As per the current market research conducted by CMI Team, the global Automotive Intelligent Park Assist Market size is expected to record a CAGR of 23% from 2023 to 2032. In 2022, the market size is projected to reach a valuation of USD 7.22 billion. By 2032, the valuation is anticipated to reach USD 21.7 billion.
Automotive Intelligent Park Assist Market -Growth Factors and Dynamics
- Increasing Urbanization: As urban areas continue to expand, the demand for parking spaces rises, leading to traffic congestion and parking challenges. IPA systems offer a smart solution to optimize parking space utilization and improve overall traffic flow in densely populated cities.
- Technological Advancements: Advancements in sensor technology, artificial intelligence, and data processing have enhanced the accuracy and effectiveness of IPA systems. These innovations have made parking guidance and automated parking maneuvers more reliable and user-friendly.
- Rising Consumer Awareness: Increasing awareness among consumers about the benefits of IPA, such as time-saving, reduced stress, and improved convenience, has driven the demand for these smart parking solutions.
- Government Initiatives: Governments and municipalities are recognizing the importance of smart mobility solutions in addressing urban parking issues and reducing environmental impact. Many are implementing policies and incentives to promote the adoption of IPA systems.
- Integration with Vehicle Infotainment: Automakers are integrating IPA technology into their infotainment systems, making it more accessible to drivers. This integration has led to the broader adoption of IPA in new vehicles.
- Enhanced User Experience: IPA systems offer real-time information on available parking spaces, making it easier for drivers to locate and access parking spots. The user-friendly interfaces and guidance features have contributed to a positive user experience.
- Environmental Sustainability: IPA systems can reduce the time spent searching for parking, leading to lower fuel consumption and emissions. As environmental concerns grow, these eco-friendly aspects of IPA systems attract more attention.
- Improving Infrastructure: The development of smart infrastructure, such as connected parking lots and smart city initiatives, has provided a conducive environment for the growth of IPA systems.
- Potential for Revenue Generation: IPA systems can facilitate efficient payment processing for parking, providing opportunities for revenue generation for parking operators and municipalities.
- Competitive Landscape: As the IPA market expands, companies are increasingly investing in research and development to introduce innovative features and stay competitive in the market, fostering continuous growth and evolution of the technology.
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Automotive Intelligent Park Assist Market: COVID-19 Analysis
- Disruptions in Supply Chain: The pandemic led to disruptions in global supply chains, affecting the production and distribution of IPA components and systems. Manufacturing facilities faced shutdowns or reduced operations, leading to delays in product availability and installation.
- The decline in Automotive Sales: As the pandemic caused economic uncertainties, consumer spending on big-ticket items like automobiles decreased. This decline in automotive sales affected the adoption of IPA systems, as many of these technologies are integrated into new vehicles.
- Reduced Mobility and Parking Demand: Lockdowns, travel restrictions, and work-from-home arrangements led to a significant reduction in overall mobility and parking demand in many regions. With fewer people driving and less need for parking spaces, the demand for IPA systems temporarily decreased.
- Shift towards Contactless Solutions: In response to the pandemic, there was an increased focus on contactless and touchless solutions to minimize physical interactions. This trend encouraged the adoption of mobile parking payment apps and digital parking solutions, which could affect the demand for IPA systems.
- Government Budget Constraints: Governments faced budget constraints due to the pandemic’s economic impact, which might have slowed down investments in smart city projects, including the deployment of IPA systems.
- Focus on Safety and Hygiene: During the pandemic, there was a heightened emphasis on safety and hygiene in public spaces. Parking facilities and infrastructure may have been modified to ensure compliance with health protocols, affecting the integration and implementation of IPA systems.
List of the prominent players in the Automotive Intelligent Park Assist Market:
- Altiux Innovations
- Amano McGann Inc.
- Amco S.A.
- BMW AG (ParkNow GmbH Parkmobile LLC)
- Cisco Systems Inc.
- CivicSmart Inc.
- Deteq Solutions
- INDECT Electronics & Distribution GmbH
- Kapsch TrafficCom
- Libelium Comunicaciones Distribuidas S.L.
- Meter Feeder Inc.
- Municipal Parking Services Inc.
- Nedap N.V.
- Park Assist
- ParkHelp Technologies
- ParkMe Inc.
- Robert Bosch GmbH
- Siemens AG
- SKIDATA AG
- Smart Parking Ltd.
- SpotHero, Inc.
- Swarco AG
- Urbiotica S.L.
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