Automated Parking Systems Market to grow by USD 2.33 billion between 2022 and 2027, Increasing urbanization to Drive Growth - Technavio
The demand for parking spaces and transportation infrastructure rises as cities experience increased population density, driving the significant trend of integration with smart city initiatives
NEW YORK, Jan. 24, 2024 /PRNewswire/ -- The Automated Parking System (APS) Market is estimated to grow at a CAGR of 16.15% between 2022 and 2027 and the size is forecast to increase by USD 2.33 billion, according to Technavio's latest research report estimates. This report offers an up-to-date analysis regarding the current scenario, the latest trends and drivers, and the overall environment. Increasing urbanization is the key factor driving the growth. As urbanization intensifies globally, cities grapple with a surge in population density, creating a pressing demand for parking facilities. Inadequate parking exacerbates issues like traffic congestion, prolonged commutes, and environmental hazards such as air pollution and CO2 emissions. Advanced Parking Solutions (APS) and similar innovative solutions emerge as responses to these challenges, aiming to alleviate commute durations, mitigate traffic congestion, and enhance environmental sustainability.
- End-user
- Commercial
- Residential
- Mixed-use
- Component
- Hardware
- Software
- Geography
- North America
- Europe
- APAC
- Middle East And Africa
- South America
The growth of the commercial segment will be significant during the forecast period. With urbanization and limited land availability, there's a heightened demand for space-efficient parking solutions. Commercial entities like office buildings and malls are adopting automated parking systems to optimize space, reduce congestion, and enhance customer satisfaction. Recent technological advancements in this sector, particularly in North America, Europe, and APAC, are further propelling the growth of automated parking systems.
Automated Parking Systems Market Scope |
|
Report Coverage |
Details |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 16.15% |
Market growth 2023-2027 |
USD 2.33 billion |
Some of the major companies include AJ Automated Parking Systems Co. Ltd., Amano Corp., Automated Robotic Parking, AutoMotion Parking Systems LLC, Danieli and C. Officine Meccaniche Spa, EITO and GLOBAL Inc., Expert Parking Systems Pvt. Ltd., fehr Lagerlogistik AG, IHI Corp., KLAUS Multiparking GmbH, Konecranes, Mitsubishi Electric Corp., Nissei Build Kogyo Co. Ltd., Park Plus Inc., Parkmatic, SHANDONG TADA AUTO PARKING CO. LTD., STOPA Anlagenbau GmbH, Unitronics Inc., Westfalia Technologies Inc., and Wohr Parking Systems Pvt. Ltd.. To help businesses improve their position, Technavio's report provides a detailed analysis of around 15+ companies. To leverage the current opportunities, companies must strengthen their foothold in the fast-growing segments, while maintaining their positions in the slow-growing segments. Backed with competitive intelligence and benchmarking, our research reports are designed to provide entry support, customer profile & M&As as well as strategy support.
Amano Corp - The company offers different types of car parking solutions such as automated parking systems, mechanical parking systems, and robotic parking systems.
The report also covers the following areas:
- Automated Parking Systems Market size
- Automated Parking Systems Market trends
- Automated Parking Systems Market industry analysis
Recent Developments include:
- Increasing urbanization is the key factor driving growth.
- Integration with smart city initiatives is a major trend.
- The high initial investment can significantly restrict growth.
Technological Advancements:
Technological advancements in the commercial sector have enhanced the reliability, efficiency, and affordability of automated parking systems (APS), including smart parking technology, vehicle detection sensors, parking management software, and robotic parking systems. Other technologies that are popular in the industry include parking guidance systems, multi-level parking solutions, parking space optimization, license plate recognition, IoT integration in parking, parking access control, and urban traffic management. In addition, innovative technological advancements such as real-time parking data, parking reservation systems, eco-friendly parking solutions, parking revenue systems, wireless communication in APS, automated valet parking, parking facility management, and smart city infrastructure are also becoming more popular these days.
Automated Parking Systems Market 2023-2027: Key Highlights
- CAGR of the market during the forecast period 2023-2027
- Detailed information on factors that will assist growth during the next five years
- Estimation of the size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the automated parking systems market
- Analysis of the competitive landscape and detailed information on companies
- Comprehensive details of factors that will challenge the growth of companies
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ToC:
Executive Summary
Market Landscape
Market Sizing
Historic Sizes
Five Forces Analysis
Segmentation by End-user
Segmentation by Component
Segmentation by Geography
Customer Landscape
Geographic Landscape
Drivers, Challenges, & Trends
Company Landscape
Company Analysis
Appendix
About US
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging trends and provide actionable insights to help businesses identify opportunities and develop effective strategies to optimize their positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable insights to identify opportunities in existing and potential areas and assess their competitive positions within changing scenarios.
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Website: www.technavio.com
SOURCE Technavio
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