The global automated parking system market size was USD 1319.9 Million in 2021 and is expected to register a revenue CAGR of 15.1% during the forecast period, according to latest analysis by Emergen Research. Rising demand for sustainable parking solutions and rapid urbanization is a key factor driving market revenue growth.
Rapid adoption of integrated solutions, such as Machine-to-Machine (M2M) connectivity, advanced sensors, data analytics, smart parking meters, and mobile applications for slot bookings and payment purposes for automated parking solutions, is one of the primary factors expected to drive growth of the market. In addition, increasing implementation of automation solutions for parking solutions as well as smart parking systems for proper management of dispersed parking spaces and provision of easy assistance to drivers for quickly locating available parking spots are also driving market revenue growth. Moreover, fully automated parking systems are more efficient, capable, and secure, which is driving revenue growth of the market. Furthermore, fully automated parking systems lower costs by lowering carbon emissions and eliminating the need for manpower.
Some of the key participants in this Automated Parking System Market industry include:
Robotic Parking Systems, Inc., Skyline Parking, Klaus Multiparking, Westfalia Parking, FATA Automation, Park+, Unitronics Inc., Parkmatic, Wohr Parking Systems Pvt. Ltd., and T2 Systems. On 28 March 2022, Bosch partnered with Mercedes-Benz to demonstrate the ability of cars to automatically navigate themselves to and from remote parking spaces, which requires driver assistance capability, also referred to as SAE Level 4 in the parking garage of InterContinental Los Angeles Downtown hotel by employing a network of supplemental sensors in the reception area and garage of hotel.
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The Global Automated Parking System Market report provides full coverage of the companies’ data, including details about their production and manufacturing capacity, product portfolio, business overview, revenue, gross profit margins, sales network and distribution channel, financial standing, and market position. The report offers a comprehensive overview of the regional and competitive landscape and provides a deeper insight into the current market scenario and future growth prospects.
Some Key Highlights From the Report
The hardware segment accounted for a significant revenue share in 2021. Increasing demand for RF modules, microcontrollers, displays, ultrasonic sensors, DC motors, motor drivers, and camera units for installation and management of automated parking systems is one of the key factors driving revenue growth of this segment. Increasing car parking concerns owing to limited parking space are increasing implementation of IR sensors and Internet of Things (IoT) technologies for automation and easy tracking of available parking spots.
The commercial parking segment accounted for largest revenue share in 2021 owing to rapid urbanization and rising demand for parking facilities in increasing commercial buildings such as shopping malls. Rising number of automobiles on the road is resulting traffic congestion and high amount of emissions, thereby increasing need for more parking spaces in commercial areas.
The silo system segment accounted for largest revenue share in 2021. High demand for silo systems for increasing commercial applications is one of the key factors driving revenue growth of this segment. Silo parking systems can also be installed underground and in unfavorable soil conditions. Lifting or rotating mechanism comprises core and facilitates vehicle placement, often enabling just one vehicle to be controlled at a time.
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The report studies the impact of the COVID-19 pandemic on the Automated Parking System Market .The report offers valuable insights into the market size, market share, sales channel and distribution network, segmentation of the market, demands, and trends, and growth prospects. The report also studies the growth of the market on a global and regional scale.
Scope of the Global Automated Parking System Market Report :
The report performs an accurate estimation of the growth prospects of the different market segments by studying the current market scenario, past performance, demand and supply ratio, production, consumption, sales, and revenue generation of the key players in the upcoming years. The market segmentation provides a 360° view of the Automated Parking System Market industry, which turns out to be beneficial for readers interested in this sector.
Global Automated Parking System Market Market Research Objectives:
- To provide deep understanding of the Automated Parking System Market industry.
- To highlight the critical data of each segment at extensive level.
- To determine key success factors in different segments of Automated Parking System Market industry.
- To highlight the trends in specific sectors.
- To give insights into key segments.
- To carry economic analysis, build quantitative and financial models of global Automated Parking System Market industry and individual segments.
- To project future performance of the global Automated Parking System Market industry and identify imperatives.
- To identify risks of investing in particular segments and suggest appropriate strategies to mitigate the risks.
- To study what held back the Automated Parking System Market industry during pandemic and forces that are driving up the global Automated Parking System Market post-pandemic.
Emergen Research has segmented the global automated parking system market based on component, application, structure type, automation level, platform type, and region:
Component Outlook (Revenue, USD Million; 2019-2030)
Application Outlook (Revenue, USD Million; 2019-2030)
Structure Type Outlook (Revenue, USD Million; 2019-2030)
Rail Guided Cart (RGC) system
Automated Guided Vehicle (AGV) system
Automation Level Outlook (Revenue, USD Million; 2019-2030)
Platform Type Outlook (Revenue, USD Million; 2019-2030)
Regional Analysis Covers:
North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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What is the key information extracted from the report?
Extensive information on factors estimated to affect the Market growth and market share during the forecast period is presented in the report.
The report offers the present scenario and future growth prospects Market in various geographical regions.
The competitive landscape analysis on the market as well as the qualitative and quantitative information is delivered.
The SWOT analysis is conducted along with Porter’s Five Force analysis.
The in-depth analysis provides an insight into the Market, underlining the growth rate and opportunities offered in the business.
About Emergen Research
Emergen Research is a Market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer Market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors
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