Automated Parking System market is expected to foresee significant growth. Asia-Pacific to lead the growth!
- Himanshu Patni
- December 10, 2021
- AUTOMOTIVE, NEWS
- Automated Parking System market, Automated Parking System market growth, Automated Parking System market share, Automated Parking System market size, Automated Parking System market trends
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Automated Parking System Market is expected to grow at a CAGR of around 11.4% during the forecast period 2021-2027. The market stood at around US$1.31 billion in 2019. For any driver parking is an unavoidable high-friction experience. As per a recent survey conducted by one of the top market research firms, it is reported that more than 40% of the drivers spend around 10-30 minutes searching for a parking space. It was also noted that when space is not available, around 34% of the drivers demonstrate negative behavior, such as unauthorized parking or canceling the planned activity. In addition, increasing demand for smart infrastructure at airports, shopping malls, and similar public spaces is expected to spur the demand for smart parking systems.
Rapidly growing urban population in countries such as India is creating numerous problems for the metro cities, vehicle parking being one of the major concerns faced almost every day. The number of vehicles has also increased daily adding to the parking vows at public places. As of 2018, in India, 22 people out of a thousand own car, compared to US and UK, with 980 and 850 per 1,000 individuals have car respectively. In addition, as per a research New Zealand has 774, Australia 740, Canada 662, Japan 591, and China 164 cars per thousand individuals. Furthermore, as per the International Energy Agency (IEA) finding passenger car ownership in India is expected to grow by 775% over the next 2 decade with 175 cars per thousand individuals by 2040. Hence growing car ownership is expected to increase the overall demand for parking space and smart parking can be a game changer for this problem. Covid-19 pandemic have impacted the automated parking system market as majority of the available automated parking spaces globally have been converted into isolation and quarantine homes to provide a clean and suitable shelter for patients to recover.
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Based on Automation, the Automated Parking System Market is segmented into Semi-automated, Fully automated. Currently, Fully automated segment dominates the market and is expected to maintain its dominance throughout the forecast period. Fully automated parking system can park and retrieve car from the parking garage automatically, without human involvement. Based on Technology type, the market is bifurcated into Puzzle/Modular Type, Elevated/Tower Type, Multi-Level Floor Parking, Multi-Level Circulation Type, Rotary Type, Stacker System. The global parking industry has witnessed steady growth in the past decade, with the current market exceeding US$2 billion. Based on Components, the global Automated Parking System Market is segmented into Hardware, Software. Currently, hardware segment dominates the market and is expected to maintain its dominance throughout the forecast period.
Based on Platform type, the global Automated Parking System Market is segmented into Palleted, Non-palleted. Non-palleted segment is projected to witness highest CAGR growth during the analyzed period. As per a recent study it is forecasted that number of people living in cities would almost double from 3.6 billion currently to 6.3 billion by 2050. The phenomenal growth will lead to similar growth in smart city initiatives, as well as a smart cities technology market expected to reach US$20 billion by 2020. Introduction of automated parking systems in the cities is one of the first conditions that cities become smart. Development of smart city infrastructure is crucial for implementation of smart parking solution. Based on End-User, the market is bifurcated into Commercial, Residential, Mixed-use. Residential segment is anticipated to witness highest CAGR growth during the forecast period, owing to the growing number of high-rise residential buildings and increasing adoption in luxury residential facilities across the globe.
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For a better understanding of the market, the report is analyzed based on different regions including North America (US, Canada, Rest of North America); Europe (Germany, UK, France, Italy, Rest of Europe); Asia-Pacific (China, India, Japan, South Korea, Rest of Asia-Pacific); and Rest of World. Automated parking is gaining traction in the United States, though not nearly on the scale with which it is being embraced by architects and developers in other parts of the world. According to a recent study conducted by one of the top consulting firms in 2019, stated that cities drivers in Kuala Lumpur spend an average of 25 minutes daily in search for parking spots, which adds up to 6.3 days a year. Some of the major players operating in the market include Mitsubishi Electric Corporation, Robotics Parking System Inc., AJ Automated Parking Systems, Unitronics Corporation, Wohr parking, Klaus Multi Parking, CityLift, Skyline Parking AG, Parkmatic, Park Plus Inc. etc.
Automated Parking System Market Segmentation
Market Insight, by Automation
- Fully automated
Market Insight, by Technology
- Puzzle/Modular Type
- Elevated/Tower Type
- Multi-Level Floor Parking
- Multi-Level Circulation Type
- Rotary Type
- Stacker System
Market Insight, by Component
Market Insight, by Platform Type
Market Insight, by End-User
Market Insight, by Region
- North America Automated Parking System Market
- Rest of North America
- Europe Automated Parking System Market
- Rest of Europe
- Asia-Pacific Automated Parking System Market
- South Korea
- Rest of Asia-Pacific
- Rest of World Automated Parking System Market
Top Company Profiles
- Mitsubishi Electric Corporation
- Robotics Parking System Inc.
- AJ Automated Parking Systems
- Unitronics Corporation
- Wohr parking
- Klaus Multi Parking
- Skyline Parking AG
- Park Plus Inc.