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: The “Automated Parking Systems Market” report is published by Maximize market Research that covers currents trends and market size forecasts. In the report, 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.
Automated Parking Systems Market Scope and Methodology
The report is a comprehensive analysis on the Automated Parking Systems Market that includes thorough analysis on the market drivers, challenges, restraints, and opportunities prevailing in the market. Current trends in the Automated Parking Systems Market are studied with future trends forecasted using historical data. Regional analysis of the market is conducted at local, regional, and global levels for a better understanding of the market penetration, dominant share and pricing. The Automated Parking Systems Market research report covers product classification, product application, development trends, product technology, competitive landscape, industrial chain structure, and industry overview. Segment-wise analysis of the market by automation level and platform type helps clients devise pricing strategies and fierce marketing tactics. The report also covers the strategies followed by key players and provides their analysis based on their growth in the industry which helps investors and major companies to identify investment pockets and formulate strategies.
Revenue, financial status, portfolio, market penetration, technological advancements adopted, mergers and acquisitions, joint venture, strategic alliances, and social media presence is gathered of key players and new market entrants for a thorough competitive analysis. This helps market players get an edge over other competitors and differentiate their product with the help of this comparative study. To define future pricing and incorporate new technology, the report provides a demand analysis spanning over the forecast period.
The bottom-up approach was employed to validate the market size by different segments. Data was collected using a mix of both primary and secondary data collection methods. Surveys, administering questionnaires and telephonic interviews with industry specialists, market leaders, entrepreneurs, and marketing professionals were included in the primary methods. Secondary data was collected from a selection of sources for inferences. SWOT analysis was conducted to provide the strengths, weaknesses, opportunities and threats prevailing in the at a micro level Automated Parking Systems Market while PESTLE was employed to understand the potential impact of the macro-economic factors affecting the Automated Parking Systems Market at large.
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.
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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.
Automated Parking Systems Market Segmentation
By Automation Level:
By Platform Type:
By Component:
Automated Parking Systems Market Key Players include:
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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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