New York, United States, Oct. 27, 2022 (GLOBE NEWSWIRE) -- The Global Automated Parking System Market Size was valued at $1.79 billion in 2021 and is expected to reach at a CAGR of 16.7% from 2022 to 2030. For a smarter, more sophisticated car parking experience, automated parking systems use AI and robotics. This guarantees drivers next-level convenience because their cars can be automatically parked in a few minutes without them having to search for a space. With the state-of-the-art system, drivers only need to park their cars on the pallet inside the designated chamber and then indicate at the kiosk that they want to start the parking process by entering a one-time passcode. An automated guided truck will move the cargo and the car to an open parking spot (AGV). The car will be moved by the AGV to the designated chamber for pickup when the driver enters the assigned password into the kiosk to retrieve it.
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Automated parking system solutions are best suited for the current environment because of how much technology has increased in cars over the previous two years. These factors may help the market in the post-pandemic period. The infrastructure (commercial and residential) sector is expected to increase significantly at a rate of 13.6% throughout the projected period, according to the World Construction Network. This is also projected to aid in the growth of the global market in the following years.
The growing population and widespread use of automobiles around the world have generated concerns about parking infrastructure, necessitating the development of the current infrastructure in urban areas. The need for personal mobility has grown as a result of rising per capita income and improved quality of life, and this is what is driving an increase in auto sales in large cities. There will be a problem with parking capacity in metro regions since there are a decreasing number of open spots, and as demand drops, travel for citizens will become less convenient.
Due to the geographic distribution of automated solutions, the initial cost to manufacture premium parking solutions is extremely high. It's possible that the need for such systems may limit market growth to some extent. Furthermore, these incredibly complex solutions have issues with quality control. Furthermore, the cost of developing and maintaining these systems is high and necessitates careful consideration of numerous factors. The lack of legislation to monitor the functioning of these systems and issues with quality control are significant barriers for producers. To overcome these challenges, however, measures for quality control could be imposed in order to prevent accidents and damages.
Browse key industry insights spread across 150 pages with 91 market data tables and figures & charts from the report “Global Automated Parking System Market Size, Share, By Component (Hardware, Software), By Structure (AGV System, Silo System, Tower System, Rail Guided Cart System, Puzzle System Shuttle System), By Platform Type (Palleted, Non-Palleted), By Automation Level (Fully Automated, Semi-Automated) By End User (Residential, Commercial, Mixed-Use), By Region (North America, Europe, Asia Pacific, Middle East & Africa, and South America) – Market Size & Forecasting To 2030”, in detail along with the table of contents.
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Covid 19 Impact on Automated Parking System Market
Economic growth, improvements in manufacturing, and the construction of industrial facilities, particularly in emerging countries, have all contributed to the growth of the automobile sector. According to the European Automobile Manufacturers Association, 77.9 million cars will be produced worldwide in 2020. After experiencing a significant fall in 2020 as a result of the implementation of COVID-19, the automotive industry has begun to experience a steady comeback in customer demand for automobiles as of the fourth quarter of that year.
Global Automated Parking System Market, By Component
Over the projection period, the software segment is expected to grow at a considerable CAGR. The software is essential to the system's smooth operation. The control, management, and orchestration of actions involved in parking and retrieving automobiles with the use of parking sensors that offer data on the vacant and occupied parking lots utilising analytics solutions is a key factor driving the growth of this market. Additionally, the programme offers inventory accuracy that is difficult to accomplish with manual processes. Consequently, the software segment is anticipated to significantly grow over the projected period as a result of improvements and more automation in parking solutions.
Global Automated Parking System Market, By Structure
Over the projection period, the tower type sector is anticipated to experience a noteworthy CAGR of 13.9%. The most effective systems are tower-type systems because they maximise vertical space while saving a large amount of horizontal space. To meet various height limits, these systems can be constructed and planned in lower configurations. The parking solution market is anticipated to grow significantly over the coming years with the innovation and automation of the technology.
