Autonomous Parking

Autonomous Parking

Global Autonomous Parking Market to Reach US$31.7 Billion by 2030

The global market for Autonomous Parking estimated at US$8.6 Billion in the year 2023, is expected to reach US$31.7 Billion by 2030, growing at a CAGR of 20.5% over the analysis period 2023-2030. Sensor Technology, one of the segments analyzed in the report, is expected to record a 20.3% CAGR and reach US$24.6 Billion by the end of the analysis period. Growth in the Mobile Technology segment is estimated at 21.7% CAGR over the analysis period.

The U.S. Market is Estimated at US$2.4 Billion While China is Forecast to Grow at 20.0% CAGR

The Autonomous Parking market in the U.S. is estimated at US$2.4 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$4.9 Billion by the year 2030 trailing a CAGR of 20.0% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 17.9% and 17.0% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 14.3% CAGR.

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.

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

Please note: Reports are sold as single-site single-user licenses. Electronic versions require 24-48 hours as each copy is customized to the client with digital controls and custom watermarks. The Publisher uses digital controls protecting against copying and printing is restricted to one full copy to be used at the same location.

The latest version of Adobe Acrobat Reader is required to view the report. Upon ordering an electronic version, the Publisher will provide a link to download the purchased report.

Prior to fulfillment of an order, the client will be required to sign a document detailing the purchase terms for a publication from this publisher.