The global automotive automated parking system market is anticipated to grow at a significant CAGR of 15.4% during the forecast period. One of the major factors that are fuelling the market is the growing competitiveness in the automobile industry. The market players are offering various new features for making their products better than the others, and the automated features are getting more attention than the others which has increased the demand for the automotive automated parking system. For instance, in November 2021, the Audi A8 received a subtle facelift for 2022, with new styling features, and advanced lighting technology which also included the automotive parking system. The updated A8 splits 40 driver assistance systems in which the “Park” package features Audi’s remote park assist, which allows the car to automatically maneuver in and out of bay or parallel parking spaces without the requirement of a driver.
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The residential segment is anticipated to hold a significant share in the market during the forecast period owing to the higher demand for a residential vehicles compared to commercial vehicles. Residential vehicles are highly used in families for doing various works and traveling, while commercial vehicles are used for specific work which limits their demand. As per the data of Organization Internationale des Constructeurs d’Automobiles (OICA) in 2021, 57,054,295 cars were manufactured which is more than 147% of the production of commercial vehicles. As a result of which, the market players are mostly preferring to implement high-tech systems such as automotive automated parking systems, ADAS, and others in the residential vehicles to compete in the market.
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- Market Coverage
- Market number available for – 2024-2031
- Base year- 2024
- Forecast period- 2024-2031
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Global Automotive Automated Parking System Market Report Segment
By Automation level
- Semi-Automated
- Fully-Automated
By System
- Hardware
- Software
By End-User
- Commercial
- Commercial
Global Automotive Automated Parking System Market Report Segment by Region
North America
- US
- Canada
Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Rest of the World
- Latin America
- Middle East & Africa
The Report Covers
- Market value data analysis of 2021 and forecast to 2028.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global automotive automated parking system market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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