Automated Parking System Market

Global Automated Parking System Market Thrives as Vehicle Fleet Expand

Increasing inclination towards adopting automated solutions by real estate developers in luxury projects has triggered the use of automated parking system worldwide. Growing fleet of commercial and passenger vehicles coupled with shortage in parking spaces has translated into growing traffic congestion. Owners of vehicles spend significant amount of time in finding parking places to park their cars.

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 in every activity that reduces pressure on the individual and saves time and cost. That said, automation driven parking system can facilitate driver convenience and can be considered as a sustainable green solution for parking management.

According to initial study, 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 Mn to more than US$6 Mn.

Smart City Projects to Create Opportunistic Pathways for Growth of Automated Parking System Market

The smart city initiative across the globe has transformed the urban locality. The advancements in technology led to the adoption of Internet of Things (IoT) in mobility and transportation. Smart city initiatives planned by governments worldwide is likely to present potential opportunities for use of new automated solutions and automated parking system is no exception. Smart cities include advanced parking management systems which are easy to manage, are 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 provides assistance to drivers in parking. This smart grid allows the driver to locate empty parking space through 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 mobile application. This aspect coupled with growing smart city projects is expected to pave potential growth opportunities for automated parking systems market.

Fully Automated Parking System Poised to Register Momentous Growth in the Following Years

Fully automated parking system is expected to witness increasing demand among customers on the back of its perceived benefits. This system offers increased capacity, improves parking efficiency, facilitates significant reduction in CO2 emissions and provides enhanced convenience and safety quotient as 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 has influenced 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 towards growing presence of major players involved in providing automated parking system, increasing smart city initiatives and rising demand for automated parking system from commercial and residential sectors. Moreover, increasing passenger car fleet is further complementing the need for automated parking system. For instance, according to the European Automobile Manufacturers Association, around 277 million vehicles were there 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, EU advocates 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 to the growth of the automated parking system market in Europe.

Automated Parking System Market: Competitive Landscape

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 Global Automated Parking System Market is Segmented as Below:

By Automation Level

• Semi-Automated
• Fully-Automated

By System Type

• Hardware
• Software

By End-User

• Commercial
• Residential
• Mixed-use

By Design Model

• Hydraulic
• Electro-mechanical

By Platform Type

• Palleted
• Non-palleted

By Parking Level

• Less than Level 5
• Level 5-Level 10
• More than Level 15

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • UK
  • France
  • Germany
  • Russia
  • Rest of Europe
• Asia Pacific
  • Japan
  • South Korea
  • India
  • China
  • Rest of Asia-Pacific
• LAMEA
  • Latin America
  • Middle East
  • Africa

Key Elements Included In The Study: Global Automated Parking System Market

• Automated Parking System Market by Product/Technology/Grade, Application/End-user, and Region
• Executive Summary (Opportunity Analysis and Key Trends)
• Historical Market Size and Estimates, Value, 2018 - 2021
• Market Value at Regional and Country Level, 2022 - 2029
• Market Dynamics and Economic Overview
• Market Size in Value, Growth Rates, and Forecast Figures, 2022 - 2029
• Competitive Intelligence with Financials, Key Developments, and Portfolio of Leading Companies 
• Regional and Product/Grade/Application/End-user Price Trends Analysis
• Value Chain and Five Force’s Analysis
• Regional/Sub-region/Country Market Size and Trend Analysis
• Company Market Share Analysis and Key Player Profiles

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Disclaimer:

• The segmentation/company profiles/countries depicted above may vary in the actual report.