Global Automated Parking System Market, By Platform Type
Over the course of the projected period, the non-palleted segment is anticipated to grow at a sizable CAGR. These methods reduce the need to move empty pallets and increase system efficiency by directly lifting, moving, and parking the truck in available spaces. These options eliminate the shortcomings of palleted options, save parking and retrieval times by up to 30%, and automatically adjust to the size of the vehicle. These elements are anticipated to fuel market expansion in the years to come, along with the increasing quantity of cars on the planet.
Global Automated Parking System Market, By Automation Level
Over the projected period, it is anticipated that the semi-automated category would have significant expansion. Many residential, commercial, and mixed-use applications use semi-automatic solutions. These systems are simple to maintain and have modest installation costs. Lifting and sliding a pallet holding the car as it is being parked is the foundation of the construction. These systems are typically used when only a few cars need to be parked in a certain location. In addition, factors including expanding urbanization and disposable income are the main forces behind the market's expansion.
Global Automated Parking System Market, By End User
Over the forecast period, the residential segment is expected to grow at a considerable CAGR. The increase in high-rise residential structures and the expanding use of these solutions in upscale residential facilities around the world are both responsible for the segment's growth. Additionally, factors including quick urbanization, rising disposable income, and rising purchasing power have caused a notable growth in automobile sales over the past few years. The increased necessity for vertical parking spaces in continuously contracting urban residential spaces is also expected to drive demand for automated parking systems.
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Global Automated Parking System Market, By Region
Over the forecast period, it is expected that the Asia-Pacific region would have significant growth. This is demonstrated by the large population and the frequency with which cars are parked on the roads. 40% of the world's population lives in this region, which also has some of the fastest-growing economies, including India. Additionally, a number of smart city initiatives are being launched to improve citizen services. These initiatives address issues with utilities, connection, infrastructure, and transportation, and they will undoubtedly support the growth of the market for automated parking systems. Governments in the area are concentrating on urban planning by developing smart city solutions to capitalise on the infrastructure already in place.
Some Recent Developments in Global Automated Parking System Market
- November 2021: Westfalia Parking held a webinar on the subject of Automated Parking Demystified. The event included subjects including where an architect or developer may find an automated parking vendor, how COVID-19 attendees can use a contactless system to go to the park and pick up their automobiles, and how an automated parking system can function for the safety and welfare of users.
List of Key Market Players
- Skyline Parking
- Westfalia Parking
- Unitronics (1989) (R”G) Ltd
- Klaus Multiparking GmbH
- Robotic Parking Systems, Inc
- Fata Automation, Inc
- City Lift Parking, LLC
- Park Plus Inc
- Wohr Parking System Pvt. Ltd
Segmentation
By Component
- Hardware
- Software
By Structure
- AGV System
- Silo System
- Tower System
- Rail Guided Cart System
- Puzzle System
- Shuttle System
By Platform Type
- Palleted
- Non-Palleted
By Automation Level
- Fully Automated
- Semi-Automated
By End User
- Residential
- Commercial
- Mixed Use
By Region:
North America
- North America, by Country
- U.S.
- Canada
- Mexico
- North America, by Component
- North America, by Structure
- North America, by Platform Type
- North America, by Automation Level
- North America, by End User
Europe
- Europe, by Country
- Germany
- Russia
- U.K.
- France
- Italy
- Spain
- The Netherlands
- Rest of Europe
- Europe, by Component
- Europe, by Structure
- Europe, by Platform Type
- Europe, by Automation Level
- Europe, by End User
Asia Pacific
- Asia Pacific, by Country
- China
- India
- Japan
- South Korea
- Australia
- Indonesia
- Rest of Asia Pacific
- Asia Pacific, by Component
- Asia Pacific, by Structure
- Asia Pacific, by Platform Type
- Asia Pacific, by Automation Level
- Asia Pacific, by End User
Middle East & Africa
- Middle East & Africa, by Country
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
- Middle East & Africa, by Component
- Middle East & Africa, by Structure
- Middle East & Africa, by Platform Type
- Middle East & Africa, by Automation Level
- Middle East & Africa, by End User
South America
- South America, by Country
- Brazil
- Argentina
- Colombia
- Rest of South America
- South America, by Structure
- South America, by Component
- South America, Automation Level
- South America, by Platform Type
- South America, by End User
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