Self-Parking Chair Market: Global Size, Share, Trends, Growth and Forecast, 2022-2032
The global self-parking chair market size was estimated at USD 4.7 billion in 2019 and is expected to reach USD 9.1 billion by 2032, growing with a CAGR of 8.2% over the forecasted period of 2022 to 2032. The self-parking chair is a system which is equipped with a magnetometer technology for navigation purpose and it is also a combination of ultrasonic for obstacle detection and avoidance during navigation. Moreover, these systems also help in reducing human efforts and saving time by using anisotropic magneto resistive (AMR) technology. This technology helps in chairs to navigate themselves and properly calculate their co-ordinate and identifying direction towards the destination. Furthermore, the self-parking chair is also known by intelligent parking as it fully technologically controlled.
In this technological world, the technology has made the world to move towards the artificial intelligence (AI) which is further boosting the demand of self-parking chair market. Moreover, automated technologies has become an important part of everyone life. Self-parking chair is a great solution to the problems of tidying up rows of the chair after office meeting. Moreover, in February 2016, Nissan Corporation has introduced a self-parking chair that park themselves back into their original position by providing the interrupt like a clap of hand to rearrange chairs to their actual position. These unique intelligent parking chairs can turn 360 degrees and located a target position with the help of cameras, placed throughout the room. Moreover, growing economy across the world is also one of the major factor which is positively impacting the growth of the self-parking chair market. In addition increasing investment in infrastructure development of corporate work place is expected to act as a key driver for the self-parking chair market during the forecast period.
Raising popularity of self-parking chairs among schools, collages, schools in the practical labs, dining room, restaurants, and others are further likely to act as a key driver for the growth of the self-parking chair market. These self-parking chairs are integrated with the number of advanced features like cameras, navigation, recording, obstacles detection which improves the self-parking chair experience. However, owing to monopolistic market with a high cost of self-parking chairs and slow adoption and lack of awareness rate are the major factor which are restraining the self-parking chair market. Raising technological level and continuous innovation and government support is further augmenting the growth of the market. Moreover, increasing purchasing powder and disposable income of the consumer in both developing and developed region is further creating the demand for self-parking chair market.
The easy accessibility offered by online sales channel has further boost the self-parking chair market, thus becoming a popular medium for the purchase of self-parking chair. Easy obtainability of information about the material used in self-parking chair, time-saving feature and the facility of home delivery contributes towards the growth of the online sales channel. Moreover, the raise in penetration of diversified online portals in emerging regions and the increase in number of discounts or offers which influence the customers to purchase self-parking chair through e-commerce channels. Moreover, e-commerce channels have raised the customer reach due to which is has become as a key source of revenue for many companies. In addition, the e-commerce market is anticipated to increase in the near future owing to rapid increase in online and mobile use customer base in developing and developed markets. Raise in online sales, improvement in logistics services, ease in payment options and the capacity to enter in new international markets for major brands is expected to further increase the demand for self-parking chair market.
North America market holds the major share in the year 2019 and it expected to retain its dominant during the forecast period. Increase in population and improved lifestyle are the major factors that boost the growth of the self-parking chair market. Raising purchasing power in this region is the prime factor which contributes towards the growth of the self-parking chair market.
By application analysis, the self-parking chair market is segmented into collages, offices, schools, restaurant & hotels, personal use and others. The office segment is expected to hold a major market share in the self-parking chair market owing to its high demand in offices.
By distribution channel, the self-parking chair market is segmented into business-to business and business-to-consumer. Business-to business segment hold the major market share and it is projected to grow at a more than expected CAGR.
Key Companies Profiled
The global self-parking chair market is characterized by the presence of various small and big players. The major market player includes Nissan, zenith interiors, KD smart chairs and others. As the market is competitive in nature, the players are indulged in raising their competitive share by means of strategic initiatives like mergers, new product and acquisitions.