The Connected Vehicle and Parking Space Market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides an in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies. We analyzed the impact of COVID-19 (Corona Virus) on the product industry chain based on the upstream and downstream markets, on various regions and major countries and on the future development of the industry are pointed out.
The connected vehicles and packing space market are expected to witness a growth at a CAGR of 22.3% over the forecast period (2020-2025).
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The 143 Pages report presents the market competitive landscape and a corresponding detailed analysis of the major vendor/key players in the market. Top Companies in the Connected Vehicle and Parking Space Market:
Connected Car Vendors: BMW AG, Audi AG, Daimler AG, Tesla, Inc., Volkswagen AG
Parking Space Providers: Conduent, Indigo Park SA, Amano Inc, Swarco AG, Q-Free ASA
– Over the years, the development of connected vehicle has been taking place and is expected to be a huge technological advancement which will allow the vehicles to communicate with their surroundings. This 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. This 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 has stated that over 30% of the traffic is the major cities is created in search of parking space.
– However, amid the ongoing outbreak of COVID-19 across the world has hit across the industries. As the governments have announced the mandatory work from home in most of the countries, the market for parking spaces as well as connected vehicles has impacted. Europe is the prominent market for both the automotive manufacturing and parking industry is also affected due to the severe COVID-19 outbreak in the region.
Connected Passenger Car Vehicle Market is Expected to Grow Significantly
– The rising automotive sales and increasing production of autonomous vehicles across the world are driving the automotive industry. According to VDA (The German Association of the Automotive Industry), the sales of automotive worldwide, in 2019, reached 65.5 million units. Moreover, according to UBS, the global market for autonomous vehicles manufacturing and sales is expected to reach USD 243 billion by 2030. Such high growth in automotive sales might lead to potential growth for the market during the forecast period.
– Additionally, to seize growth opportunities in autonomous vehicles, critical automotive manufacturing companies across the world are extensively investing in production expansion. For instance, in November 2019, Volkswagen announced to start the construction of its new connected vehicle production facility in its Chattanooga site in the United States. With an investment of over USD 800 million, the company plans to start production by 2022. It also plans to create a new battery pack assembly facility on the site.
– Last year, BMW also declared an investment of over EUR 1 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.
Europe is Expected to Hold the Largest Market Share in Parking Industry
– The smart city projects in Europe are looking forward to the enhanced mobility solutions with an aim to reduce pollution, congestion, time for passengers in search of parking spaces, and improve accessibility. The European Union has mentioned that the digitization, and working in tandem with appropriate political strategies are the main pillars for improving parking efficiency and offer 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. The dynamic pricing has been standard practices in many industries e.g., in the airline and hotel industry. To make the parking space easily available, these providers are revamping parking policies and updating zoning rules to induce and encourage clean mobility oriented developments.
– Over the past ten years, the parking sector has 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, 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.
The connected vehicles and parking space industry are more inclined towards a consolidated market with few major and established players operating and holding major market share. Due to the high investment cost needed for entering 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.
– May 2020 – Volkswagon AG has announced to invest over USD 2.2 billion for its electric vehicle venture with a Chinese partner in a USD 1.1 billion deal, and another USD 1.1 billion for battery manufacturing in China. With this expansion, the company will be the biggest shareholder in battery production globally.
– May 2020 – Parklio barriers have been set up in 42 reserved parking spaces in front of nine hotels in Split to help prevent further misuse of these parking spaces.
Influence Of The Connected Vehicle and Parking Space Market Report:
-Comprehensive assessment of all opportunities and risk in the Connected Vehicle and Parking Space market.
– Connected Vehicle and Parking Space market recent innovations and major events.
-A detailed study of business strategies for growth of the Connected Vehicle and Parking Space market-leading players.
-Conclusive study about the growth plot of Connected Vehicle and Parking Space market for forthcoming years.
-In-depth understanding of Connected Vehicle and Parking Space market-particular drivers, constraints and major micro markets.
-Favourable impression inside vital technological and market latest trends striking the Connected Vehicle and Parking Space market.
What Are The Market Factors That Are Explained In The Report?
Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on regional scale.
Analytical Tools: The Connected Vehicle and Parking Space Market Report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. The analytical tools such as Porter’s five forces analysis, SWOT analysis, feasibility study, and investment return analysis have been used to analyze the growth of the key players operating in the market.
Key Market Features: The report evaluated key market features, including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.
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