Autonomous Parking - Global Strategic Business Report

The global market for Autonomous Parking was estimated at US$8.6 Billion in 2023 and is projected to reach US$31.7 Billion by 2030, growing at a CAGR of 20.5% from 2023 to 2030. This comprehensive report provides an in-depth analysis of market trends, drivers, and forecasts, helping you make informed business decisions.

Global Autonomous Parking Market - Key Trends and Drivers Summarized

How Is Autonomous Parking Transforming Urban Mobility?

Autonomous parking is rapidly emerging as a game-changer in urban mobility, addressing one of the most persistent challenges faced by drivers: finding and maneuvering into tight parking spaces. This technology allows vehicles to identify, navigate, and park themselves in available spaces with minimal or no driver intervention. Utilizing a combination of sensors, cameras, radar, and advanced algorithms, autonomous parking systems can detect surrounding obstacles, calculate the optimal parking trajectory, and execute precise parking maneuvers. As urban areas become more congested and parking spaces more limited, the convenience and efficiency offered by autonomous parking are becoming increasingly attractive to both consumers and city planners. This innovation not only reduces the time and stress associated with parking but also optimizes space utilization, potentially alleviating the parking shortages that plague many cities worldwide.

What Technological Advances Are Propelling Autonomous Parking to the Forefront?

The development of autonomous parking systems is closely linked to advancements in sensor technologies, artificial intelligence (AI), and vehicle-to-everything (V2X) communication. Modern vehicles equipped with autonomous parking capabilities rely on a network of sensors, including ultrasonic sensors, LiDAR, and cameras, to create a detailed map of their surroundings. AI and machine learning algorithms process this data in real-time, enabling the vehicle to recognize parking spaces, detect obstacles, and make split-second decisions during the parking process. Furthermore, V2X communication plays a critical role by allowing vehicles to interact with their environment, such as communicating with smart parking infrastructure to identify available spaces or receiving real-time traffic updates. These technological advances are making autonomous parking more reliable, accessible, and capable of handling increasingly complex parking scenarios, from parallel parking on busy streets to navigating multi-level parking garages.

How Are Market Dynamics Shaping the Adoption of Autonomous Parking?

The adoption of autonomous parking is being shaped by a variety of market dynamics, including consumer demand for convenience, the push for smart city solutions, and the growing integration of advanced driver assistance systems (ADAS) in modern vehicles. As consumers become more accustomed to technology-enhanced driving experiences, the demand for features like autonomous parking is increasing, especially among urban dwellers who frequently face parking challenges. In parallel, the global push towards smart cities is driving the development of intelligent transportation systems, where autonomous parking plays a vital role in reducing congestion and improving traffic flow. Additionally, the integration of ADAS in a growing number of vehicles is paving the way for the broader adoption of autonomous parking, as it is often included as part of a suite of advanced safety and convenience features. As these market dynamics continue to evolve, they are creating a fertile environment for the widespread adoption of autonomous parking technologies.

What Is Driving Growth in the Autonomous Parking Market?

The growth in the autonomous parking market is driven by several factors, including the continuous advancements in AI and sensor technologies, the rising consumer demand for convenience and safety, and the increasing emphasis on smart city infrastructure. Technological advancements, particularly in AI, sensors, and V2X communication, are enhancing the capabilities and reliability of autonomous parking systems, making them more appealing to consumers and automakers alike. The growing consumer demand for vehicles equipped with advanced driver assistance features, including autonomous parking, is another significant driver, particularly in urban areas where parking is a frequent challenge. Moreover, the push towards smart city initiatives is accelerating the deployment of intelligent parking solutions that rely on autonomous technologies to optimize space utilization and reduce congestion. Furthermore, regulatory support for advanced automotive technologies and the ongoing trend towards vehicle electrification are expected to sustain the growth of the autonomous parking market, as electric vehicles often incorporate advanced automation features as standard or optional equipment. These factors combined are propelling the autonomous parking market towards a future where parking becomes an effortless and automated part of the driving experience.

Key Insights:

• Market Growth: Understand the significant growth trajectory of the Sensor Technology segment, which is expected to reach US$24.6 Billion by 2030 with a CAGR of a 20.3%. The Mobile Technology segment is also set to grow at 21.7% CAGR over the analysis period.
• Regional Analysis: Gain insights into the U.S. market, estimated at $2.4 Billion in 2023, and China, forecasted to grow at an impressive 20.0% CAGR to reach $4.9 Billion by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.

Why You Should Buy This Report:

• Detailed Market Analysis: Access a thorough analysis of the Global Autonomous Parking Market, covering all major geographic regions and market segments.
• Competitive Insights: Get an overview of the competitive landscape, including the market presence of major players across different geographies.
• Future Trends and Drivers: Understand the key trends and drivers shaping the future of the Global Autonomous Parking Market.
• Actionable Insights: Benefit from actionable insights that can help you identify new revenue opportunities and make strategic business decisions.

Key Questions Answered:

• How is the Global Autonomous Parking Market expected to evolve by 2030?
• What are the main drivers and restraints affecting the market?
• Which market segments will grow the most over the forecast period?
• How will market shares for different regions and segments change by 2030?
• Who are the leading players in the market, and what are their prospects?

Report Features:

• Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2023 to 2030.
• In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
• Company Profiles: Coverage of major players such as Amano McGann, Inc., Ascending Robotics, Dongyang PC, Inc., and more.
• Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments.

Select Competitors (Total 62 Featured):

• Amano McGann, Inc.
• Ascending Robotics
• Dongyang PC, Inc.
• Huizhou Desay SV Automotive Co., Ltd.
• IDEX Services Company
• Metric Group Ltd
• Myriad Group AG
• Northern Beaches Childcare Pty Limited
• Parkable Limited
• ParkOne