobility has increased the adoption of Autonomous parking system, thereby driving the global Autonomous parking system market. For instance, according to Oak Ridge National Laboratory (ORNL) transportation analysis in 2016, about 322,000 medium/heavy trucks were produced in the United States, which is 63% of North America’s total production. Additionally, Mexico accounted for 35% of total North America production. Increased focus on improving service and managed the parking the manufacturers is to develop the new and advanced products fueling the Autonomous parking system market growth further.
Europe holds a significant share in the Autonomous parking system market due to increasing import and export of goods in the Europe region. Asia Pacific is the fastest growing market for Autonomous parking system owing to technological advancements taking place in China regarding automation in the service sector. Increased production capacity of automotive components in the developing countries such as Japan, Korea, and China have increased the demand for the better parking system, thereby driving the market growth. Moreover, rapid urbanization and growth in buying power have increased the demand for Autonomous parking system. LAMEA holds the least share in the global Autonomous parking system market.
Some of the key players in the global Autonomous Parking System Market include SIEMENS AG, Mitsubishi Electric, Bombardier Transportation, Thales Group, Alstom S.A., Ansaldo STS, Hitachi Ltd., and CRRC Corporation limited.