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.
Key drivers of global 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.
- Economic growth is improving the standard of living owing to increase in disposable income of population in developed countries and developing countries such as, China, India, Malaysia, Thailand etc. Increasing FDI in Asia Pacific owing to abundance of resources, labor and considerable market for various industries, such as construction and automobile, in developing economies is a key factor driving the demand for private and public transport, thereby increasing the number of vehicles on road.
- 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 2020. A trial test for these vehicles was successfully conducted in 2018.
- 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 developments on the development of 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.
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Fully autonomous vehicle segment to dominate self-parking vehicle system market
- A fully autonomous vehicle (AV) is a vehicle that 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, hold notable share of global self-parking vehicle system market, followed by Asia Pacific
- Pace of technological advancements toward the development of AV is comparatively rapid in North America and Europe, owing to presence of 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. For instance, in 2019, Ford and Volkswagen announced that they plan to use autonomous vehicle technology developed by Argo AI (a Pittsburg, U.S.,-based company) for ride sharing services in a few of urban areas across the U.S. and Europe by early 2021.
- 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.
- According to United Nations Population Fund (UNFPA), Asia Pacific hosts about 60% of the world’s population. India and China are the world’s most populated countries. Economic development and rising FDI are propelling the expansion of urban areas in countries in Asia Pacific. This, in turn, is fueling the demand for vehicles in commercial, private and government sectors in the region. Effective city planning is required to host increasing number of vehicles. Self-parking vehicle system that resolves parking difficulties and reduces traffic congestion in urban areas are in demand in both government and commercial business sectors in Asia Pacific.
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Key players operating in global self-parking vehicle system market
The global self-parking vehicle system market is highly concentrated with top manufacturers. A few key players operating in the global self-parking vehicle system market are:
- BMW Group
- Volkswagen AG
- Continental AG
- Siemens AG
- Robert Bosch GmbH
- AUDI AG
- ZF Friedrichshafen AG
- VALEO S.A.
- Daimler AG
- TOYOTA MOTOR CORPORATION
- Mercedes-Benz AG
- FORD MOTOR COMPANY
- GENERAL MOTORS
Global Self-Parking Vehicle System Market: Research Scope
Global Self-Parking Vehicle System Market, by Vehicle Propulsion System
Global Self-Parking Vehicle System Market, by Vehicle Type
Global Self-Parking Vehicle System Market, by Parking Solution
- License Plate Recognition
- Valet Parking Management
- Designated/Reserved Parking
Global Self-Parking Vehicle System Market, by Technology
- Ultrasonic Sensor
- Radar Sensor
- Image Sensor
Global Self-Parking Vehicle System Market, by System
- Guided Parking
- Smart Parking
Global Self-Parking Vehicle System Market, by End-user
Global Self-Parking Vehicle System Market, by System Component
- Parking Sensors
- Electronic Control Unit (ECU)
- Vehicle Steering Angle Sensors
Global Self-Parking Vehicle System Market, by Sales Channel
Global Self-Parking Vehicle System Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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