Dublin, Jan. 25, 2024 (GLOBE NEWSWIRE) -- The "Global Automated Parking System Market Size, Share & Trends Analysis, 2023-2030" report has been added to ResearchAndMarkets.com's offering.
The global market for Automated Parking Systems (APS) is poised for substantial growth, with a predicted compound annual growth rate (CAGR) of 17.7% from 2023 to 2030. This analysis underscores the sector's progression towards a staggering USD 6.66 billion valuation by the end of the decade, reflecting the surging demand for space-efficient and technologically advanced vehicle storage solutions.
Market Growth Driven By Growing Urbanization and Technological Adoption
As urban densities soar, the quest for innovative traffic and parking solutions becomes increasingly critical. Automated parking systems have emerged as a key response to the challenges of modern urban development, promising not only space optimization but also enhanced convenience for vehicle owners and operators.
Market Overview and Dynamics
- Automated parking solutions are expected to experience strong adoption in both residential and commercial realms, propelled by infrastructural expansion and burgeoning real estate developments.
- In 2022, the hardware component segment of automated parking systems led the market with an 83.9% share, indicating the significance of physical infrastructure in these sophisticated systems.
- Tower systems emerged as a leading structure type, with a 27.4% revenue share in 2022, due to their vertical space maximization benefits.
- The Asia Pacific region is predicted to witness the fastest regional market growth, with an expected CAGR of 19.3%, underscoring the pressing need for APS in areas with rapidly expanding vehicle fleets and space constraints.
The trend towards automated parking is furthermore strengthened by smart city initiatives worldwide, seeking to alleviate problems associated with parking scarcity and urban pollution. Governmental support and strategic urban planning are incentivizing the shift towards these advanced parking management systems.
Market Challenges and Prospects
While the prospects for automated parking system market growth are robust, the sector is faced with challenges such as the diversity of vehicle sizes and the significant initial investment needed for construction and maintenance. However, the immense potential in newly-constructed and upcoming building projects presents lucrative opportunities for the automated parking domain.
Automation Transforming Urban Infrastructure
The integration of automation in parking infrastructure embodies a transformative step for urban landscapes, enhancing the efficiency of space utilization and the user experience. These developments signify a commendable stride towards a more organized, sustainable urban environment that can effectively accommodate the escalating number of vehicles globally.
Continual technological advancements promise to further streamline parking operations and bolster the growth trajectory of the automated parking system market, as it transitions into a cornerstone of modern urban infrastructure planning and development.
Companies Profiled
- Skyline Parking AG
- Westfalia Parking
- Unitronics
- Klaus Multiparking GmbH
- Robotic Parking Systems, Inc.
- City Lift Parking, LLC
- Park Plus Inc.
- Wohr Parking System Pvt. Ltd.
- Parkmatic
- AutoMotion Parking Systems
For more information about this report visit https://www.researchandmarkets.com/r/klfv4q
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