PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1485731
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1485731
Automated Valet Parking System Market size was valued at USD 3,937.63 Million in 2023, expanding at a CAGR of 58.5% from 2024 to 2032.
The Automated Valet Parking System (AVPS) market encompasses solutions utilizing advanced technologies like sensors, cameras, and AI to enable vehicles to self-park without human intervention, enhancing urban mobility. Rising urbanization and traffic congestion, push demand for efficient parking solutions, alongside advancements in autonomous vehicle technology propelling automated valet parking system development. Consumer demand for enhanced user experience and environmental concerns also boost adoption. However, high initial costs, regulatory challenges, and cybersecurity risks are restraints. Opportunities lie in integration with smart city initiatives, partnerships for innovation, emerging markets, and enhanced customer service applications in commercial establishments.
Automated Valet Parking System Market- Market Dynamics
The AVPS market is expanding in response to the growing demand for vehicles
The Automated Valet Parking System (AVPS) market is expanding globally in tandem with the increasing demand for vehicles in urban areas. Cities like New York and Tokyo are experiencing significant congestion, with studies showing that up to 30% of urban traffic is caused by drivers searching for parking. To address this issue, governments are encouraging the adoption of smart parking technologies like AVPS to optimize parking space utilization and reduce traffic congestion. For instance, the Department of Transportation in the United States has allocated substantial funding towards smart city initiatives, including AVPS implementation, with investments projected to exceed $1 billion by 2025. Furthermore, automotive manufacturers and technology firms are investing heavily in research and development to meet this rising market need.
Automated Valet Parking System Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 58.5% over the forecast period (2024-2032)
Based on Automation Level segmentation, Fully-automated was predicted to show maximum market share in the year 2023
Based on Technology Type segmentation, Sensor-based Systems was the leading type in 2023
Based on Service Model segmentation, the Ownership Model was the leading type in 2023
Based on region, North America was the leading revenue generator in 2023
The Global Automated Valet Parking System Market is segmented based on Automation Level, Technology Type, Service Model, End-User, and Region.
The market is divided into two categories based on Automation Level: Semi-automated, Fully-automated. Fully automated valet parking systems are generally preferred over semi-automated systems due to their complete autonomy and convenience. Fully automated solutions offer enhanced efficiency and user experience, driving higher adoption rates in the market.
The market is divided into four categories based on Technology Type: Camera-based Systems, Sensor-based Systems, Hybrid Systems, and Connectivity Solutions (IoT-based). Connectivity solutions (IoT-based) are highly favored for their advanced real-time data processing and connectivity capabilities. Sensor-based systems follow closely, offering reliable performance, while camera-based and hybrid systems are preferred for their versatility and cost-effectiveness respectively.
Automated Valet Parking System Market- Geographical Insights
In North America, cities like New York and San Francisco are leading in AVPS adoption due to high urbanization rates and limited parking spaces, supported by government initiatives and advancements in autonomous vehicle technologies. Similarly, European countries such as Germany and the UK are advancing AVPS implementation driven by stringent environmental regulations and a robust automotive industry presence. Asia Pacific is experiencing rapid growth fueled by densely populated cities like Tokyo and Singapore grappling with severe traffic congestion, alongside government investments in smart infrastructure and the rise of electric and autonomous vehicles. In the Middle East, cities like Dubai are embracing AVPS to enhance urban mobility, supported by investments in smart city projects, while Latin American countries like Brazil and Mexico are gradually adopting AVPS technologies to address increasing urbanization and the need for efficient parking solutions.
Several key players such as Valeo SA, Robert Bosch GmbH, Continental AG, and Stanley Robotics, are driving innovation through substantial investments in research and development. These industry leaders are focused on advancing AVPS technology with cutting-edge sensing technologies, AI algorithms, and cloud-based platforms to enhance efficiency and reliability. Strategic partnerships and collaborations between automotive manufacturers, technology firms, and infrastructure developers are crucial for market expansion, exemplified by collaborations like BMW and Siemens in automated parking garages. Market expansion strategies include acquisitions, product launches, and geographical expansion into emerging markets like Asia Pacific and Latin America. Navigating regulatory frameworks and ensuring compliance with safety standards are essential considerations for market entry and growth. Competitive differentiation is achieved through user-friendly interfaces, seamless integration with vehicle systems, and robust cybersecurity measures, emphasizing customer experience and operational efficiency as key drivers of competitive advantage in the dynamic AVPS market landscape.
In January 2024, Bosch introduced an innovative fully automated car valet system designed for parking garages. This system efficiently transports vehicles to a charging station where a robot automatically connects to the car for charging purposes.
In September 2023, Hyundai Mobis developed a one-touch automated parking technology that allows drivers to park their vehicles with a single button touch. The technology is called Mobis Parking System (MPS) 1.0 Premium and features a Memory Parking Assist (MPA) system.
GLOBAL AUTOMATED VALET PARKING SYSTEM MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
AImotive Ltd.
Continental AG
IEM SA
Panasonic Corporation
Park Assist LLC
Parkmobile, LLC
Parkopedia Limited
Robert Bosch GmbH
Siemens AG
Smart Parking Ltd.
Stanley Robotics
SWARCO AG
Umoove Ltd.
Valeo SA
ZF Friedrichshafen AG
Others