Published on : Jul 22, 2021
Albany, New York, July 22, 2021: ResearchMoz.us has added a new report titled “Global Autonomous Parking Systems Market Insights, Forecast to 2026” to its repository. The report on the autonomous parking systems market provides a comprehensive assessment of potential investment avenues, key growth dynamics, and competitive landscape of this market. The study offers a granular analysis of the factors and trends impacting positively or negatively on the growth of the global autonomous parking systems market. It also discusses challenges and growth opportunities in this market.
The report performs the segmentation of the global autonomous parking systems market on the basis of type, application, and region. Based on type, the market for autonomous parking systems is bifurcated into mobile technology, sensor technology, and others. Based on application, the global autonomous parking systems market is classified into commercial sector, government sector, and passenger cars sector.
The study takes a closer look at recent product development avenues and technological developments of the autonomous parking systems market in the countries such as the U.S., Canada, Germany, France, U.K., Italy, Russia, China, and others.
Increased Inclination toward Automation Drives Market Growth
The global autonomous parking systems market is growing on the back of plethora of reasons. In recent period, there is increased inclination of major population toward the use of automated systems such as autonomous parking systems. These systems are gaining traction owing to a wide range of features they offer. As the name suggests, the autonomous parking systems are considered the next evolution of self-parking.
With the use of autonomous parking system, there is no need of manual parking. This helps in decreasing human intervention as well as complexities occurring at the time of parking. As a result, there is noteworthy adoption of these systems in all worldwide locations. This factor is stimulating the growth of the global autonomous parking systems market.
In recent period, the construction sector from all across the world is witnessing remarkable demand for luxury buildings. This factor is fueling the growth of the autonomous parking systems market. Shortage of land for parking, growing number of vehicles, and rising urbanization are some of the key reasons supporting the market growth. Apart from this, increasing inclination toward the use of green and sustainable parking solutions and growing initiatives of major worldwide government bodies to support the growth of smart cities are working as driving factors for the global autonomous parking systems market.
Players Focus on Manufacturing Technologically Advanced Products
The vendors working in the global autonomous parking systems market are pouring efforts to advance the quality of products they offer. They are increasing investments in the research and development activities. Several vendors are incorporating digital apps with their systems. With the help of these moves, they are offering additional comfort and connivance to end-users.
Many vendors in the global autonomous parking systems market are strengthening their production capabilities. To achieve this motive, they are introducing new facilities. Apart from this, gamut of well-established players are engaging in the merger and acquisition activities. Using this move, they are maintaining their prominent market position. All these activities connote that the global autonomous parking systems market is expanding at swift speed.
Some of the prominent players in the autonomous parking systems market are Hella KgaA Hueck & Co., Continental Automotive Systems, Robert Bosch GmbH., Magna International Inc., Valeo SA, Aisin Group., TRW Inc., and Audiovox Corp.
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On regional front, North America and Europe are some of the key regions showing prominent growth avenues in the global autonomous parking systems market. The market is projected to gain stupendous demand opportunities from these regions. Increased inclination of people toward the acceptance of latest technologies and presence of major players in these regions will support in the rapid expansion of autonomous parking systems market in the years ahead.