What is Global Automated Valet Parking (AVP) Market?
The Global Automated Valet Parking (AVP) Market is an innovative and rapidly growing sector that is revolutionizing the way we park our vehicles. This technology allows vehicles to park themselves without any human intervention, making parking more efficient and less time-consuming. The AVP system uses a combination of sensors, cameras, and software to navigate the vehicle into a parking spot. The vehicle is then able to park itself, freeing up the driver to do other things. This technology is particularly useful in crowded urban areas where parking can be a challenge. The AVP market is expected to grow significantly in the coming years as more and more people embrace this convenient and efficient parking solution.
Millimeter Wave Radar, Surround View in the Global Automated Valet Parking (AVP) Market:
Millimeter Wave Radar and Surround View are two key technologies that are driving the growth of the Global Automated Valet Parking (AVP) Market. Millimeter Wave Radar uses high-frequency radio waves to detect objects and calculate their distance, speed, and direction. This technology is crucial for the functioning of AVP systems as it allows the vehicle to navigate itself into a parking spot without colliding with other objects. On the other hand, Surround View provides a 360-degree view around the vehicle, helping the AVP system to accurately park the vehicle. These technologies are expected to play a crucial role in the expansion of the AVP market in the future.
Flat Floor (Helical), Flat Floor (One-Way Ramp), Others in the Global Automated Valet Parking (AVP) Market:
The Global Automated Valet Parking (AVP) Market is finding its application in various areas such as Flat Floor (Helical), Flat Floor (One-Way Ramp), and others. In Flat Floor (Helical) parking, the AVP system can efficiently navigate the vehicle into a parking spot, making the parking process quicker and easier. Similarly, in Flat Floor (One-Way Ramp) parking, the AVP system can accurately park the vehicle even in tight spaces. Other applications of AVP include parking in multi-story car parks and other complex parking environments. The versatility of AVP systems in different parking scenarios is contributing to their growing popularity and market growth.
Global Automated Valet Parking (AVP) Market Outlook:
The future of the Global Automated Valet Parking (AVP) Market looks promising. In 2023, the market was valued at US$ 353.5 million and it is projected to reach a staggering US$ 3849.1 million by 2030. This represents a Compound Annual Growth Rate (CAGR) of 37.2% during the forecast period of 2024 to 2030. The market is dominated by the top three players who collectively hold a share of about 82%. In terms of geographical distribution, Europe is the largest market with a share of about 34%, closely followed by North America and Asia-Pacific with shares of 33% and 32% respectively.
| Report Metric | Details |
| Report Name | Automated Valet Parking (AVP) Market |
| Accounted market size in 2023 | US$ 353.5 million |
| Forecasted market size in 2030 | US$ 3849.1 million |
| CAGR | 37.2% |
| Base Year | 2023 |
| Forecasted years | 2024 - 2030 |
| Segment by Type |
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| Segment by Application |
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| By Region |
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| By Company | Valeo, Robert Bosch, Continental Automotive, Yushi, Holomatic, Horizon Robotics, ZongMu, BIDU, Momenta |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
