The global Automated Parking Systems market size is expected to be worth around US$ 2.73 billion by 2028, according to a new report by Vision Research Reports.
The global Automated Parking Systems market size was valued at US$ 1.24 billion in 2020 and is anticipated to grow at a CAGR of 10.8% during forecast period 2021 to 2028.
The growing number of vehicles globally, coupled with the scarcity of land for parking, is driving the demand for auto-park solutions worldwide. Moreover, automated solutions improve the level of convenience for vehicle owners or drivers by automatically parking the vehicles at a vacant spot available in the system.
Additionally, automated parking systems improve space allocation in parking spaces, making it possible for a significant number of vehicles to be parked at several levels. This solves the problem of scarcity of land in congested areas. Owing to these benefits, automated solutions are being increasingly adopted and deployed in several new residential and commercial projects facing a space crunch. Moreover, initiatives across several countries are also driving the demand for advanced and smart automated solutions to reduce parking and pollution problems faced by the local public.
However, the rising number of vehicles of varying sizes in urban areas could act as a challenge for the market. Moreover, the high cost of construction and maintenance per parking space in smart facilities, which increase the initial maintenance and operating costs of these spaces, could also hinder the market over the forecast period. Furthermore, factors such as high deployment cost and low availability of the supporting infrastructure are also expected to slow down the growth of the market over the forecast period.
The hardware segment dominated the market in 2019 and accounted for a revenue share of nearly 75.01%. The hardware components used in a parking system, ranging from microcontrollers, GSM modules, RF modules, displays, motor drivers, ultrasonic sensors, DC motors, to camera units, as well as the structure of the entire system vary across projects. Based on the budget, several solutions such as guidance systems, web-based solutions, sensor-based recognition, license plate recognition solution, mobile-based parking, and RFID solutions can be integrated into the systems. The hardware systems and components contribute to the highest share of the total cost involved in deploying the overall solution. It is thus estimated that the hardware component segment would retain its dominance over the forecast period as well.
The silo segment dominated in 2019 and accounted for a revenue share of more than 20.01%. Silo systems are the most popular solutions deployed mainly for commercial applications. These solutions work on a single, centrally positioned mechanism to park and retrieve vehicles owing to which the system is highly deployed. Moreover, the mechanism moves vertically and also rotates on the same axis to allow the platform to move to and from one spot to another quickly.
The palleted segment dominated in 2019 and accounted for a revenue share of more than 60.01%. These solutions simplify the movement of vehicles in the parking space as the vehicles cannot be moved or lifted without the driver. In these solutions, the vehicle’s tires rest on the pallet and the entire mechanical transport equipment interface with the pallet. No accommodations for car size are required in these solutions, which minimizes the complication of transport mechanisms.
The fully automated segment dominated the market in 2019 and accounted for a revenue share of more than 60.01%. The segment is further anticipated to retain its dominance throughout the forecast period. Moreover, fully automated solutions offer advantages such as higher efficiency, increased capacity, reduced emission, and enhanced safety and convenience over semi-automated solutions. Due to these benefits, the demand for these solutions is particularly more in developing economies. However, the choice between fully automated and semi-automated solutions varies based on factors such as the available budget, location, and application of the project. Often, systems with higher capacity tend to be fully automated, while low-capacity systems remain semi-automated.
The commercial segment dominated the market in 2019 with a revenue share of over 40.01%. This can be attributed to the increasing demand for parking spaces in commercial buildings and shopping complexes. The constant rise in the number of vehicles on road has lowered the availability of spaces, leading to traffic jams and a rise in air pollution across major cities globally. Owing to the several benefits of automated parking systems in tackling these issues, combined with benefits such as optimal use of space and enhanced security, the demand for these systems driving is expected to expand at a promising pace in the commercial space in near future.
Europe dominated the market in 2019 and held a revenue share of over 40.01%. The presence of some of the largest manufacturers of automated parking systems such as Wohr, Westfalia, and Klaus Multi Parking, among others in Germany, the U.K., and Switzerland is a key factor favoring the growth prospects. Moreover, the adoption of automated parking systems is also high in these countries. The presence of technologically-advanced infrastructure has further encouraged the public and private sectors to adopt automated solutions for eliminating parking problems.
Skyline Parking AG
Unitronics (1989) (R” G) Ltd.
Klaus Multiparking GmbH
Robotic Parking Systems, Inc.
City Lift Parking, LLC
Park Plus Inc.
Wohr Parking System Pvt. Ltd.
AutoMotion Parking Systems
Structure Type Outlook
Rail Guided Cart (RGC) System
Platform Type Outlook
Automation Level Outlook
Middle East & Africa
The Automated Parking Systems market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Automated Parking Systems market for the base year 2020 and the forecast between 2021 and 2028. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Automated Parking Systems market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Automated Parking Systems market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Automated Parking Systems market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Automated Parking Systems capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Automated Parking Systems by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Automated Parking Systems market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2028. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Automated Parking Systems market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Automated Parking Systems market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Automated Parking Systems industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Automated Parking Systems market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Automated Parking Systems market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Automated Parking Systems market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Automated Parking Systems market. These factors have benefited the growth of the global market for Automated Parking Systems. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Automated Parking Systems. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Automated Parking Systems are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
Telecom Services Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2030Read more...
Cold Chain Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2030Read more...
5G Services Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2030Read more...
Automotive Smart Display Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2030Read more...
Simulation Software Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2030Read more...