Automated Valet Parking: Introduction
- The automated valet parking service helps in parking of automated vehicles. The consumer drives to the drop-off position and leaves the vehicle. Once the parking slot is available in the parking space, the consumer receives a message on his/her smartphone and the vehicle automatically drives into the available parking spot.
- In the parking spot, the vehicle can charge if necessary. The automated valet parking system provides parking space reservations, instructions to automated vehicles about parking space, and drop off location to users upon request via a smartphone. The system comprises a parking management service, the navigation system, and the user management service by integrating data using the Internet of Things (IoT) platform.
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Key Drivers of Global Automated Valet Parking Market
- Rise in demand for vehicles across the globe is estimated to fuel the automated valet parking market. Rise in consumer preference toward comfort and luxury vehicles and rising competition between vehicle manufacturers to provide luxury vehicles is projected to boost the automated valet parking market across the globe. Increase in vehicle density across the globe is leading to a major issue for parking space issue, which in turn causes loss of vehicle owner time. Major vehicle manufacturers are integrating automated parking system in their vehicles in order to avoid parking space issues, which is likely to propel the automated valet parking market across the globe.
- Rise in adoption of Internet of Things (IoT) across the globe is estimated to further drive the automated valet parking market, as IoT provides parking reservation management and security and surveillance. This, in turn, is likely to propel the automated valet parking market across the globe. Increase in demand for autonomous vehicles across the globe is expected to drive the automated valet parking market.
Europe and Asia Pacific to hold prominent share of global automated valet parking market
- Europe is projected to hold a major share of the global automated valet parking market due to an increase in consumer preference toward comfort and luxury vehicles across the region. Europe has presence of major original equipment manufacturers and tier-1 suppliers including Robert Bosch and Continental AG who have advanced research and development facilities regarding the automated parking system. This is anticipated to boost the automated valet parking market across Europe.
- Followed by Europe, Asia Pacific is projected to account for a major share of the global automated valet parking market due to an increase in sale of vehicles across the region. Rise in demand for autonomous vehicle across China and Japan, which is likely to fuel the automated valet parking market across Asia Pacific. Asia Pacific is home to major vehicle component manufacturers, which in turn is anticipated to boost the automated valet parking market across Asia Pacific.
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Key Players Operating in Global Automated Valet Parking Market
The global automated valet parking market is highly concentrated owing to the presence of top manufacturers. A few of the key players operating in the global automated valet parking market are:
- Robert Bosch GmbH
- Continental AG
- Delphi Inc.
- Valeo SA
- Aisin Seiki
- Daimler AG
- Volkswagen AG
- Siemens AG
- XEROX Corporation
- Cubic Corporation
- BMW Group
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