Pune India, Feb. 21, 2023 (GLOBE NEWSWIRE) -- Automated Parking Management Systems Market Size By System Type (Software and Hardware), By Platform Type (Non-Palleted and Palleted), By End-User (Residential, Commercial, and Mixed-Use), By Automation Level (Fully-Automated and Semi-Automated), Regions, Segmentation, and forecast till 2030.
The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the automated parking management systems market is operating and is predicted to expand soon. The manufacturers and suppliers involved in the automated parking management systems market are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as the system type, platform type, end-user, automaton level, and region. Apart from this, the key driving factors, restraints, potential growth opportunities, and market challenges are also discussed in the below paragraphs.
The significant players operating in the global automated parking management systems market are Skyline Parking; Westfalia Parking; City Lift Parking, LLC; Unitronics (1989) (R”G) Ltd.; Klaus Multiparking GmbH; Fata Automation, Inc.; Robotic Parking Systems, Inc.; Park Plus Inc.; Wohr Parking System Pvt. Ltd. among others. To achieve a substantial market share in the worldwide automated parking management systems market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
Because the influx of technology in automobiles has expanded dramatically over the previous two years, automated parking system solutions are best suited to the current circumstances. These factors may benefit the market in the post-pandemic era. The infrastructure industry (commercial and residential) is expected to grow at a strong CAGR of 13.6% over the forecast period, according to the World Construction Network. This is also projected to add to the global market's growth in the following years. The growing demand for residential and commercial automobiles, along with the scarcity of parking spots, is causing traffic congestion in many parts of the world. According to industry figures, vehicle owners looking for vacant spaces account for about 35% to 40% of overall congestion in various major cities across the world. Pollution levels are predicted to be reduced by the automated parking system. According to INTRIX studies on motorist parking behavior in 30 cities in the United Kingdom, the United States, and Germany in 2021, the combined cost in wasted time, fuel, and carbon emissions to the economies of these countries was estimated to be close to USD 200 billion per year.
Scope of Automated Parking Management Systems Market Report
| Report Metric | Information |
| Study Period | 2022-2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Market Share Unit | USD Billion |
| Segments Covered | System Type, Platform Type, End-User, Automation Level, and Regions |
| Regions Covered | North America, Europe, Asia-Pacific, South America, and Middle-East and Africa |
| Major Players | Skyline Parking; Westfalia Parking; City Lift Parking, LLC; Unitronics (1989) (R”G) Ltd.; Klaus Multiparking GmbH; Fata Automation, Inc.; Robotic Parking Systems, Inc.; Park Plus Inc.; Wohr Parking System Pvt. Ltd. among others. |
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Segmentation Analysis
The hardware segment is expected to be the fastest-growing segment in 2022.
The system type segment is software and hardware. The hardware segment is expected to witness the highest growth rate during the forecast period. Microcontrollers, displays, sensors, motors, GSM modules, and other components are included in the hardware. This may vary based on the type of parking system. This segment generates more revenue due to the greater variety of components.
The palleted segment is expected to be the fastest-growing segment in 2022.
The platform type segment is non-palleted and palleted. The palleted segment is expected to witness the highest growth rate during the forecast period. This platform style increases capacity that takes up less building space improves safety and lowers utility costs. It is appropriate for buildings with limited parking spaces, and as a result, its adoption is higher.
The commercial segment is expected to be the fastest-growing segment in 2022.
The end-user segment is residential, commercial, and mixed-use. The commercial segment is expected to witness the highest growth rate during the forecast period. This is because the demand for parking spaces in commercial buildings and shopping malls is increasing. The increasing number of automobiles on the road has reduced the availability of parking spaces, resulting in traffic congestion and increased air pollution in major cities throughout the world.
The fully automated segment is expected to be the fastest-growing segment in 2022.
The automation level segment is fully automated and semi-automated. The fully automated segment is expected to witness the highest growth rate during the forecast period. This is due to advantages such as improved handling, increased safety, increased capacity, and lower emissions. Because of high population density and rising urbanization, the need for these systems is increasing in emerging countries. However, the cost of this device is significant, which could act as a deterrent.
Regional Analysis
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the automated parking management systems include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
- The Europe region witnessed a major share. The existence of multiple prominent market players has a substantial impact on market growth in this region. The improved infrastructure, as well as increased demand for automation and cutting-edge technology, has fueled the expansion of the European automated parking management system industry.
Country Analysis
- Germany
Germany's automated parking management systems market size was valued at USD 0.28 billion in 2022 and is expected to reach USD 0.87 billion by 2030, at a CAGR of 15.3% from 2023 to 2030. Increased smart city activities and increasing demand from commercial and residential structures would bode well for the region's market growth. Automatic parking technologies are commonly utilized in Germany to save space and lower vehicle emissions while parking. The advancement of technologically advanced infrastructure has pushed the adoption of automated parking systems in both the public and private sectors.
- China
China’s automated parking management systems market size was valued at USD 0.20 billion in 2022 and is expected to reach USD 0.62 billion by 2030, at a CAGR of 15.2% from 2023 to 2030.The business is growing due to the increased demand for commercial vehicles. Furthermore, the increasing use of automated parking management systems in countries such as China drives market expansion.
- India
India's automated parking management systems market size was valued at USD 0.15 billion in 2022 and is expected to reach USD 0.46 billion by 2030, at a CAGR of 15.1% from 2023 to 2030.This is owing to the high population density and the prevalence of automotive parking on roadways. The region has 40% of the world's population and some of the fastest-growing economies, including India. A number of smart cities projects are also being launched to improve citizen services.
Covid-19 Impact
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of the automated parking management systems market is mainly driven by the increasing number of luxury & high-rise buildings.
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