Why will Demand for Automated Valet Parking Technology Soar in North America in Coming Years?

The mushrooming requirement for hassle-free, user-friendly, and more efficient parking systems is fueling the demand for automated 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 technology market.

Automated Valet Parking Technology Market Outlook

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. 

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 (AVP) market is the increasing collaborations between vehicle manufacturers and technology developers. 

Hence, it is safe to say that the demand for automated valet parking technology will soar in the coming years, primarily because of the increasing road congestion levels in major urban areas, rising requirements for proper parking spaces, and surging manufacturing of connected and autonomous vehicles all over the world.