Automated Parking System Market: Current Analysis and Forecast (2021-2027)

Report Description

The automated Parking System Market is anticipated display a CAGR of around 11.4% over the forecast period (2021-2027). Internet of Things (IoT) has come of age, and now complex solutions can be implemented seamlessly within urban governance and management frameworks and processes. Cities with growing car ownership owing to rising disposable income are rendering parking availability a challenge and lowering the quality of life through increased carbon emissions. Hence, development of smart parking solutions has become the need of the hour, to reduce the time spent looking for parking and overall greenhouse gas emissions. The challenge of parking is predominantly important, as majority of people prefer private car ownership. Owing to this, search for a parking spot in busy cities is a daunting endeavor, leading to time wastage and unwarranted consumption of fuel, which in the end contributes to the overall climate change. With the adoption of the Smart City model in most urban areas, smart digital solutions have emerged in the past few years. Among them smart parking system is one such solution. Barcelona, a Smart City, has achieved a wide range of the merits through investments in IoT, including smart parking technology.

Example of few of Automated parking applications

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.

Insights Presented in the Report

“Amongst Automation, Fully automated segment dominated the market in 2020”

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.

“Amongst Technology, Elevated/Tower Type would witness significant growth”

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. Further, researchers around the world have predicted that the market would grow at CAGR of around 10-13% in the next decade.

“Amongst Components, hardware component segment dominated the market”

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. Structure and hardware vary according to the type of automated parking system. Hardware systems contribute to largest share of the cost of the automated parking system; hence, it dominates the market.

“Amongst Platform Type, Non-palleted segment is projected to witness significant growth”

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. Palleted parking system usually requires two systems to handle the pallet and cars, whereas a non-palleted system requires only one system to handle the car.

“Amongst End-User, Commercial segment dominates the market”

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. 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.

“Asia-Pacific is expected to witness highest growth during the forecast period”

For a better understanding of the demand of Automated Parking System, the market is analyzed for major 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. Currently, North America dominates the market, however, Asia-Pacific is expected to witness highest CAGR growth owing to rising car ownership in countries such as China, India, and other developing Asian countries. 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. Several M&A’s along with partnerships have been undertaken by these players to boost their presence in different regions.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
• The report presents a quick review of overall industry performance at one glance
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive regional level analysis of the industry

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Research Methodology

Analyzing the historical market, estimation of the current market, and forecasting the future of the Automated Parking System Market were the three major steps undertaken to create and analyze the demand and sales of Automated Parking System across major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were conducted, with industry experts across the value chain of the industry. Post assumption and validation of market numbers through primary interviews, we employed a bottom-up approach to forecast the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below.

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detailed secondary study was conducted to obtain the historical market size of the Automated Parking System through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Automated Parking System, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report are automation type, technology type, components, platform type, and end-user. Further regional level analyses were conducted to evaluate the overall demand of Automated Parking System in global context.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size. Further, we conducted factor analysis using dependent and independent variables such as growing vehicle ownership and technological advancement in the automotive sector etc. Historical trends and their year-on-year impact on the market size and share was analyzed. Demand and supply side scenario was also thoroughly studied.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the Market, and market shares of the segments and company. All the required percentage split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., bottom-up approach was applied to arrive at the market forecast to 2027 for different segments and subsegments across the major regions globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of value (US$) and the demand of Automated Parking System across the major regions globally
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the Automated Parking System Market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major countries. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the Automated Parking System market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of automation type, technology type, components, platform type, end-user, and regions.

The main objective of the Automated Parking System Market Study

The current & future market trends of the Automated Parking System Market are pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends would determine the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of Automated Parking System in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments of the industry
• Segments in the study include automation type, technology type, components, platform type, end-user, and Regions
• Defined analysis of the regulatory framework for the Automated Parking Systems industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors pertaining to the industry
• Analyze the current and forecast market size of the Automated Parking System across the globe. Major regions analyzed in the report include 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. Define and analyze the competitive landscape of the Automated Parking System sector and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry