Connected Vehicle And Parking Space Industry Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 17.34 % |
| Fastest Growing Market | North America |
| Largest Market | Europe |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Connected Vehicle And Parking Space Industry Market Analysis
The connected vehicles and packing space market is valued at USD 53.01 billion in the current year and is expected to grow to USD 145.55 billion by the next five years, registering a CAGR of 17.34% in terms of revenue during the forecast period.
Over the long term, the development of connected vehicles is taking place. It is expected to be a huge technological advancement that will allow vehicles to communicate with their surroundings. It will further fuel the trend from car ownership to more mobility-related services. In urban areas, particularly, the decline in the number of vehicles is expected to reduce dramatically. According to the ADAC automobile association in Germany, the adoption of a private car to decline by close to 30% by 2040.
At the same time, the parking industry is also slowly gaining traction across several countries. It is mainly due to the slow-changing nature of the parking industry, which includes both on-street as well as off-street parking. According to the latest survey by PYMTS.com, there are more than 4,000 garages and surface parking lots in the United States, and commercial real estate developers own most of this property to REITs and even some cities. Also, the company stated that over 30% of the traffic in the major cities is created in search of parking space.
The integration of modern safety and comfort features in vehicles, such as advanced driver assistance systems, vehicle infotainment, and many others, is increasing significantly in the market. Additionally, increased production of automobiles with integrated ADAS features in response to increased passenger comfort and safety awareness, as well as government legislation mandating safety measures, are expected to drive market demand. Furthermore, the growing acceptance of self-driving or automated vehicles contributes to the market's expansion, which in turn is likely to witness major growth for the market during the forecast period.
Connected Vehicle And Parking Space Industry Market Trends
Connected Passenger Car Vehicle Market is Expected to Grow Significantly
The increasing demand for advanced driver assistance systems (ADAS) in small passenger vehicles is expected to drive market growth. Increased government legislation mandating the installation of ADAS in automobiles is expected to drive up demand even more.
Increased disposable income, economic stability, and a growing preference for materialistic lifestyles are driving sales of luxury automobiles. The vast majority of luxury automobile owners resided in the United States, Canada, Japan, Spain, and South Korea. However, sales of luxury automobiles in developing countries such as India and China increased steeply in recent years.
Increased awareness of vehicle safety ratings, as well as lower component prices due to the widespread use of cameras and radars, will be important growth drivers for the ADAS industry. Major automakers are implementing ADAS systems to improve safety ratings and attract more customers. Major automakers began expanding their production capacity to meet future demand for connected vehicles. For instance,
- In November 2022, BMW declared an investment of over EUR 1 billion (USD 1.06 billion) for building a new car manufacturing facility in Hungary. These expansions are expected to fuel the demand for the global automotive inertial systems market.
- In May 2022, Toyota Connected North America introduced cabin awareness concept technology. It uses millimeter-wave, high-resolution 4D imaging radar to detect occupants (including certain pets) in automobiles.
- In January 2022, Volvo Car Group (Volvo Cars) launched the upgraded XC60 T8 plug-in hybrid SUV and S90 T8 plug-in hybrid sedan. The cars are equipped with Front & Rear Park Assist, where the distance monitored extends approx. 80 cm (2.5 ft) in front and 1.5 m (5 ft) behind the vehicle.
- In August 2021, Robert Bosch GmbH collaborated with Mahindra & Mahindra to develop a connected vehicle platform. This collaboration helps to expand and improve the linked platform in automobiles.
With the development mentioned above across the globe, it is likely to witness major growth during the forecast period.
Europe is Expected to Hold the Largest Market Share in Parking Industry
The smart city projects in Europe are looking forward to enhanced mobility solutions to reduce pollution, congestion, and time for passengers in search of parking spaces and improve accessibility.
The European Union mentioned that digitization and working in tandem with appropriate political strategies are the main pillars for improving parking efficiency and offering new parking services to serve better cities' Sustainable Urban Mobility Plans (SUMP).
Dynamic pricing is one of the ongoing pricing strategies offered by most of the parking space providers in the region. Dynamic pricing is the standard practice in many industries, e.g., in the airline and hotel industry. To make parking space easily available, these providers are revamping parking policies and updating zoning rules to induce and encourage clean, mobility-oriented developments.
The European government regulates the use of its land and other resources and emphasizes better utilization of these resources. For instance, the government of the Netherlands introduced the Spatial Planning Act, which looks at the land use in the region.
Over the past ten years, the parking sector experienced the introduction of several technological innovations, such as dynamic information systems, mobile apps to find, pay, and reserve, automated number plate recognition (ANPR) systems, sensors, and cameras for paid parking. Oslo (Norway) and Madrid (Spain) are some of the cities that recently commenced both on-street and off-street parking with a dynamic pricing model.
Connected Vehicle And Parking Space Industry Industry Overview
Several key players, such as BMW Group, Mercedes-Benz Group AG, Tesla Inc., Indigo Group, and others, dominate the connected vehicles and parking space industry. Due to the high investment cost needed to enter the market, there is a high barrier to entry in the market. Some of the recent developments made by key players in the market are as follows. For instance,
- In February 2022, BMW launched the i4, an all-electric four-door sports sedan. The i4 comes with the standard feature of a parking assistant program that employs ultrasonic sensors to help the driver select and use parking spaces that are either parallel or perpendicular to the road.
