Dublin, Aug. 10, 2020 (GLOBE NEWSWIRE) -- The "Connected Vehicle and Parking Space Industry Landscape - Growth, Trends, Forecasts (2020-2025)" report has been added to ResearchAndMarkets.com's offering.
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). While fully automated vehicles are moving towards a widespread scale, it is in the transition phase where connected cars are expected to dominate the market for at least the next 20 years.
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.
Key Market Trends
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.
Reasons to Purchase this report:
The market estimate (ME) sheet in Excel format
3 months of analyst support
Key Topics Covered:
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
4.3 Market Restraints
4.4 Industry Value Chain Analysis
4.5 Porters 5 Force Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers/Consumers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
4.6 Assessment on the Impact of COVID-19 on the market
5 EMERGING TECHNOLOGY TRENDS
6 MARKET SEGMENTATION
6.1 Connected Vehicles Market
6.1.1 Type of Vehicles
126.96.36.199 Passenger Car
188.8.131.52 Commercial Vehicles (LCV, MCV and HCV)
6.2 Parkinng Space Industry
6.2.1 Parking Category
6.2.2 Type of Parking Space
184.108.40.206 Residential & Work Private Property
220.127.116.11 Non-regulated Public Access
18.104.22.168 Off-street open-air barrier regulated
22.214.171.124 Off-street purpose built regulated
7 COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 Connected Car Vendors
126.96.36.199 BMW AG
188.8.131.52 Audi AG
184.108.40.206 Daimler AG
220.127.116.11 Tesla, Inc.
18.104.22.168 Volkswagen AG
7.1.2 Parking Space Providers
22.214.171.124 Indigo Park SA
126.96.36.199 Amano Inc
188.8.131.52 Swarco AG
184.108.40.206 Q-Free ASA
8 INVESTMENT ANALYSIS
9 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/xtvznj
Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.
CONTACT: CONTACT: ResearchAndMarkets.com Laura Wood, Senior Press Manager email@example.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900