The mushrooming requirement for hassle-free, user-friendly, and more efficient parking systems is fueling the demand for valet parking technology. Because of the increasing road congestion, people are finding it very difficult to find proper parking spaces, which is consequently leading to increased cost, time, and distance of the parked vehicle from the destination point of the user. Owing to this factor, the popularity of the automated valet parking technology is surging, which is fueling the expansion of the global automated valet parking (AVP) technology market.
Furthermore, the industry is predicted to exhibit rapid expansion from 2020 to 2030 (forecast period). Additionally, this technology assists in freeing up and optimizing the available parking space, which is enabling people to find proper vehicle parking spots. Presently, the automated valet parking technology is still in its development stage and there are various prerequisites for both parking spaces and vehicles for the allowing the use of the technology. The automobile must have a mostly automatic gearbox, steering assistant, electronic stability program (ESP), electric parking brake, communication unit, and start/stop functions.
The parking space must be equipped with the advanced sensing technology with intelligent infrastructure, cloud server connection for backend management, and communication units. Depending on design, the technology is divided into flat floor (one-way ramp) and flat floor (helical). Between these, the demand for the flat floor (one-way ramp) technology is predicted to surge in the coming years. This will be because of the fact that this technology can minimize the slopped floor space and provide greater flexibility in parking and various other applications.
Geographically, the demand for this technology will be the highest in North America in the coming years, as per the estimates of the market research company, P&S Intelligence. This will be because of the rapid development and manufacturing of connected cars and autonomous vehicles and the ballooning requirement for parking spaces equipped with advanced technologies, such as sensors and the internet of things (IoT). One of the major trends currently being witnessed in the automated valet parking technology market is the increasing collaborations between vehicle manufacturers and technology developers.
Additionally, many developers are connecting with local-level and city authorities for getting approval and grants for testing their automated parking solutions. For example, Daimler AG and Robert Bosch GmbH took approval from various local authorities in Baden-Württemberg in July 2019 for testing the automated parking systems developed by them in the Mercedes-Benz Museum parking garage located in Stuttgart, Germany. Clarion Co. Ltd., Nvidia Corp, Audi AG, and Continental AG are some of the other major automated valet parking technology developing companies across the world.
Hence, it is safe to say that the demand for the automated valet parking technology will soar in the coming years, primarily because of the increasing road congestion levels in major urban areas, rising requirement for proper parking spaces, and surging manufacturing of connected and autonomous vehicles all over the world.
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