The increased demand for AVP systems from various application areas and the surge in the number of premium vehicles are the dominant elements behind the growth of the automated valet parking (AVP) market. Government rules and regulations for automated vehicles, growing worries about car safety and security, and technology improvements in automotive electronics are some of the other causes.
Due to rising demand from many application segments, including residential and commercial, automated valet parking is becoming more and more necessary. Villas and apartments are further subcategories of the residential application market. One of the major factors propelling the expansion of the AVP market is the increase in the number of luxury automobiles. Additionally, the industry is expanding as a result of the increased emphasis on security and safety.
Robotic parking, commonly referred to as automated valet parking (AVP), is an automated system that parks and retrieves vehicles without the assistance of a human driver. AVP systems employ a variety of technologies to locate and recognize automobiles, guide them to a parking space, park them there, and then immediately recover them. Further, these systems frequently have a payment mechanism that enables users to pay for parking using a credit card, cellphone, or another digital system.
A CAGR of 23.92% is anticipated for the projected timeframe as the market for automated valet parking (AVP) expands from USD 1.37 billion in 2021 to USD 5.12 billion by 2031.
The demand for AVP systems from various application areas is rising, as is the number of luxury automobiles, which is a major contributor to the AVP market's expansion.
The biggest issues facing the AVP market are its expensive installation and maintenance costs as well as consumers' ignorance of its advantages. The worries over data security and privacy linked to AVP systems may also impede market expansion. Nonetheless, in the upcoming years, it is anticipated that the market for AVP will experience significant growth because of the rising popularity of electric vehicles.
A few of the significant companies competing in the global automated valet parking (AVP) market are Delphi Technologies PLC, Denso Corporation, Garmin Ltd., Robert Bosch GmbH, HELLA GMBH & CO. KGAA, LG Electronics Inc., Mando Corporation, Toyota Motor Corporation, Nissan Motor Co., Ltd., Continental AG, Valeo SA, Panasonic Corporation, and ParkPlus Inc. Besides that, this study offers a detailed interpretation of the automated valet parking (AVP) industry.
The Millimetre-Wave Radar Type Emerged as the Most Lucrative Segment
Millimetre wave radar, surround view, and other types have been included in the classification of the Automated Valet Parking (AVP) Market based on categories. The market segment for millimetre wave radar is anticipated to experience the greatest CAGR growth over the forecast period. The demand for advanced features in automobiles is on the rise, and government laws about vehicle safety are becoming more stringent, which are two aspects that might be ascribed to this expansion.
The Most Popular Application Segment is Flat Floor (Helical)
The flat floor (helical) segment is anticipated to hold the biggest market share during the anticipated time. Due to its capacity to park vehicles in a smaller space than flat floor (one-way ramp) parking, this category has seen significant expansion. This adoption of commercial parking garages is a major contributor to this boom.
The North American region renders Ample Financing Opportunities
The Automated Valet Parking (AVP) Market has been divided into five areas based on geography: Asia Pacific, South America, Africa, Europe, the Middle East, and North America. Growing demand for AVP systems across a range of application areas and an increase in the number of luxury vehicles are among the reasons driving the market in North America to see the greatest growth over the forecast period.
COVID-19 Impact and Market Status
The COVID-19 epidemic has hampered the development of the AVP market, which is still in its infancy. One of the industries most severely impacted by the pandemic has been the automobile sector, which has seen a sharp drop in car production and sales. As a result, OEMs and Tier 1 suppliers are now buying fewer AVP systems. Nonetheless, the market for AVP systems is anticipated to rise in the upcoming years due to the gradual lifting of lockdown restrictions across dozens of nations and the revival of manufacturing activities.
Recent Developments in the Automated Valet Parking (AVP) Market
• In Stuttgart, Germany, in February 2019, Daimler and Bosch unveiled the first automated valet parking system in history. The technology enables a car to park itself without a driver using artificial intelligence, sensors, and vehicle-to-infrastructure communication.
• At its headquarters in Wolfsburg, Germany, Volkswagen stated in March 2019 that it would be developing an automated valet parking system. Ultrasound sensors are used by the system to steer and park the vehicle.
• BMW and Daimler declared their partnership to create automated valet parking systems in May 2019. For the purpose of developing a standardised platform that can be utilised by various automakers, the two businesses will share data and technology.
• Mercedes-Benz Automated Valet Parking was a new product introduced by automaker Daimler AG in May 2020. This item is a parking system that can park and retrieve vehicles on its own without help from a person.
• Launched in March 2021, Valeo's new LiDAR-based parking assistance system. Automated parking in both garages and open areas will be possible with the new system, which will be offered on the BMW iX3.
• Robert Bosch GmbH debuted its brand-new Parking4U platform for completely automated parking in September 2021. Based on the company's Park Pilot and Connected Parking technologies, this new platform.
• The new S-Class from Mercedes-Benz will go on sale in January 2022 and feature automatic valet parking. With the use of sensors, cameras, and GPS, the vehicle will be able to park itself. The vehicle will be able to locate a parking space and then park itself without any assistance from the driver.
• The new S60 from Volvo, which will also have an automatic valet parking option, will debut in March 2022. This function will locate a parking space and then park the car using sensors, cameras, and GPS. The driver won't need to take any action.
Automated Valet Parking Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2031||USD 5.12 billion|
|Growth Rate||CAGR of 23.92% during 2021-2031|
|Segment Covered||Type, Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||ExxonMobil Corporation (US), The Dow Chemical Company (US), INEOS AG (Switzerland), Eastman Chemical Company (US), SABIC (Saudi Arabia), and LyondellBasell Industries N.V. (The Netherlands) are some of the leading companies active in the 1-Octene Market.|
Key Segment of Global Automated Valet Parking (AVP) Market
By Type Overview (USD Billion)
• Millimetre Wave Radar
• Surround View
By Application Overview (USD Billion)
• Flat Floor (Helical)
• Flat Floor (One-Way Ramp)
By Region Overview (USD Billion)
• Rest of Asia Pacific
• Rest of North America
• Rest of Europe
Middle East and Africa