Autonomous Parking Market Share, Global Industry Size, Growth, SWOT Analysis, Competitor Landscape, Regional Outlook 2023 to 2033

The autonomous parking market is estimated to surpass US$ 3,270.6 million in 2023 and is predicted to thrive with a CAGR of 14.6% from 2023 to 2033. The market is likely to reach US$ 12,815.5 million by 2033.

Autonomous parking is the next evolution of self-parking. Autonomous parking eliminates the need for manual parking and lessens the complexity of parking. It has been observed that most customers are purchasing advanced vehicles which has automated features that require less human intervention while driving the vehicle.

Therefore, increasing the demand for autonomous parking solutions which helps to develop self-parking features in vehicles to fulfill customer requirements.

Autonomous Parking Market

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Autonomous Parking Market: Drivers and Restraints

The difficulties faced in parallel parking are eliminated with autonomous parking, which acts as a major driver in the autonomous parking market. Reduction in human efforts with more efficient and secure functioning increases its adoption, acting towards the growth of autonomous parking market. The concept in its development stage has caught the attention of many companies and researchers, further increasing its adoption and demand.

Only a few companies have adopted autonomous parking because of its complexity and lack of awareness. The higher cost further restricts the growth of the autonomous parking market.

Global Autonomous Parking Market Technology Trends

  • Installation of ultrasonic sensors on the front and rear bumpers of the car helps the machine collect the required knowledge for autonomous parking. The processing is the same as that of a bat, for locating their way around.
  • In addition to that, companies are focusing on the transition from semi-autonomous parking to fully autonomous parking solutions to fulfill the demands of customers.

Autonomous parking market: Regional Outlook

North America and Europe are the largest markets for global autonomous parking market. Majority of autonomous parking providers such as Volkswagen, Robert Bosch LLC., Tesla, etc. are based in North America and Europe.

U.S. and Germany in North America and Europe regions are the major investors for autonomous parking technology. With the advancements of developing countries in APAC region also have started adopting autonomous parking feature in their vehicles.

Global Autonomous Parking Competitive Landscape:

Key Trends

Volvo introduced a smartphone application, which on instructing automatically parks the respective vehicle at the specified location. The notification is dropped automatically to the user once the task is complete.

Key Companies

Some of the major global Autonomous Parking players are AB Volvo, Volkswagen, Toyota Motor Corporation, Ford Motor Company, BMW AG, Diamler AG, FCA US LLC., Tesla and Robert Bosch LLC.

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