Tokyo, November 29, 2021 (GLOBE NEWSWIRE) – Rapid urbanization and the growing number of commercial and residential buildings around the world are driving the adoption of automated parking systems. Real estate developers are focused on providing automated facilities to their clients and include installing automated parking systems in high rise commercial and residential projects, which is driving demand for the automated parking systems market. The automated parking system can help reduce road traffic and can save time and fuel consumption, thereby reducing emissions. An excessive amount of time and fuel is wasted finding a suitable parking space in urban cities. The limited availability of parking spaces and the increasing number of vehicles on the road are causing traffic jams all over the world. In addition, the rapid growth of the urban population requires the adoption of automated parking systems due to the availability of fewer spaces, especially in public places.
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Europe has dominated the global market for automated parking systems, achieving a market share of over 40% in 2020. Europe is characterized by strong infrastructure development, an increased number of commercial and residential complexes and a growing number of higher number of cars requiring the adoption of automated parking systems. . Besides, the presence of many prominent players in the market and the various development strategies adopted by them highly influence the market growth in this region. Moreover, the increased demand for the latest technology and automation has favored the growth of the automated parking systems market in the region.
Asia-Pacific is expected to be the fastest growing segment during the forecast period. Rapid urban population growth, rapid infrastructure development and increasing number of tall buildings are fueling the adoption of automated parking systems. In addition, the increased incidence of traffic congestion in the region is expected to stimulate the demand for automated parking systems in the coming years.
Scope of the Automated Parking Systems Market
|Cover of the report||Details|
|Market size in 2021||$ 1.5 billion|
|Growth rate from 2021 to 2030||8.9% CAGR|
|Fastest Growing Market||Asia Pacific|
|The biggest market||Europe|
|Year of reference||2021|
|Covered companies||Skyline Parking AG, Parkmatic, Westfalia Parking, Robotic Parking Systems, Inc., Klaus Multiparking GmbH, Park Plus Inc., Wohr Parking System Pvt. Ltd, AutoMotion Parking Systems, Unitronics Ltd., City Lift Parking, LLC.|
Conductors – The growing demand for sustainable parking solutions
The increasing incidence of traffic jams, the limited availability of parking spaces and the increase in the number of vehicles on the road have encouraged the increase in demand for sustainable parking solutions across the world. Finding a suitable parking space consumes a lot of time and fuel, which increases emissions. Hence, these factors are expected to drive the demand for automated parking systems across the world.
Constraints – High cost of parking systems
The high costs associated with installing automated parking systems and maintaining them is a major factor that can limit its adoption. Moreover, the high construction cost per space may hamper the growth of the market during the forecast period.
Opportunities – Rapid infrastructure development in developing regions
Increasing government spending on smart city development and other infrastructure developments in countries like India, China, and Brazil presents lucrative growth opportunities for market players for the foreseeable future.
The low availability of resources and financial restrictions in low income countries and the huge penetration of public transport vehicles in underdeveloped and developing countries pose a major challenge against the growth of the market. The aforementioned factors can prevent the installation of automated parking systems.
Highlights of the report
- On the basis of platform type, the palletized segment dominated the market, capturing around 61% of the market share in 2020. The palletized type offers increased capacity and higher space utilization due to its low height. This saves space and is considered ideal for buildings with limited parking space. These advantages have encouraged its adoption around the world.
- On the basis of automation, the fully automated segment dominated the market in 2020, due to the increased demand for automation technologies in developed markets like Europe and North America. The increase in the number of vehicles on the road and the presence of a higher number of shopping complexes around the world have encouraged the adoption of fully automated parking systems in the past which effectively help reduce congestion.
- Based on the components, the software is estimated to be the most opportunistic segment during the forecast period. Software requires regular updates and replacements due to constantly evolving technologies and features to improve the operation and efficiency of automated parking systems. Hence, the rapid developments in the software segment are expected to drive its growth.
- Based on the type of structure, the silo segment dominated the market, gaining a market share of over 20% in 2020. The growing number of huge business complexes and the increased adoption of silo systems in complexes Commercials have fostered the growth of this segment in the past years. Rapid urbanization in developing economies is a major driver of this segment.
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Segments covered in the report
By type of platform
- Fully automated
By type of structure
- Silo system
- AVG System
- Puzzle system
- Tower system
- Shuttle system
- Rail guided trolley system
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