Automated Valet Parking (AVP) Market Size, Share, Growth, and Global Industry Analysis, By Type (Millimeter Wave Radar and Surround View), By Application (Flat Floor (Helical), Flat Floor (One-Way Ramp), and Others), Regional Insights, and Forecast To 2031

Updated On: 08 April 2024

AUTOMATED VALET PARKING (AVP) MARKET REPORT OVERVIEW

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The global automated valet parking (AVP) market size was USD 1567.2 million in 2021 and is projected to touch USD 174240.25 million by 2031, at a CAGR of 60.2% during the forecast period. 

The rise in CAGR is a byproduct of the automated valet parking (AVP) market growth and demand returning to pre-pandemic levels once the pandemic is over. The global COVID-19 pandemic has been unprecedented and staggering, with automated valet parking (AVP) experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. Automated valet parking is also known as (AVP). Cars can park themselves in designated or shared places around parking lots using autonomous valet parking once passengers disembark at a drop-off zone. All the essential components and procedures at the forefront of unmanned vehicle research are utilized in this ground-breaking functionality. The current vehicle parking model is not feasible due to the rising demand for efficient parking of vehicles. The need for updated automated valet parking (AVP) is increasing. Thus, the companies launched an automated valet parking (AVP) solution to avoid traffic jams. Additionally, it also helps in freeing up and optimizing the available parking space in the foreseeable future. 

Increasing adoption of advanced technology is inclining the general population to own an automated car. The demand for autonomous vehicles and connected cars is developing rapidly, which is anticipated to aid the demand for automated valet parking (AVP). The advancements in the automotive industry are developing new technology to meet customers' needs. The adoption of mid-level and entry automatic vehicles is increasing. Moreover, inadequate space for parking and traffic congestion is likely to be additional factors surging market growth. The automated parking solution uses a combination of technologies to support the owner of the vehicle in finding appropriate space for parking. 

COVID-19 Impact: Restricted Traveling Impeded Growth

The pandemic outbreak forced the government to impose strict rules on traveling. The population was not allowed to step out of homes which left the public places parking empty. The markets, movie theatres, malls, and other public places were shut, which reduced the demand for automatic valet parking. Additionally, the lack of healthcare and hospitals led to the conversion of parking spaces into isolation and quarantine wards. The conversion decreased parking activities worldwide. International travel was banned, which hampered the most significant revenue source. However, post COVID period is projected to boost the adoption of automated valet parking (AVP). The population is likely to travel solo to avoid any chances of infection. 

LATEST TRENDS

"Increasing Demand for Automatic Vehicle Parking to Foster Growth"

Rising globalization and urbanization are increasing the demand for automatic vehicles and technology in the global market. The escalating per capita income is increasing the population’s inclination towards adopting advanced vehicles. The increased demand from customers for automatic vehicles resulted in the launch of self-driving cars. The manufacturers are connecting with local-level authorities to gain permission for self-driving vehicles and self-parking solutions. The customer's demand for more hassle-free, efficient, and user-friendly vehicles is escalating, which is anticipated to aid the automated valet parking (AVP) market growth. The consumer's preference for luxury and comfort vehicles and their parking is anticipated to surge in growth. 

AUTOMATED VALET PARKING (AVP) MARKET SEGMENTATION

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• By Type Analysis

By type, the market is segmented into millimeter-wave radar and surround view. 

• By Application Analysis

Based on application, the market is classified into the flat floor (helical), flat floor (one-way ramp), and others. 

DRIVING FACTORS

"Increase in Demand for Personal Vehicles to Boost Growth"

Rising globalization and per capita income of the general population is increasing the population’s desire to have their vehicle. The rising density of vehicles is leading to a significant issue for vehicle parking and traffic congestion. To avoid traffic congestion, many companies are developing integrated automatic valet parking. The higher number of vehicles in the region is creating inadequate space issues, which is encouraging companies to develop advanced parking systems. The population faces difficulty in parking the vehicle due to increased traffic congestion which is likely to aid automated valet parking (AVP) market growth. 

"Smart Cities Initiatives to Nurture Market Growth"

The world is rapidly adopting smart city projects to enhance overall performance. The transformation of villages into urban areas and cities into smart cities is likely to aid growth. Establishing smart cities requires inter-connected and cloud-based services. The establishment of smart cities is expected to contribute to environmental welfare and offer stabilization of global temperatures. Additionally, the companies are increasing the development of smart cities, which is projected to aid authorities in resource-saving. Wireless networking systems penetration and the influence of cloud-based services and IoT are forecasted to surge in growth. 

RESTRAINING FACTORS

"High Cost and Lack of Awareness of Automatic Vehicle Parking to Restrict Growth"

The automated valet parking (AVP) solutions require various technological testing, which results in a higher cost of the service. Additionally, lower penetration of the internet and configuration complexity is estimated to hinder growth. Additionally, various cities are unaware of the benefits associated with automated valet parking (AVP), which is likely to limit the market growth. Moreover, parking the vehicle in helical parking spaces may cause issues and hinder the market growth. 

AUTOMATED VALET PARKING (AVP) MARKET REGIONAL INSIGHTS

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"Europe to Lead Due To Population’s Increasing Preference for Comfort and Luxury Vehicles"

Europe is projected to dominate the global market owing to the escalated preference of consumers toward luxury and comfort vehicles in the region. The growth is also attributable to the presence of manufacturers that are tier-1 suppliers and produces original equipment. 

Asia Pacific is anticipated to witness a significant contribution in the automated valet parking (AVP) market share due to a rise in vehicles sale across the region. Increasing demand for autonomous vehicles across developing economies such as India, China, and Japan is expected to be an additional factor in regional growth. 

KEY INDUSTRY PLAYERS

"Key Companies to Launch Advanced Products to Gain a Competitive Advantage"

The market is fragmented into various sized companies, including small-sized, medium-sized, and large-sized companies. The key companies are emphasizing on developing advanced growth strategies to gain long-term growth in the global market. The major market players are also expected to focus on expanding their product portfolio by launching various new products. Companies are focusing on the acquisition of other companies to gain a competitive advantage in the market. The companies are anticipated to witness significant growth in the foreseeable future due to the increasing demand for nursing pads.

List of Market Players Profiled

• Valeo (France)
• Robert Bosch (Germany)
• Continental Airlines (U.S.)
• Yushi (Japan)
• Holomatic (China)
• Horizon Robotics (China)
• ZongMu (China)
• BIDU (China)
• Momenta (China)

INDUSTRY DEVELOPMENT

• February 2022- A partnership between NVidia and Jaguar Land Rover was launched with the goal of improving automated driving in their vehicles starting in 2025. The Drive IX software's improved visualization and driver and occupant monitoring are among the AI-based capabilities that are prioritized.

REPORT COVERAGE

The report is an overview of the market, including the following:

• Key players and their recent development.
• Factors projected to aid market growth.
• The impact of COVID-19 is also represented in the report.
• Regions are anticipated to lead the global market.
• Factors that may limit the growth of the market.
• The latest trends are also included in the report.
• Segmentation of the market on the basis of application and type.

These aspects altogether give a complete overview of the market and help the stakeholders in gaining a better understanding of the market.