- In February 2022, Nvidia and Jaguar Land Rover announced a partnership to develop software-defined features to improve automated driving in their vehicle from 2025. The emphasis is on AI-based features, including advanced visualization and driver and occupant monitoring through the Drive IX software.
Connected Vehicle And Parking Space Industry Market Leaders
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BMW AG
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Audi AG
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GROUP Indigo
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Tesla Inc.
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Mercedes-Benz Group AG
*Disclaimer: Major Players sorted in no particular order
Connected Vehicle And Parking Space Industry Market News
- August 2023: Mercedes-Benz introduced highly automated and driverless parking (SAE Level 4) in EQE Saloon with the Remote Parking Package and the Mercedes Me connect to service Intelligent Park Pilot.
- May 2023: Continental AG announced to integration of Imagry's technology with part of its technology in the Autonomous Driving (AD) platform to support automated parking for passenger vehicles. The technology will assist in both covered parking garages and uncovered parking lots. It will also allow the vehicle to explore a parking lot, detect a suitable parking space, and park the vehicle without the driver touching the steering wheel.
Connected Vehicle & Parking Space Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rise in demand for Advanced Comfort Systems In Vehicles
4.3 Market Restraints
4.3.1 High Cost Assoicated with Advanced Features
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size in Value (USD))
5.1 By Vehicle Type
5.1.1 Passenger Car
5.1.2 Commercial Vehicles
5.2 By Parking Category
5.2.1 Off-Street
5.2.2 On-Street
5.3 By Parking Space
5.3.1 Residential and Work Private Property
5.3.2 Non-regulated Public Access
5.3.3 Off-street open-air barrier regulated
5.3.4 Off-street purpose built regulated
5.4 By Geography
5.4.1 North America
5.4.1.1 United States
5.4.1.2 Canada
5.4.1.3 Rest of North America
5.4.2 Europe
5.4.2.1 Germany
5.4.2.2 United Kingdom
5.4.2.3 France
5.4.2.4 Spain
5.4.2.5 Rest of Europe
5.4.3 Asia-Pacific
5.4.3.1 China
5.4.3.2 India
5.4.3.3 Japan
5.4.3.4 South Korea
5.4.3.5 Rest of Asia-Pacific
5.4.4 Rest of the World
5.4.4.1 South America
5.4.4.2 Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
- *List Not Exhaustive
6.2 Connected Car Vendors
6.2.1 BMW AG
6.2.2 Audi AG
6.2.3 Mercedes-Benz AG
6.2.4 Tesla Inc.
6.2.5 Volkswagen AG
6.2.6 Hyundai Motor Company
6.2.7 Honda Motor Company
6.3 Parking Space Providers
6.3.1 GROUP Indigo
6.3.2 Amano Inc
6.3.3 Swarco AG
6.3.4 Q-Free ASA
6.3.5 Wohr Parking Systems Pvt. Ltd
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Connected Vehicle And Parking Space Industry Industry Segmentation
A connected vehicle is any vehicle that connects to the internet. Usually, such vehicles connect to the internet through WLAN (Wireless Local Area Network). The major automotive manufacturers offer various connected vehicles and the types of parking solutions offered by the companies in the parking industry.
The connected vehicles and parking space industry landscape is segmented by vehicle type, parking category, type of parking space, and geography. By Vehicle Type, the market is segmented into passenger cars and commercial vehicles. By parking category, the market is segmented into off-street and on-street. By type of parking space, the market is segmented into residential and work private property, non-regulated public access, off-street open-air barrier-regulated, and off-street purpose-built regulated. By Geography, the market is segmented into North America, Europe, Asia-Pacific, and the rest of the world.
For each segment, the market sizing and forecast are done based on the value (USD).
| By Vehicle Type | |
| Passenger Car | |
| Commercial Vehicles |
| By Parking Category | |
| Off-Street | |
| On-Street |
| By Parking Space | |
| Residential and Work Private Property | |
| Non-regulated Public Access | |
| Off-street open-air barrier regulated | |
| Off-street purpose built regulated |
| By Geography | |||||||
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Connected Vehicle & Parking Space Market Research FAQs
What is the current Connected Vehicle and Parking Space Market size?
The Connected Vehicle and Parking Space Market is projected to register a CAGR of 17.34% during the forecast period (2024-2029)
Who are the key players in Connected Vehicle and Parking Space Market?
BMW AG, Audi AG, GROUP Indigo , Tesla Inc. and Mercedes-Benz Group AG are the major companies operating in the Connected Vehicle and Parking Space Market.
Which is the fastest growing region in Connected Vehicle and Parking Space Market?
North America is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Connected Vehicle and Parking Space Market?
In 2024, the Europe accounts for the largest market share in Connected Vehicle and Parking Space Market.
What years does this Connected Vehicle and Parking Space Market cover?
The report covers the Connected Vehicle and Parking Space Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Connected Vehicle and Parking Space Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Connected Vehicle and Parking Space Industry Report
Statistics for the 2024 Connected Vehicle And Parking Space Industry market share, size and revenue growth rate, created by Mordor Intelligenceā¢ Industry Reports. Connected Vehicle And Parking Space Industry analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
