Automated Parking Systems Market size was valued at US$ 1.38 Bn. in 2021 and the total revenue is expected to grow at 15.2% of CAGR through 2022 to 2029, reaching nearly US$ 4.28 Bn.
Pune, 21, Nov, 2022: According to the “Automated Parking Systems Market” report published by Maximize Market Research, the market is expected to grow from USD 1.38 billion in 2021 to USD 4.28 billion in 2029, at a CAGR of 15.2 percent for the forecast period from 2022 to 2029.
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Automated Parking Systems Market Scope and Methodology
The report is a systematic analysis of the automated parking systems industry at a local, regional and global level. The report provides current trends and highlights prevailing in the automated parking systems market with a thorough analysis of the growth rate fluctuations. The report acts as an investor’s guide since it provides a comprehensive picture of the competitive landscape of leading players in the automated parking systems market by goods and services, revenue, financial status, portfolio, growth strategies, and geographical presence. Analysis of new entrants to present a future outlook and opportunities in the automated parking systems market is also provided.
To define future pricing and production strategies, the report provides a demand analysis spanning over the forecast period. Segment-wise analysis of the automated parking systems market is conducted by dividing it into automation level, platform type and by component to present the automated parking systems market penetration, and competitive structure and perform pricing and demand analysis. To get a clearer picture of factors affecting the automated parking systems market, the driver, challenges and restraints are analysed.
For insights into the strategies, sales and marketing tactics of companies similar to automated parking systems in the industry, a competitive analysis is conducted. Information on key players and new entrants is collected based on goods and services offered, portfolio, technological advancements adopted, mergers and acquisitions, joint ventures, strategic alliances, social media engagement and areas for improvement. Figures and illustrations make it easy for clients to understand the automated parking systems market scenario at a glance.
Estimation of the mark automated parking systems market et size and its segments was carried out using a bottom-up approach. Data was collected using both primary and secondary data collection methods for the analysis. Surveys, administering questionnaires and telephonic interviews with industry specialists, automated parking systems market leaders, entrepreneurs, marketing professionals and customers on the demand side and manufacturers on the supply side were included in the primary methods. Secondary data was methodically collected from a selection of sources to ensure the reliability of the inferences. This includes official databases of various organisations and government sites, industry journals, white papers, annual reports, releases of product manufacturers and suppliers in the industry along with paid databases. SWOT analysis was conducted to provide the strengths and weaknesses of the automated parking systems market while PESTLE was employed to understand the potential impact of the macro and micro economic, social, political and technological factors affecting the automated parking systems market growth.
Automated Parking Systems Market Overview
An automated Parking System is a structure that is designed to enable optimum parking of vehicles, thus reducing space wastage. This system is automated that makes easy transport of vehicles in parking spaces without the need for a driver to be present. Vehicles are mechanically stacked vertically or horizontally after the car is parked at the platform.
Automated Parking Systems Market Dynamics
The number of vehicles has increased with the advancement and growth of the automobile industry. This increase in the number of cars is attributed to the growth of developing economies and the rise in the average income that has increased consumption. Given these reasons, automated parking systems market is expected to witness growth for the forecast period.
Awareness to reduce carbon emissions from the automotive industry has been on the rise. Industries are taking initiatives to curb such environmental damage. Government agencies have also been taking steps to put a hold on and reverse environmental degradation. Fuel wastage while searching for a parking space is significant which increases carbon footprint. Automation in the parking system reduces energy consumption and carbon footprint. Such trends for sustainable and green parking are expected to boost the automated parking systems market growth for the forecast period.
However, automated parking systems require a large initial investment. Several considerations need to be checked to ensure vehicle safety, sustainability and efficient construction of the parking space. These factors are expected to hamper the automated parking systems market growth.
Automated Parking Systems Market Regional Insights
Europe is expected to witness regional automated parking systems market growth for the forecast period. Urbanisation in the region is growing at a fast pace with the popularity of the region for services and commerce. Crowding causes a problem for efficient city management such as reducing pollution, traffic and congestion. This increases the need for efficient parking to reduce the wastage of time and fuel. Strong demand for automated speedy parking is expected to drive the automated parking systems market growth.
The Asia-Pacific region is expected to witness growth on the account of a growing population and increased consumption. Developing economies in the region are expected to be a major driver for the growth of the automated parking systems market.
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Automated Parking Systems Market Segmentation
By Automation Level:
By Platform Type:
By Component:
Automated Parking Systems Market Key Players:
Key questions answered in the Automated Parking Systems Market are:
Key Offerings:
Maximize Market Research is leading automotive and transportation research firm, has also published the following reports:
Global Parking Reservation System Market -The Global Parking Reservation System Market size is expected to reach USD 4.75 billion by 2029 at a CAGR of 21.2 percent during the forecast period. The Global Parking Reservation System Market is expected to be driven by growth in developing economies and advancement in parking reservation with the advent of digitization,
Electric Parking Brake Market -The Electric Parking Brake Market size is expected to reach USD 4.41 billion by 2029 at a CAGR of 12 percent during the forecast period. The Electric Parking Brake Market is expected to be driven by high demand for passenger vehicles and increasing demand for automotive safety.
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Nov 21, 2022
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