Valet Parking Technology Market Outlook - 2027
The automated valet parking service helps in the 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 smartphone and the vehicle automatically drives into the available parking spot. The current model of vehicle parking is no longer able to handle the increasing demand for parking vehicles efficiently. 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. Moreover, this technology may help in optimizing and freeing up the available space for parking. Hence, the need to optimize the current model of the parking system is expected to drive the global automated valet parking technology market during the forecast period.
COVID-19 scenario analysis:
- The Covid-19 pandemic has made a major impact on everyday lives as the impact has been imposed for a confinement period, which can be measured through many changes in citizen’s habits including mobility patterns.
- The parking indicators such as turnover rate has an average number of vehicles using the same parking space over a specific period. Plus, the occupancy rate of a vehicle has a ratio between the number of parked vehicles and parking capacity has tremendously affected.
- The available parking spaces in city centers become more and more regulated to curb pollution levels and reduce congestion, the analysis of parking behavior is a critical step toward making educated decisions in the coming times.
- The average parking time each vehicle spends in a paid parking space has to be confined to restrain the huge gatherings in parking lots, which will eventually be implemented completely on the Internet of Things (IoT) shortly.
Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis
Some of the factors including the rise in demand for vehicles across the globe, and the rise in consumer preference toward comfort and luxury vehicles, are projected to boost the market over the forecast period. However, the high complexity of the system and issues with quality control are anticipated to hamper the growth of the market. Furthermore, the initiative of developing ‘smart cities’ and increasing demand from luxury residential buildings are expected to offer lucrative opportunities for the market in the forecast period.
The valet parking technology market trends are as follows:
The rise in demand for vehicles across the globe
The demand for automobiles has significantly increased over the past decade in almost every country due to several reasons such as urbanization, the introduction of shared mobility, and others around the globe. In addition, the increasing demands of the customers in the market have forced manufacturers to advance their technologies to meet the demand and come up with innovative ideas. Thus, the increasing production of automobiles will boost the valet parking market in the forecast period.
The rise in consumer preference toward comfort and luxury vehicles
The increasing urbanization in many developing countries has created a huge demand for an automobile and also the parking facilities. The competitive level of manufacturers is forcing them to provide a cutting edge for their products to attract the attention of the customers in the market. The growing advanced developments by the manufacturing companies will boost the automobile industry and it will fuel the growth of the valet parking market in the forecast period.
Key benefits of the report:
- This study presents the analytical depiction of the valet parking technology market industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the valet parking technology market share.
- The current market is quantitatively analyzed to highlight the valet parking technology market scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed valet parking technology market analysis based on competitive intensity and how the competition will take shape in the coming years.
Questions answered in the valet parking technology market research report:
- What are the leading market players active in the valet parking technology market?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What are the projections for the future that would help in taking further strategic steps?
Valet Parking Technology Market Report Highlights
By Automation Level
By System Level
By Design Model
By Parking Level
Key Market Players
Audi AG, XEROX Corporation, NVidia Corp., Daimler AG, Aisin Seiki, Siemens AG, Clarion Co. Ltd., Robert Bosch GmbH., Volkswagen AG, Continental AG