Automated Parking Systems Market Growing to Exhibit a Remarkable CAGR of 15.78% By 2029 with Key Drivers, Size, Share, Growth and Opportunity Outlook

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Apr 19, 2023, 10:45 ET

Increasing demand for autonomous vehicles is driving the growth of automated parking systems market.

PUNE, India, April 19, 2023 /PRNewswire/ -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Automated Parking Systems Market.

The global automated parking systems market is expected to grow at 15.78 % CAGR from 2023 to 2029. It is expected to reach above 3.52 USD billion by 2029 from 1.53 USD billion in 2022.

The market is growing as a result of high-rise structures, luxury projects, and real-estate developers' preference for automated solutions. The real estate industry is also expected to grow at a significant CAGR during the projection period, according to the World Construction Network. A growing fleet of personal and commercial vehicles, combined with a scarcity of parking spaces, has resulted in traffic congestion in a number of locations around the world. According to studies, driver's/vehicle owners looking for open spaces account for approximately 30 percent to 40 percent of overall congestion in various major cities around the world. Furthermore, the time and fuel spent searching for vacant properties contribute significantly to emissions and air pollution.

Growing government smart city initiatives set a positive trend for market growth.

Automobile manufacturers and governments are concentrating their efforts on developing and promoting safe driving technologies, particularly in passenger vehicles. Furthermore, the majority of these technologies are expected to become indispensable. For example, the Canadian government announced safe vehicle testing and the deployment of automated and connected vehicles, as well as raising awareness about driver-assistance technologies.

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Growth Drivers

The market for self-driving cars is not limited to mature markets. In the less mature market, many automakers are introducing new models with entry- and mid-level autonomy. For example, MG will launch its Gloster Luxury SUV with autonomous level-1 in India in September 2020. The new SUV could include advanced driver assistance technology and a parking assist feature.

The fully automated segment has the largest market share, because of its high efficiency and small footprint.

In this market, the fully automated parking segment has the largest market share. The fully automated segment is expanding at a rapid pace. Customer desire for comfort and convenience, an increase in the number of luxury projects, and an increase in the residential segment's use of fully automated parking facilities will all contribute to the segment's dominance during the projection period.

List of Key Players Profiled in the study includes market overview, business strategies, financials, Development activities, Market Share and SWOT analysis:

Mitsubishi Electric Corporation
AJ Automated Parking Systems
Expert Parking
Unitronics Corporation
Westfalia Parking
Robotic Parking Systems
FATA Automation
Dayang Parking Co. Ltd
TAPS
Skyline Parking
T2 System Inc
KLAUS Multiparking GmbH
Wohr Parking Systems Pvt. GmbH
U-Tron
Cleverciti Systems GmbH
City Lift Parking
Amano Corporation
IBM Corporation
Siemens AG
Xerox Corporation
SKIDATA GmbH
Streetline
SWARCO AG

Recent Developments

June 13, 2022: Mitsubishi Heavy Industries (MHI) and Mitsubishi Heavy Industries Machinery Systems (MHIMS) began testing an automated valet parking system at a large-scale commercial facility near Tokyo. The system makes use of "Stan" automated guided vehicle (AGV) robots manufactured by Stanley Robotics, a French venture-backed company.

16 August 2022: Seoul Robotics, a software firm, used NVIDIA technology to transform non-autonomous vehicles into self-driving vehicles. The company's initial focus will be on improving first- and last-mile logistics like parking. This system allows cars to drive themselves by directing vehicle-to-everything (V2X) communication systems.

Browse the full "Automated Parking Systems Market by Automation Level (Semi-Automated, Fully-Automated), Component Type (Hardware, Software), Platform Type (Palleted, Non-Palleted), Design Model (Hydraulic, Electro-Mechanical), Parking Level (Less Than Level 5, Level 5-Level 10, More Than Level 15), End-User (Commercial, Residential, Mixed-Use) and Region (North America, Europe, Asia Pacific, South America, Middle East and Africa), Global trends and forecast from 2023 to 2029" Report and TOC at https://exactitudeconsultancy.com/reports/14214/automated-parking-systems-market

Key Segmentation

The global automated parking systems market is segmented by automation level, component type, platform type, design model, parking level, end-user and region.

Based on the component type, the automated parking systems market is segmented into hardware and software. The market is dominated by the hardware segment. In 2022, the hardware segment held a market share of more than 79.2%. The type of automatic parking system influences structural and hardware changes. Robotic parking systems include the Tower, Puzzle, RGC, Silo, and AGV.

Based on the platform type, the automated parking systems market is classified into palleted and non- palleted. During the study period, the non-palleted segment is expected to grow at the fastest CAGR. A palleted parking system typically necessitates two systems to handle the pallet and cars, whereas a non-palleteted system necessitates only one system to handle the car. Lifts, transfer vehicles, and robots are used in non-palleted automated parking systems to park and retrieve vehicles in parking garages. A non-palletized automated parking system can cut cycle time by up to 35%.

Regional Insights

Europe region is expected to show higher Automated Parking Systems market growth in the forecast period.

Europe (38% Largest Market): Europe is expected to show higher market growth in the forecast period.

The Europe market will account for the largest revenue share in 2021, and continue to dominant during the forecast period. Owing to the rapid adoption of automated parking systems for improved parking solutions, as well as the growing use of robotic parking systems in various countries in this region. Furthermore, one of the key factors driving market growth is the presence of leading global providers of automated parking systems. Concerns about carbon emissions are driving up demand for automated parking systems, as well as the adoption of automated solutions in the private and public sectors.

What`s New for 2023?

coverage of the danger of a recession, supply chain disruptions, global trade tensions, the Russia-Ukraine War, global inflation, recovery analysis from COVID-19, and global inflation
Positions of the main competitors and global competition
influence in the market across several geographic areas - Strong/Active/Niche/Trivial

The investment made in the study would provide you access to information such as:

Automated Parking Systems market [Global – Broken-down into regions]
Regional level split [North America, Europe, Asia Pacific, South America, Middle East & Africa]
Country wise Market Size Split [of important countries with major market share]
Market Share and Revenue/Sales by leading players
Market Trends – Emerging Technologies/products/start-ups, PESTEL Analysis, SWOT Analysis, Porter's Five Forces, etc.
Market Size)
Market Size by application/industry verticals
Market Projections/Forecast

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