(MENAFN- Straits Research) Automated parking systems are used to construct multi-story parking systems to increase the number of parking spaces while decreasing the quantity of land required for parking lots. APS typically arranges automobiles vertically to conserve space. The designs of these exceptional systems allow automobiles to be transported from the entrance to their parking spot without the driver's presence. Automated parking system advantages include space savings. This is especially true for automated parking systems where employees are not required to place vehicles.
Market Dynamics
Increasing Investments in Smart City Projects Drive the Global Market
Several smart city projects have incorporated automated parking systems to satisfy the needs of residents and enhance their quality of life, thereby producing smarter outcomes. Therefore, the global government focuses on creating smart cities and making strategic investments. For example, the U.S. government announced a USD 160 million investment in a smart cities research initiative. The automated parking system is embedded in smart cities to provide functions such as mobile payment, reservation of parking spaces, and others, allowing drivers to park and pay without any hassles, fueling the market growth.
Technological Advancements Creates TremendOpportunities
Technological advances such as payment systems and IoT will stimulate market expansion over the forecast period. Sensor developments are anticipated to diminish their size and increase precision, rendering them cost-effective, efficient, and compatible. Drivers can reduce time in traffic and increase more time going places if they have access to real-time parking availability information. The market is anticipated to benefit from the increasing smartphone penetration and the availability of parking mobile applications.
Additionally, the prevalence of mobile wallets and electronic payment systems is growing online and among smartphone users. Mobile parking applications allow users to reserve parking spaces and pay with mobile currencies. As consumers, governments, and businesses become more aware of the benefits of Internet-connecting inanimate devices, automated parking systems are incorporating more IoT technology.
Regional Analysis
Europe is the most significant global automated parking system market shareholder and is estimated to exhibit a CAGR of 14.5% over the forecast period. The transport sector is regarded as a strategic sector in the European economy, where transportation services are essential to the region's GDP growth and overall employment creation. The European Commission collaborates with its member states, industry stakeholders, and public authorities to develop a standardized solution for integrating automated transportation systems into the existing infrastructure. As part of the Digital Single Market Strategy of the European Commission, it seeks to increase the use of Intelligent Transportation Systems (ITS) to manage the transport network for passengers and businesses effectively. In addition, European nations anticipate integrating automated parking systems into their transportation industries. For instance, ITS (U.K.) has estimated that the ITS initiatives in the country would cost approximately USD 2.2 billion.
Asia-Pacific is anticipated to exhibit a CAGR of 17.7% over the forecast period. The increasing foof governments across the Asia-Pacific to improve parking management and reduce traffic congestion and air pollution is anticipated to fuel the automated parking system market throughout the forecast period. In addition, the Chinese government has found it difficult to manage traffic, particularly in major cities. In these cities, vehicles searching for parking spaces frequently cause traffic congestion and contribute to the country's high air pollution levels. Therefore, automated parking system adoption is anticipated to rise in China. The rising number of traffic jams in India's main cities is also anticipated to increase the demand for better parking facilities, necessitating a smart solution.
Key Highlights The global automated parking system market was valued at USD 1.67 billion in 2022. It is estimated to reach USD 6.78 billion by 2031, growing at a CAGR of 15.1% during the forecast period (2023–2031). Based on components, the global automated parking system market is segmented into software and hardware.
The hardware segment is the highest contributor to the market and is projected to grow at a CAGR of 15.5% over the forecast period. Based on structure type, the global automated parking system market is bifurcated into Automated Valet Garage (AVG), silo systems, tower systems, Rail Guided Cart (RGC) systems, puzzle systems, and rotary systems.
The tower system segment owns the market and is predicted to boost at a CAGR of 16.4% over the forecast period. Based on platform type, the global automated parking system market is divided into palleted and non-palleted.
The palleted segment is the most significant contributor to the market and is estimated to exhibit a CAGR of 15.9% over the forecast period. Based on the automation level, the global automated parking system market is bifurcated into fully automated and semi-automated.
The fully automated segment dominates the global market and is predicted to exhibit a CAGR of 16.5% during the forecast period. Based on end-user, the global automated parking system market is segmented into residential, commercial, and mixed-use.
The commercial segment is the largest contributor to the market and is projected to grow at a CAGR of 15.5% over the forecast period. Europe is the most significant global automated parking system market shareholder and is estimated to exhibit a CAGR of 14.5% over the forecast period.
Competitive Players
The key players in the global automated parking system market are Skyline Parking, Westfalia Parking, Unitronics (1989) (R” G) Ltd., AJ Automated Parking Systems Co. Ltd, KlMultiparking GmbH, Robotic Parking Systems, Inc., Fata Automation, Inc., City Lift Parking, LLC, Park PInc., PARKMATIC, and Wohr Parking System Pvt. Ltd.
Market News In November 2022, Mercedes-Benz and Bosch received approval for a fully automated self-parking system enabling cars to drive into a pre-reserved parking space at the Stuttgart Airport parking lot. The vehicles can also travel out automatically. In February 2023, BMW Group and Valeo strengthened their long-standing partnership by announcing a collaboration on the co-development of Level 4 completely automated parking technologies. The collaboration would involve an ADAS domain controller, parking and maneuvering sensors, and software for the generation of BMW's upcoming "Neue Klasse" platform.
Global Automated Parking System Market: Segmentation
By Component By Structure Type AGV System Silo System Tower System Rail Guided Cart (RGC) System Puzzle System Shuttle System
By Platform Type By Automation Level Fully Automated Semi-automated
By End-User Residential Commercial Mixed-use
By Regions North America Europe Asia-Pacific Latin America The Middle East and Africa
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