Pune, india, Aug. 03, 2023 (GLOBE NEWSWIRE) -- The global automated parking system market size was valued at USD 2.05 billion in 2022. The market is projected to grow from USD 2.28 billion in 2023 to USD 4.83 billion by 2030, growing at a CAGR of 11.3% over the forecast period. An automated parking system is a structure where vehicles are stacked vertically to decrease the area needed for parking cars. It is designed to reduce space requirements and eliminate the cost of building ramps, elevators, stairs, and drive aisles. The rising number of vehicles and growing focus on smart city projects are driving market expansion in the coming years. This information is provided by Fortune Business Insights, in its report titled, “Automated Parking System Market, 2023-2030.”
Competitive Landscape-
Partnerships with Industry Leaders to Propel Market Growth
Leading manufacturers often make strategic decisions to maintain their strong position in the global market, generate larger profits, and expand their geographical reach. For example, in April 2022, Klaus Multiparking joined forces with Unipark, a Denmark-based automated parking system provider. The company has been associated as a sales partner with Klaus Multiparking. With the help of this partnership, the company aims to expand its brand presence in Denmark.
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Report Highlights:
| Report Coverage | Details | |
| Forecast Period | 2023-2030 | |
| Forecast Period 2023 to 2030 CAGR | 11.33% | |
| 2030 Value Projection | USD 4.83 Billion | |
| Base Year | 2022 | |
| Market Size in 2022 | USD 2.05 Billion | |
| Historical Data for | 2019-2021 | |
| No. of Pages | 182 | |
Drivers & Restraints-
Rising Number of Passenger Cars and Commercial Vehicles to Drive Market Augmentation
The rising adoption of private cars owing to growing per capita income has increased concerns regarding parking and traffic management. According to the International Organization of Motor Vehicle Manufacturers (OICA), 57,054,295 passenger cars were sold in 2021. The total number of passenger cars on the road is projected to reach 2 billion by 2040. The growing sales of commercial vehicles and passenger cars due to rapid urbanization are boosting the automated parking system market growth. Moreover, the development of technologically-advanced infrastructure has aided the adoption of automated solutions for eliminating parking problems and vehicle damage, thus propelling market expansion.
On the other hand, the high initial cost of setting up high-quality parking systems and their complexity will act as challenges for businesses operating in this domain.
COVID-19 Impact-
Supply Chain Disruptions and Travel Restrictions Hampered Market Proliferation Amid the Pandemic
The spread of COVID-19 across the world had a severe impact on all industries as supply chains were disrupted and production and delivery of automated parking systems was delayed. This increased the cost of projects as well as their lead times. Car usage decreased due to the implementation of a work-from-home policy and lockdowns. This, in turn, hindered market expansion amid the pandemic. The installation of such systems was cancelled during the pandemic as all non-essential activities were paused to curb the rising number of cases, which resulted in a fall in sales and revenue for leading manufacturers.
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Segments-
Commercial Parking Segment to Lead Due to Growing Number of Vehicles
As per the application, the market is split into commercial parking and residential parking. Among these, the commercial parking segment dominated the market in 2022 owing to the growing number of vehicles on roads which boosted the demand for parking slots in shopping malls and commercial buildings. Increasing expenditure by governments on infrastructure development is further aiding the growth of the commercial parking segment.
Fully Automated Segment to Dominate Stoked by Growing Adoption of Innovative Technologies
Based on the automation level, the market is bifurcated into fully automated and semi-automated. The fully automated segment captured the largest automated parking system market share in 2022. The growing number of smart city projects across the globe is elevating the product demand. Smart cities are leveraging technologies such as data analytics, Internet of Things (IoT), and 5G connectivity to address traffic congestion issues and solve parking problems.
Hardware Segment Held the Largest Share Due to Growing Number of Construction Projects
By component, the market is segmented into hardware and software. Among these, the hardware segment held the dominant market share in 2022. The rising number of construction projects especially in emerging economies has escalated the demand for hardware components such as bearings, moveable pallets, and hydraulic pulleys. Moreover, the installation of electric car charging devices in parking spaces is aiding segment growth.
Geographically, the market is segregated into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Report Coverage:-
The report covers:
- Drivers, restraints, opportunities, and threats influencing market trends
- List of key players in the domain
- Statistical information pertaining to each segment and region
- COVID-19 impact analysis
Regional Insights-
Europe to Lead Stoked by Presence of Leading Manufacturers
Europe held the largest market share in 2022 backed by increased vehicle sales and adoption of the latest technologies and digital platforms. The presence of leading companies such as Wohr, Westfalia, and Klaus Multi Parking, among others in Germany, the U.K., and Switzerland is aiding market progression as well. European countries are motivating commercial and government sectors to implement robotic parking systems to manage parking issues properly, which will further drive market expansion.
The North American market is anticipated to grow at 12.1% CAGR over the forecast period, owing to the rising number of vehicles, reduced parking spaces, and emphasis on consumer convenience in the U.S.
The Asia Pacific market is expected to see considerable growth in the coming years due to its large population and high prevalence of vehicle parking on the road.
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List of Key Players Covered in Automated Parking System Market Report:-
• Westfalia Parking (Germany)
• Klaus Multiparking GmbH (Germany)
• Utron Parking (Israel)
• Wohr Parking Systems Pvt. Ltd. (India)
• Skyline Parking (Switzerland)
• City Lift (India)
• Lödige Industries (Germany)
• Park Plus, Inc. (U.S.)
• ShinMaywa Industries, Ltd. (Japan)
Automated Parking System Market Segmentation:-
By Application
- Commercial Parking
- Residential Parking
By Automation Level
- Fully Automated
- Semi-Automated
By Component
- Hardware
- Software
Key Industry Development:
January 2023: Westfalia Parking unveiled the Westfalia parking app to boost parking efficiency and improve user experience. The app includes features such as vehicle tracking and vehicle retrieval. It also provides an enhanced user-interactive feature, promoting the adoption of automated parking systems.
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Table of Content:-
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments –Mergers, Acquisitions and Partnerships
- Porters Five Forces Analysis
- PEST Analysis
- Technological Development
- Impact of Covid-19
- Global Electric Three-Wheeler Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Definitions
- Market Analysis, Insights and Forecast – By Vehicle Type
- Passenger Carrier
- Goods Carrier
- Market Analysis, Insights and Forecast – By Power Type
- Up to 1000 W
- 1001 W to 1500 W
- Above 1500 W
- Market Analysis, Insights and Forecast – By Battery Range
- Up to 100 Km
- Above 101 Km
- Market Analysis, Insights and Forecast – By Component
- Battery Pack & High Voltage Component
- Motor
- Brake, Wheel & Suspension
- Body & Chassis
- Low Voltage Electric Component
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Rest of the world
Toc Continued...
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