Self-parking Vehicle System Market – Fully Autonomous Vehicle Segment to Offer Attractive Opportunities

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Self-parking Vehicle System: Introduction

  • Self-parking vehicle system is an autonomous system that parks the vehicle at a designated parking space, automatically, without the need for driver intervention. The self-parking system utilizes data collected by sensors and cameras for efficient and accurate self-parking.
  • The need for parking space is increasing owing to rising concerns about parking from an increasing number of vehicles owners. Demand for parking space also drives the demand for smart parking systems that are capable of parking the vehicle in a parking space in a short amount of time.

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Key Drivers of Global Self-parking Vehicle System Market:

  • Self-parking or autonomous parking systems are incorporated in vehicles to reduce the efforts and time required for parking and the need for human intervention. A fully autonomous vehicle is capable of parking and retrieving the vehicle from a parking space without human intervention. For instance, Audi AG has partnered with Somerville, Massachusetts to develop and deploy a fleet of fully autonomous parking vehicles by the end of 2022. A trial test for these vehicles was successfully conducted in 2018. This is likely to boost the demand for self-parking vehicle system market during the forecast period.
  • A self-parking vehicle would help reduce traffic congestion by dropping the passenger at his destination and then park itself at a designated parking space automatically. Research and development on fully autonomous vehicles is projected to incorporate various autonomous systems such as ADAS, AEB, and self-parking vehicle systems, which in turn is estimated to drive the self-parking vehicle system market.
  • High demand from customers for luxury vehicles is prompting OEMs and aftermarket companies to develop new and innovative technologies that would aid the customer’s needs. Increasing struggle between OEM and aftermarket companies to capture larger consumer base has led to the development of various vehicle technologies. For instance, Advance Drive Assist System (ADAS) helps propel the market for autonomous driving and Automated Emergency Braking (AEB) systems assist in braking automatically in case of emergency. This, in turn, boosts the global self-parking vehicle system market across the globe.
  • The trend of urbanization is growing at an exponential rate, which is leading to an increase in the average income of urban population, enabling them to enhance their lifestyles. Furthermore, a rise in the demand for passenger cars is prompting manufacturers to increase the production of vehicles, which in turn is boosting the automotive self-parking vehicle system market across the globe.

Fully Autonomous Vehicle Segment to Offer Attractive Opportunities:

  • A fully autonomous vehicle (AV) is capable of driving itself without the need for human intervention. This is achieved with the help of various sensors such as ultrasonic, proximity, radar sensors, cameras, GPS system, an ECU and an artificial intelligence system. AI systems processes data collected from various data systems incorporated in the vehicle and makes decisions accordingly to drive the vehicle. A self-parking system is also an integral part of an AV, which is monitored and managed by the AI unit for autonomous vehicle parking.
  • Therefore, various innovations in Europe and Americas regarding the development of AV are fueling the self-parking vehicle system market

High Initial Cost to hamper Global Self-parking Vehicle System market:

  • High cost of integration of self-parking vehicle systems in vehicles as well as the high cost of vehicles integrated with self-parking vehicle systems are major factors that restrain the global self-parking vehicle system market
  • A combination of autonomous parking vehicle infrastructure or smart parking spaces and self-parking vehicle are needed for effective and fast vehicle parking and retrieval. This also increases the cost of investment, which further restrains the global self-parking vehicle system market.

Europe and North America Together to Hold Significant Share of Global Self-parking Vehicle System Market:

  • Pace of technological advancements toward the development of AV is comparatively rapid in North America and Europe, owing to the presence of a large number of OEMs and aftermarket companies such as Audi, BMW, General Motors, ZF Friedrichshafen AG, VALEO S.A. in these regions. This, in turn, is likely to increase the adoption of AV technology, which incorporates self-parking vehicle system, in the region.
  • Economic developments have driven the disposable income of the population in the region, prompting them to opt for more luxurious vehicles. This is another factor that drives the self-parking vehicle system market in the region.

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Key Players Operating in Global Market:

The global self-parking vehicle system market is highly fragmented with top manufacturers across the global market. A few of the key players operating and potential in the global self-parking vehicle system market are:

  • BMW Group
  • Volkswagen AG
  • Continental AG
  • Siemens AG
  • Robert Bosch GmbH
  • ZF Friedrichshafen AG
  • Valeo SA
  • Daimler AG
  • Mercedes-Benz AG
  • Robotic Parking Systems Inc.

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