Automated Parking Management Systems Market to Garner $5.7 Billion by 2031: Allied Market Research

Significant surge in the adoption of vehicles among people across the globe, increase in the standard of living, growth of the automotive industry, increase in demand for green parking solutions, and rapid urbanization are expected to drive the growth of the global automated parking management systems market. Closed automotive manufacturing facilities led to decreased sales, and other supply chain challenges such as shortage of raw materials during the pandemic had a negative impact on the market.

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Portland, OR , Sept. 14, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global automated parking management systems market generated $1.4 billion in 2021, and is projected to reach $5.7 billion by 2031, growing at a CAGR of 15.1% from 2022 to 2031. The report offers a detailed analysis of the top winning strategies, evolving market trends, market size and estimations, value chain, key investment pockets, drivers & opportunities, competitive landscape and regional landscape. The report is a useful source of information for new entrants, shareholders, frontrunners, and shareholders in introducing necessary strategies for the future and taking essential steps to significantly strengthen and heighten their position in the market.

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Automated Parking Management Industry Report Coverage & Details:

Report CoverageDetails
Forecast Period2022­–2031
Base Year2021
Market Size in 2021$1.4 billion
Market Size in 2031$5.7 billion
CAGR15.1%
No. of Pages in Report277
Segments CoveredComponent, Platform Type, Automation Level, End-Use, And Region.
Drivers Increase in the standard of living
Significant surge in the adoption of vehicles among people across the globe
OpportunitiesIncrease in demand for green parking solutions
Persistent technological advancements
RestrainsHigh initial investment

COVID-19 Scenario:

  • The global parking automated management systems market had a negative impact due to the prevalence of lockdowns in numerous countries around the world during the pandemic. Lockdowns resulted in the social distancing restrictions from the governments of various countries, and hence all sorts of construction, and parking infrastructure projects halted to curb the spread of the virus.
  • Stringent regulatory measures were imposed by the government of various countries to significantly curb the spread of the virus. But these regulations had a devastating impact on various industries, including the automotive sector.
  • There was a closure of many manufacturing and production facilities in the automotive industry which resulted in decreased sales of automobiles.
  • In addition, the reduction in workforce and shortage of essential raw materials due to trade bans further aggravated the impact on the market.
  • Besides, the cancellation of all sorts of infrastructure and parking projects adversely impacted the market even more.
  •  However, the market is expected to recoup with eased restrictions and technological advancements.

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The report offers detailed segmentation of the global automated parking management systems market based on component, platform type, automation level, end-use, and region. The report provides a comprehensive analysis of every segment and their respective sub-segment with the help of graphical and tabular representation. This analysis can essentially help market players, investors, and new entrants in determining and devising strategies based on the fastest growing segments and highest revenue generation that is mentioned in the report.

Based on component, the hardware segment held the largest market share in 2021, holding around three-fourths of the global market, and is expected to maintain its leadership status during the forecast period. The software segment, on the other hand, is expected to cite the fastest CAGR of 16.8% during the forecast period.

Based on platform type, the palleted segment held the largest market share in 2021, holding nearly two-thirds of the global market, and is expected to maintain its leadership status during the forecast period. The non-palleted segment, on the other hand, is expected to cite the fastest CAGR of 16.5% during the forecast period.

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Based on end-use, the commercial segment held the dominating market share in 2021, holding more than two-fifths of the global market, and is expected to maintain its leadership status during the forecast period. The residential segment, on the other hand, is expected to cite the fastest CAGR of 16.6% during the forecast period.

Based on region, the market across Europe held the largest market share in 2021, holding more than two-fifths of the global market, and is expected to maintain its leadership status during the forecast period. The Asia-Pacific region, on the other hand, is expected to cite the fastest CAGR of 16.7% during the forecast period.

The key players analyzed in the global automated parking management systems market report include Amano Corporation, FATA Automation, Fehr Lagerlogistik AG (Skyline Parking), Flowbird, IBM Corporation, Klaus Multiparking GmbH, Robotic Parking Systems, Inc., Siemens AG, Skidata GmbH, Streetline, Inc., Swarco, T2 Systems, Unitronics (1989) (RG) Ltd, Westfalia Technologies Inc., and Xerox Corporation.

The report analyzes these key players in the global automated parking management systems market. These market players have made effective use of strategies such as joint ventures, collaborations, expansion, new product launches, partnerships, and others to maximize their foothold and prowess in the industry. The report is helpful in analyzing recent developments, product portfolio, business performance and operating segments by prominent players in the market. 

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Similar Reports We Have on Parking Management Industry
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Smart Parking Market by Type (Off-street and On-street Parking), Technology (IoT, Ultrasonic, and RFID), Application (Security & Surveillance, Smart Payment System, E-parking, and License Plate Recognition), and End User (Commercial and Government) - Global Opportunity Analysis and Industry Forecast, 2018-2030.

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