Automated Parking System Market Overview:
The Automated Parking System Market was estimated to be USD 1.3 Billion in 2021 and is projected to grow at a CAGR of 13.1% to succeed in USD 3.6 Billion by 2027.
Automated parking systems may be a technique for mechanically parking and retrieving vehicles so as to accommodate the rise in interest for safe and convenient parking because the number of cars growing a day. Automated parking systems limit the width and depth required for the parking lot, and distances between parking spaces since no allowance got to be made for driving the car into the parking lot or for the opening of car doors. Moreover, no driving lanes or ramps are required to drive the vehicle toward the parking lot.
Limited availability of parking spaces and therefore the growing number of vehicles has resulted in a traffic jam in several regions. Drivers checking out vacant parking spaces account for nearly 40% of the entire traffic jam. Additionally, the time spent finding parking lot leads to wastage of fuel and increased emission. The automated parking system can issue sustainable low emission parking spaces. The benefits of automated parking system over conventional parking system are to grow efficiency by 35%-40%, increasing capacity by 40%-50%, 10%-12% of return on investment (ROI), 85% lesser CO2 emissions generated by driving, and inherent safety and security.
Automated Parking System Market Recent Developments:
· Multiparker 740 by Wohr provides save parking space by stacking cars beside each other and on top of every other to a high rack storage system. Longitudinal parking is enabled next to the storage and retrieval system.
· KLAUS Multiparking GmbH now also provides 3D models of its parking systems for developing Information Modeling (BIM). With this, KLAUS Multiparking is responding to the interest from the development industry for an innovative planning theory with which projects are often realized faster and more accurately.
CityLift Parking, the leading distributor of automated parking lift solutions, was granted LA Research Report ("LARR") approval for its last completed project in LA. This is often the initial approval for a 3-level automated puzzle parking system within the City's history.
Drivers and Restraints of the Automated Parking System Market:
Drivers:
The expansion of the infrastructure industry drives the marketplace for an automated parking system, along with the growing number of luxury and high-rise buildings, rising support from government bodies, and the increasing willingness of developers to put in an automatic parking system. The expansion of the infrastructure industry is predicted to supply tremendous opportunities for installing an automated parking system in under-construction and newly constructing buildings.
Restraints:
A key factor restraining the expansion of the automated parking system are high complexity of the system, issues with internal control, and high capital requirement. The development of an automatic parking system is complex and requires deliberation of the many factors. Within the absence of regulations to watch the working of an automated parking system, the difficulty of internal control also poses a challenge for manufacturers. However, the high initial investment is required for a high-caliber automated parking system. Thus, authorities must mandate and regulate the standard of the automated parking system.
Automated Parking System Market Segmentation:
By Automation Level:
In the automated parking system (APS) market, the fully automated segment is the fastest- increasing part, by automation level. The selection of an automatic parking system (APS) depends on several factors like the available budget with the developer, location of the project, and application of the system. High volume parking systems tend to be fully automated, while low-volume parking systems and low throughout parking systems are semi-automated. Moreover, advantages like higher volume and better efficiency, less emission, and increased safety and convenience of a fully automated parking system are predicted to fuel the expansion of a fully automated parking system.
By System Type:
By system, Hardware systems contribute to the most significant share of the entire cost of the automated parking system. Resulting in the best market share within the automated parking system. In the software segment, the analytics solutions segment is predicted to grow at a surged rate during the foreseen phase. The expansion of this segment is majorly driven by the power of the parking sensors affixed to the sunshine poles to systematically and reliably to assemble information about the vacant and occupied parking areas in time and transmit it to the drivers and managerial personnel using an analytics solution.
By End-User:
The automated parking system (APS) can considerably reduce emission and rise the green footprint of the project. As developers still specialize in decreasing emission by offering low emission sustainable houses, the demand for automated parking system (APS) is predicted to extend in residential buildings.
By Design Model:
By Platform Type:
As the non-palleted system has superior speed and efficiency, the demand for this sort of system is predicted to witness a growth at a rapid pace.
By Parking Level:
Automated Parking System Market Region wise analysis:
Marked Segmentation based on the region:
a. Middle East
b. Africa
The North America region is widely adopting digital technologies thanks to the main target on implementing smart cities and better adoption rate for a sensible parking management system.
Europe is predicted to steer the automated parking system market. Europe features a state-of-the-art technology background and therefore the existence of major players in automated parking solutions. This further powers the private and public industries/ organizations to embrace automated parking system (APS) solutions to manage parking issues more efficiently.
In the Asia pacific region, various smart city projects are unrolled to enhance citizen services. These smart city projects affect challenges associated with transit, infrastructure, connectivity and utilities, and certain to reinforce the expansion of the automated parking system market.
