Acumen Research and Consulting, Recently Published Report On “Autonomous Parking System Market Size, Share, Trends, Growth Opportunity and Forecast 2019-2026”
LOS ANGELES, July 04, 2019 (GLOBE NEWSWIRE) -- The global autonomous parking system market is expected to reach over 1.8 USD billion by 2026 and is expected to grow at CAGR 15.8% during the forecast period, 2019-2026.
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The global autonomous parking system market is majorly driven by introduction of AI in service sector, and continuously rising number of automotive vehicles across the globe. Introduction of the automotive sector has transform the sectors. During last few years, advancement in the technology, coupled with the increasing spending of the people have supported the growth of the autonomous parking system market.
The global autonomous parking system market is segmented by component and region.
On the basis of component, the autonomous parking system market is segmented into radar, lidar, image sensor, ultrasonic, camera, others.
Global autonomous parking system market segmented into North America, Europe, Asia Pacific and LAMEA. Growing adoption of all-wheel drive vehicles and increased investment in the countries such as the U.S. and Mexico are driving the autonomous parking system market growth in North America. Moreover, the strict norms and regulations in Europe to parking have compelled the automotive sector to induce innovation in the technology, which is expected to drive the autonomous parking system market growth. Strict rules and regulations imposed by the European Union to limit vehicular emission are expected to offer a huge platform for the manufacturers.
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Furthermore, European automobile companies are investing a huge amount on R&D to develop technology than can meet the autonomous parking system market growth. Growing demand for light vehicles segment is likely to affect the autonomous parking system market growth positively during the assessment period, 2018–2025.
According to the European Automobile Manufacturers Association ‘Vehicle in use’ report 2017, European passenger car production has been grown by 4.5% over the last five years; the total count of the vehicles went from 241 million to 252 million. Continuously increasing number of the automotive vehicles have elevated the demand for the autonomous parking system, driving the market in Europe. The increased purchasing power of consumers and the presence of numerous automotive manufacturing companies are driving the autonomous parking system market growth in Asia Pacific. On the other hand, LAMEA holds the least share in the global autonomous parking system market. Limited penetration of the technology and lack of spending power has slowed the growth of the LAMEA autonomous parking system market.
Some of the key players in the global autonomous parking system market include Siemens AG, Mitsubishi Electric, Bombardier Transportation, Thales Group, Alstom S.A., Ansaldo STS, Hitachi Ltd., and CRRC Corporation limited.
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