Home / Press Release / Growing Automation And Increasing Penetration Of AI Is Primarily Fueling The Valet Robots Market Growth

Growing Automation And Increasing Penetration Of AI Is Primarily Fueling The Valet Robots Market Growth

According to a new market research report published by Credence Research “Global Valet Robots Market (Component (Software, Hardware), Technology (Sensor Technology, Mobile Technology, RFID), End-User (Airports, Shopping malls, Private parking lots)) – Growth, Future Prospects and Competitive Analysis, 2019 - 2027”, the overall valet robots market worldwide is set to grow with a CAGR of more than 15% during the forecast period from 2019 to 2027.

Market Insights

The global valet robots market is highly driven by increasing penetration of automation and AI in every step of life including car parking. Valet Robot are used to perform the service of valet parking independently with the help of integrated software and automation techniques. At robotic valet parking, passengers can leave their vehicles at the particular car parking space where the vehicle is scanned to register the make and model for security purpose. After scanning the robot lifts up the vehicle with the forks attached and carries it to park proficiently in the parking lot. Studies suggest that these systems reduce the width and depth required for a parking space and manage distances between vehicle parking spaces. 

In addition to this, growing urbanization and centralization of financial districts attracts a large number of people in the central areas of a city. This increasing influx of people results in rising need for parking spaces, and thus generates demand for valet robots in these areas. Moreover, growing venture capital funding to the companies developing valet robots are also expected to drive the valet robot market during the forecast period. Though this is a lucrative market segment, technical issues such as malfunctioning of the robots and upcoming self-driven vehicles are likely to have a negative impact on the valet robots market. 

Based on end-user, the valet robots market is dominated by airport parking. As airports experience high inflow of vehicles on daily basis, there is a growing need to manage the parking services. Valet robots are highly used in this sector to manage parking spaces and provide consumers with efficient services. Moreover, the future aim of complete digitization of the airports are also likely to enhance the use of valet robots in these areas. Europe dominated the global valet robots market by holding a market share of nearly 31% to the total revenue generated. Factors such as the growing adoption of artificial intelligence and automation techniques, high investments of companies to develop and install valet robots are primarily attributed to the high market growth of the European market. Countries such as France, UK, and Netherlands have already installed the automated robotic valet system. 

Along with this, many other developed and developing countries are now initiating in introducing the valet robots at their major airports. Moreover, other regions such as North America and Asia-Pacific are taking initiatives to get in line with this technology and make their infrastructure more advanced for human convenience. This is expected to enhance the growth of valet robot market in these regions during the forecast period. 

Some of the major companies profiled in the report include Stanley Robotics, FATA Automation, Inc., Applied & Integrated Manufacturing, Inc., Skyline Parking AG, Robotic Parking Systems, Inc., CityLifts India Ltd, Smart City Robotics, Dayang Parking Co. Ltd., Westfalia Technologies, Inc., EITO&GLOBAL INC.

Browse the full report at https://www.credenceresearch.com/report/valet-robots-market

The Global Valet Robots Market is Segmented into:

ATTRIBUTE DETAILS
Research Period  2017-2027
Base Year 2018
Forecast Period  2019-2027
Historical Year  2017
Unit  USD Billion
Segmentation

 By Component Segment (2017–2027; US$ Bn)

 By Technology Segment (2017–2027; US$ Bn)

 By End User Segment (2017–2027; US$ Bn)

 By Geography Segment (2017–2027; US$ Bn)

*Complete segmentation list is on report page

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