Key Players of Market:
Some of the key players operating in this market include Wohr (Germany), Nissei Build Kogyo (Japan), Klaus Multi Parking (Germany), CityLift (US), Westfalia (Germany), Robotic Parking Systems Inc. (the US), Skyline Parking, and Unitronics (Israel
1. Introduction
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year and Forecast Periods
2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline
3. Report Overview
3.1 Executive Summary
3.2 Key Inferencees
4. Market Dynamics
4.1 Impact Analysis
4.1.1 Drivers
4.1.2 Restaints
4.1.3 Opportunities
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends
5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market share analysis
5.1.2 Products/Service
5.1.3 Regional Presence
5.2 Mergers & Acquistion Landscape
5.3 Joint Ventures & Collaborations
6. Market Segmentation
6.1 Automated Parking System Market, By Automation Level
6.1.1 Semi-Automated
6.1.2 Fully-Automated
6.1.3 Market Size Estimations & Forecasts (2019-2024)
6.1.4 Y-o-Y Growth Rate Analysis
6.1.5 Market Attractiveness Index
6.2 Automated Parking System Market, By System Type
6.2.1 Hardware
6.2.2 Software
6.2.3 Market Size Estimations & Forecasts (2019-2024)
6.2.4 Y-o-Y Growth Rate Analysis
6.2.5 Market Attractiveness Index
6.3 Automated Parking System Market, By End-User
6.3.1 Commercial
6.3.2 Residential
6.3.3 Mixed-Use
6.3.4 Market Size Estimations & Forecasts (2019-2024)
6.3.5 Y-o-Y Growth Rate Analysis
6.3.6 Market Attractiveness Index
6.4 Automated Parking System Market, By Design Model
6.4.1 Hydraulic
6.4.2 Electro Mechanical
6.4.3 Market Size Estimations & Forecasts (2019-2024)
6.4.4 Y-o-Y Growth Rate Analysis
6.4.5 Market Attractiveness Index
6.5 Automated Parking System Market, By Platform Type
6.5.1 Palleted
6.5.2 Non-Palleted
6.5.3 Market Size Estimations & Forecasts (2019-2024)
6.5.4 Y-o-Y Growth Rate Analysis
6.5.5 Market Attractiveness Index
6.6 Automated Parking System Market, By Parking Level
6.6.1 Less than level 5
6.6.2 Level 5 - Level 10
6.6.3 More Than Level 15
6.6.4 Market Size Estimations & Forecasts (2019-2024)
6.6.5 Y-o-Y Growth Rate Analysis
6.6.6 Market Attractiveness Index
7. Geographical Landscape
7.1 Global Identity Governance and Administration Market, by Region
7.2 North America - Market Analysis (2018 - 2024)
7.2.1 By Country
7.2.1.1 USA
7.2.1.2 Canada
7.2.2 By Automation Level
7.2.3 By System Type
7.2.4 By End-User
7.2.5 By Design Model
7.2.6 By Platform Type
7.2.7 By Parking Level
7.3 Europe
7.3.1 By Country
7.3.1.1 UK
7.3.1.2 France
7.3.1.3 Germany
7.3.1.4 Spain
7.3.1.5 Italy
7.3.1.6 Rest of Europe
7.3.2 By Automation Level
7.3.3 By System Type
7.3.4 By End-User
7.3.5 By Design Model
7.3.6 By Platform Type
7.3.7 By Parking Level
7.4 Asia Pacific
7.4.1 By Country
7.4.1.1 China
7.4.1.2 India
7.4.1.3 Japan
7.4.1.4 South Korea
7.4.1.5 South East Asia
7.4.1.6 Australia & NZ
7.4.1.7 Rest of Asia-Pacific
7.4.2 By Automation Level
7.4.3 By System Type
7.4.4 By End-User
7.4.5 By Design Model
7.4.6 By Platform Type
7.4.7 By Parking Level
7.5 Latin America
7.5.1 By Country
7.5.1.1 Brazil
7.5.1.2 Argentina
7.5.1.3 Mexico
7.5.1.4 Rest of Latin America
7.5.2 By Automation Level
7.5.3 By System Type
7.5.4 By End-User
7.5.5 By Design Model
7.5.6 By Platform Type
7.5.7 By Parking Level
7.6 Middle East and Africa
7.6.1 By Country
7.6.1.1 Middle East
7.6.1.2 Africa
7.6.2 By Automation Level
7.6.3 By System Type
7.6.4 By End-User
7.6.5 By Design Model
7.6.6 By Platform Type
7.6.7 By Parking Level
8. Key Player Analysis
8.1 Wohr
8.1.1 Business Description
8.1.2 Products/Service
8.1.3 Financials
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.2 Nissei Build Kogyo
8.3 Klaus Multi Parking
8.4 CityLift
8.5 Westfalia
8.6 Robotic Parking Systems Inc
8.7 Skyline Parking
8.8 Unitronics
9. Market Outlook & Investment Opportunities
Appendix
List of Tables
List of Figures
