The global automatic parking management system market is anticipated to grow at a CAGR of over 13.52% from 2020 to 2027 and touch a valuation of US$ 4.8 billion by the end of 2027.
The various technologies deployed in automated parking management systems are sensor technology, mobile technology, and RFID. Among all the types, the demand for sensors is expected to rise at a substantial pace over the forecast period. The rapid strides made by industrialization in suburban areas is a notable factor catalyzing the burgeoning demand for automated parking systems.
Rising Need for Optimizing Parking Spaces propels Demand
The demand for automated parking management system emanates from the ever-rising need for more parking space for vehicles given the staggering rise in new registrations all over the world. The demand for technologies and systems for optimizing parking space is a key factor propelling the growth of the global market.
The exponential rise in number of vehicles in urbanized spaces of developing and developing nations is a key factor that has squeezed the available parking space. With the pressing need for minimizing the land usage, the problem has been confounded further, thus fueling the demand for automated parking management systems.
Numerous benefits of automated parking systems reinforce the attractive demand, key of which are doing away with driving lanes, ramps, optimizing the land usage, ensuring the minimal pedestrian traffic. Furthermore, since the hassles of parking that people face has been a prominent factor contributing to traffic congestions in urban spaces, the need for reducing them has been bolstering the demand for automated parking management systems.
Technological Advances in Automated Parking Systems open several Lucrative Avenues
The swift pace of urbanization in emerging economies and a large part of population moving to central business districts are notable factors catalyzing the demand for automated parking management systems. The demand is bolstered by the role of automated parking system in simplifying the administrative operations and in improving the surveillance and security of all types of vehicle in the parking arena. Moreover, advancements in anti-collision technologies are also boosting the market.
The global automated parking management systems is likely to reap potentially lucrative gains from advances made in car parking management and monitoring technologies. This is evident especially in developed nations.
The market is garnering gains from the constant advances being made in automated parking systems. Rapid technological advances being made by sensors and neural networks are fueling the expansion of the market. The growing focus of governments, especially in several emerging economies, on smart city infrastructures is a notable factor fortifying the demand for automated parking management systems. The rise in number of financial districts in recent years, notably in Asia Pacific, has accentuated the overall market.
The semi-automated parking system segment is projected to hold a prominent share of the market in 2019. Semi-automated is an old tried and proven technology with low manufacturing cost that is widely used in passenger vehicles.
In terms of technology, the market can be segmented into sensor technology, mobile technology, RFID technology, and other technology. Demand for sensor technology is anticipated to increase significantly during the forecast period due to rapid industrialization in suburban areas and rise in technological advancements in automated parking management systems in the global market.
Some of the prominent regions taken into consideration for the analysis of the automated parking management systems market are North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. The region-wise analysis is done on the basis of revenue generation trend, city development, and regulation changes. The automated parking industry in North America and Asia Pacific has been observing significant developments in the last few years due to the emerging economic conditions, rise in number of financial districts, increase in smart city development, and rise in urbanization in metropolitan cities.
Key players operating in the automated parking management system market are anticipated to benefit from mergers and acquisitions with global players in the differential market. Key market players have a strong global presence, firm establishments, and a wide product portfolio. The players operating in the automated parking management system market are Skyline Parking AG, CityLift, Robotic Parking Systems, Inc., UNITRONICS, Dayang Parking Co. Ltd., EITO&GLOBAL INC., and others. Companies are focusing on strategic expansions with regional parking system providers in order to expand their business globally. Skyline Parking AG is a major manufacturer and has expertise in the manufacture of fully and semi-automated parking systems. Skyline Parking AG holds a prominent market share in the automated parking management system market.
This report analyzes and forecasts the market for automated parking management systems at the global and regional level. The market has been forecast based on revenue (US$ Mn) and volume (million units) from 2020 to 2027. The study includes drivers and restraints of the global automated parking management system market. It also covers the impact of these drivers and restraints on demand for automated parking management systems during the forecast period. The report also highlights opportunities in the automated parking management system market at the global and regional level.
The report comprises a detailed value chain analysis, which provides a comprehensive view of the global automated parking management system market. The Porter’s Five Forces model for the automated parking management system market has also been included to help understand the competitive landscape in the market. The study encompasses market attractiveness analysis, wherein end-users are benchmarked based on their market size, growth rate, and general attractiveness.
The study provides a decisive view of the global automated parking management system market by segmenting it based on mode of automation, technology, end-user, service and solution, system, and region. These segments have been analyzed based on present and future trends. Regional segmentation includes the current and forecast demand for automated parking management system in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The report also covers the demand for individual application segments in all regions.
The report provides the estimated market size of the automated parking management system market for 2017 and forecast for the next nine years. The size of the global automated parking management system market has been provided in terms of revenue. Market numbers have been estimated based on key mode of automation, technology, end-user, service & solution, system, and regional segments of the automated parking management system market. Market size and forecast for each major type have been provided in terms of global and regional/country markets.
In order to compile the research report, we conducted in-depth interviews and discussions with a number of key industry participants and opinion leaders. Primary research represents the bulk of research efforts, supplemented by extensive secondary research. We reviewed key players’ product literature, annual reports, press releases, and relevant documents for competitive analysis and market understanding. Secondary research also includes a search of recent trade, technical writing, internet sources, and statistical data from government websites, trade associations, and agencies. This has proven to be the most reliable, effective, and successful approach for obtaining precise market data, capturing industry participants’ insights, and recognizing business opportunities.
Secondary research sources that are typically referred to include, but are not limited to company websites, annual reports, financial reports, broker reports, investor presentations, and SEC filings, internal and external proprietary databases, and relevant patent and regulatory databases, national government documents, statistical databases, and market reports, news articles, press releases, and webcasts specific to companies operating in the market, national government documents, statistical databases, and market reports, World Bank, Global City Investments, Planning Commission report, Factiva, and National Mineral Development Corporation.
Primary research involves e-mail interactions, telephonic interviews, and face-to-face interviews for each market, category, segment, and sub-segment across geographies. We conduct primary interviews on an ongoing basis with industry participants and commentators in order to validate the data and analysis. Primary interviews provide firsthand information on market size, market trends, growth trends, competitive landscape, and outlook, etc. These help validate and strengthen secondary research findings. They also help develop the analysis team’s expertise and market understanding.
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