Global Automated Parking System Market
Automated Parking System Market
MARKET OVERVIEW:
The Global Automated Parking System Market Size was valued at USD 1.79 billion in 2021 and is expected to reach at a CAGR of 16.7% from 2022 to 2030. The main causes of the expansion include an increase in the number of vehicles, a shortage of parking spaces due to urbanisation, an increase in the demand for environmentally friendly and sustainable parking options, and government led smart city programmes. However, the COVID 19 pandemic epidemic had a major impact on the volume of automated parking system purchases.
Global Automated Parking System Market
Given that the amount of technology in cars has substantially risen over the past two years, automated parking system solutions are best suited for the current environment. In the post pandemic era, the market might benefit from these variables. The World Construction Network projects that the infrastructure sector (commercial and residential) will grow significantly at a rate of 13.6% over the forecast period. In the upcoming years, this is also anticipated to help the global market expand.
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Automated Parking System Market
MARKET GROWTH & TRENDS:
The expansion of the infrastructure drives the marketplace for an automated parking system, along with the growing number of luxury and high rise buildings and rising support from government bodies. Owing to these benefits, the demand for automated parking systems is anticipated to extend in residential and commercial buildings. Moreover, smart city initiatives across several countries are also driving the demand for advanced and smart automated solutions to reduce parking and pollution problems, the local public faces. However, the rising number of vehicles of varying sizes in urban areas challenges the growth of the market. Moreover, the high initial investment is required for construction and maintenance per parking space in smart facilities, which increases the initial maintenance and operating costs of these spaces, which could also hinder the growth. However, the growing number of luxury and high rise buildings, rising support from government bodies, and the increasing willingness of developers drive the marketplace for an automated parking system. Furthermore, the expansion of the infrastructure industry is expected to supply tremendous opportunities for installing an automated parking system in under construction and newly constructing buildings.
RECENT DEVELOPMENTS:
• November 2021: Westfalia Parking held a webinar on the subject of Automated Parking Demystified. The event included subjects including where an architect or developer may find an automated parking vendor, how COVID 19 attendees can use a contactless system to go to the park and pick up their automobiles, and how an automated parking system can function for the safety and welfare of users.
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Automated Parking System Market
KEY PLAYERS
• Skyline Parking
• Westfalia Parking
• Unitronics (1989) (R”G) Ltd
• Klaus Multiparking GmbH
• Robotic Parking Systems, Inc
• Fata Automation, Inc
• City Lift Parking, LLC
• Park Plus Inc
• Wohr Parking System Pvt. Ltd
REGIONAL ANALYSIS:
The market of North America is anticipated to have substantial market share and is also expected to grow at a swift pace due to extensive adoption of automation technologies in the region. Also to have a proper system and regulate the parking space for huge on road fleet in the country like U.S. the use of Automotive Parking System is likely to bolster in the region.
Automated Parking System Market
The increasing sales and use of automobile vehicles in the developing nations like India and ASEAN region are expected to propel the market for automated parking system market in South Asia.
North America (the U.S., Canada, and Mexico), Europe (Germany, UK, France, Italy, Russia, Spain, and Rest of Europe), Asia Pacific (China, India, Japan, South Korea, Australia, South East Asia, and Rest of APAC), South America (Brazil, Argentina, Columbia and Rest of Latin America), Middle East & Africa (Saudi Arabia, South Africa, Turkey, Nigeria, UAE and Rest of MEA)
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