Global automotive automated parking system market is anticipated to grow at a considerable CAGR of 16.7% during the forecast period. The market growth is driven by advancements and technological innovations in the automotive industry, such as cameras, sensors, wireless communications, data analytics, smart parking meters, and advanced algorithms. The deployment of advanced automated features to vehicles has increased the demand for the automotive automated parking system globally.
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Recent Developments in the Global Automotive Automated Parking System Market
- In September 2023, Hyundai introduced a One-Touch Automated Parking System, allowing drivers to park or retrieve their vehicles remotely with a single touch on a smartphone app. This innovative system aims to enhance convenience and efficiency by leveraging advanced automation technology for parking operations.
- In February 2022, Jaguar Land Rover and Nvidia announced a partnership for developing software-defined features to advance automated driving in their vehicle from 2025. The focus was on embedding Artificial Intelligence (AI) based features, including advanced visualization and occupant and driver monitoring via the Drive IX software.
- 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 the bay or parallel parking spaces without the requirement of a driver.
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Market Coverage
- The market number available for – 2023-2031
- Base year- 2023
- Forecast period- 2024-2031
- Segment Covered-
o By Automation Level
o By System
o By End-User
- Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
- Competitive Landscape- Bosch GmbH, Continental AG, Robotic Parking Systems, Inc., Unitronics (1989) (R” G) Ltd., and ZF Friedrichshafen AG among others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- Who is the leader in the market?
- How are players addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Automotive Automated Parking System Market Report Segment
By Automation Level
- Semi-Automated
- Fully-Automated
By System
- Hardware
- Software
By End-User
- Commercial
- Residential
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