Automated Parking Systems Market is valued at USD 1519.1 Million in 2021 and is expected to reach USD 3540.7 Million by 2028 with a CAGR of 12.85% over the forecast period.
The increasing inclination of the customers and real estate investors towards the reduction of parking spaces is expected to drive the growth of the Global Automated Parking Systems Market.
An automated parking system is designed to reduce the area of parking spaces by either fully automated or semi-automated features. This system is used in residential complexes and commercial sectors to help in saving space in highly crowded parking areas. Automated car parks provide some exciting applications with minimal effort, convenience for the customers, and the ability to save money by making better use of space. A car parking system often has a direct effect on the feasibility of real estate and commercial projects. The designing of automated parking systems can help to derive profitability by enabling parking to be located in areas where conventional parking would not provide flexibility. This system usually utilizes advanced robotic technology for parking vehicles and retrieving cars inside a secure garage. This type of system not only saves overall time, space and money but is also useful in moving the vehicles from one level to the other through well-protected and secured auto lifts.
Global automated parking systems market report is segmented on basis of mode of automation, technology, end-use, system and regional & country level. Based upon the mode of automation, the global automated parking systems market is segmented into semi-automated parking systems and fully automated parking systems. On the basis of technology, the market is classified into sensor technology, mobile technology and RFID technology. Furthermore, based upon end-use, the global automated parking systems market is segmented into residential, commercial, service & solution integrated payments, vehicle detection solutions, space reservation services, and monitoring & reporting services. Based upon the system, the global automated parking systems market is segmented into software and hardware.
The regions covered in this Global Automated Parking Systems Market report are North America, Europe, Asia-Pacific, and the Rest of the World. On the basis of country level, the market of global automated parking systems market is sub divided into U.S., Mexico, Canada, UK, France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
Some of the key manufacturers operating in the Automated Parking Systems are,
Automated Parking Systems Market has witnessed a lucrative growth in past few years and expected to continue the same within the forecast period owing to the rapid increase in population throughout the worldwide leads to increase the demand for vehicles, due to which it is very difficult to manage the spaces in both commercial and residential zones. This has enabled the high acceptance of automated parking systems to support the increasing necessity for more parking spaces, where it would not possible back with the conventional parking system.
Additionally, automated parking systems require an area of about 70% smaller and 50% smaller volume to park the number of cars inside the parking zone as compared to conventional parking facilities. Furthermore, parking operators from emerging countries are increasingly finding solutions with enhanced technological solutions which in turn increase the demand for automated parking systems. However, maintaining these automated systems can be expensive, it may be component repair cost when it will breakdown which acts as a major barrier for the growth of this market.
North America holds the largest share in the global automated parking systems market and is expected to dominate during forecast period. This growth is majorly attributed to the massive increase in the number of cars from the North American countries especially from the USA, real estate investors and manufacturers reconsider the significance of automated parking systems that would highly feasible for the requirements of more parking spaces. For example, Americans have spent around 17 hours per year searching for parking and it has taken approximately USD 345.56 per driver by waste fuel and time.
Similarly, Asia Pacific is expected to witness rapid growth in this market owing to the rapid industrialization, thereby Asian cities are being popularly moved towards advanced systems such as automated parking systems to simplify the parking issues.
Middle East and Africa
|Historical data||2015 - 2020|
|Forecast Period||2021 - 2028|
|Market Size in 2021:||USD 1519.1 Million|
|Base year considered||2021|
|Forecast Period CAGR %:||12.85%|
|Market Size Expected in 2028:||USD 3540.7 Million|
|Tables, Charts & Figures:||175|
|Automated Parking System Manufacturers||Skyline Parking AG, Robotic Parking Systems, Unitronics, Dayang Parking Co. Ltd, Klaus Multi parking Systems, Eito & Global Inc, Dongyang Menics Co.Ltd, Parkmatic TM, FATA Automation, Konnet, Others|
|Segments Covered||By Mode of Automation, By Technology, By End-Use|
|Regional Analysis||North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa|