

Automated Parking System Market Analysis Emerging Trends and Opportunities 2024-2031
Increasing inclination towards adopting automated solutions by real estate developers in luxury projects has triggered the use of automated parking systems worldwide. Growing fleet of commercial and passenger vehicles coupled with a shortage in parking spaces has translated into growing traffic congestion. Owners of vehicles spend significant amounts of time finding parking places to park their cars.
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Advancements in Technology Driving Market Growth
With advancing technology, the integration of smart parking meters, machine-to-machine connectivity, advanced sensors, and data analytics is increasing in the automated parking system market. Automation today has become an integral part of every activity that reduces pressure on the individual and saves time and cost. That said, automation-driven parking systems can facilitate driver convenience and can be considered a sustainable green solution for parking management.
According to initial studies, the global automated parking system market is likely to register a growth rate of over 16% in the next eight years, taking the valuation of the market from around US$1 million to more than US$6 million.
Smart City Projects to Create Opportunistic Pathways for Growth
The smart city initiative across the globe has transformed the urban locality. The advancements in technology led to the adoption of the Internet of Things (IoT) in mobility and transportation. Smart city initiatives planned by governments worldwide are likely to present potential opportunities for the use of new automated solutions, and automated parking systems are no exception. Smart cities include advanced parking management systems which are easy to manage, space-efficient, and flexible.
Efficient automated parking systems deliver convenience, play a major role in reducing CO2 emissions, and ensure vehicle safety. Companies are investing in smart city projects by providing smart grids since the recent past. For instance, Xerox Corporation provided a smart
grid to Los Angeles that assists drivers in parking. This smart grid allows the driver to locate empty parking spaces through a smartphone application, in turn reducing time and providing convenience. The parking essentials, including starting time of parking, parking cost, and total parking hours, get registered and can be monitored on a single dashboard on the mobile application. This aspect, coupled with growing smart city projects, is expected to pave potential growth opportunities for the automated parking systems market.
Fully Automated Parking System Poised to Register Momentous Growth
Fully automated parking systems are expected to witness increasing demand among customers on the back of their perceived benefits. This system offers increased capacity, improves parking efficiency, facilitates significant reduction in CO2 emissions, and provides enhanced convenience and safety quotient compared to semi-automated parking solutions. This factor and other macro aspects, such as inclination towards superior and advanced automated systems and steadily increasing GDP per capita, have influenced the adoption of fully automated systems, thus contributing towards automated parking system market growth.
Europe Likely to Cement Dominance in Automated Parking System Market
Developed economies in Europe are expected to account for a significant share in the automated parking system market in the following years. This can be attributed to the growing presence of major players involved in providing automated parking systems, increasing smart city initiatives, and rising demand for automated parking systems from commercial and residential sectors. Moreover, the increasing passenger car fleet is further complementing the need for automated parking systems. For instance, according to the European Automobile Manufacturers Association, around 277 million vehicles were on the roads of European cities in 2019, and the number is likely to increase in the coming years. This called for advanced parking management to save time and space, in turn triggering the automated parking system market growth.
Europe holds the world’s quickest automated parking system in Wolfsburg (Germany) that reflects a retrieval time of 1.44 minutes. Moreover, the EU advocates the development of smart cities for sustainable growth under the Europe 2020 strategy. These factors continue to influence the development and integration of advanced systems, in turn complementing the growth of the automated parking system market in Europe.
Automated Parking System Market: Competitive Landscape
A few of the major players in the automated parking system market include Klaus Multiparking, Wohr Parking System Pvt. Ltd., Westfalia Technologies Inc., Shinmaywa Industries, Unitronics, and Lodige Industries GmbH.
The automated parking system market is highly competitive, with key players focusing on technological advancements and strategic partnerships to strengthen their market presence. Continuous innovation and a focus on enhancing user experience are crucial for gaining a competitive edge in this rapidly evolving market.
Conclusion
The global automated parking system market is set for significant growth, driven by advancements in technology, increasing vehicle fleets, and the adoption of smart city initiatives. With Europe leading the charge, the market is poised to transform urban parking solutions, offering convenience, efficiency, and sustainability.