Automated Parking System Market: Growing Investments in Smart Cities, Demand for Higher Automation Propels Automated Parking System Market to Robust Expansion

The global automotive industry has been on a sound growth trajectory over the past few decades. Even in the event of slowdowns such as the COVID-19 pandemic, the global automotive industry has exhibited a V-shaped recovery. The increasing reliance on cars has created a shortage of parking spaces, motivating planners to adopt smart parking solutions. Adopting AI-enabled automated parking solutions has gained traction among luxury real-estate developers, driving the global automated parking system market towards maturity. These systems are critical for decreasing the time and fuel wasted by vehicle owners while searching for parking spaces along with overall traffic congestion. Smart parking meters, advanced sensors, machine-to-machine connectivity, and data analytics are being employed to further enhance automated parking systems and improve driver convenience. Due to these benefits, the adoption of automated parking systems is expected to gain significance in the coming years.

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Smart City Projects to Facilitate Higher Adoption of Automated Parking Systems

Smart cities are rapidly becoming a popular solution to modern urbanization needs. The advancements and adoption of IoT solutions in the mobility and transportation sector, along with the public-funded smart city initiatives across the globe are translating into promising opportunities for the global automated parking system market. Automated parking systems emerge as a viable solution to manage traffic, reduce wastage of resources, limit carbon footprint, ensure driver safety, and boost overall user convenience in smart city settings. Smart grids enable users to locate empty parking spots via smartphone apps. These applications also offer a host of usable features including parking time, cost calculation, real-time parking spot updates, and payment options. The growing number of smart cities and smart city projects, coupled with end-user smart solutions such as smartphone apps collectively contribute to the expansion of the automated parking system market.

Transition Towards Complete Automation to Create New Opportunities for Growth in Automated Parking System Market

Fully automated parking systems have emerged as the next level of evolution in the automated parking system space. The outcome of adopting these systems includes a greater reduction in CO2 emissions, enhanced parking efficiency, higher capacity, improved safety, and an overall boost in user convenience. These perceived benefits are projected to further facilitate growth in the global automated parking system market. Steady growth in GDP per capita in both developed and emerging economies will contribute to an increase in vehicle sales, surging the demand for automated parking systems across the globe.

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Europe to Offer Highly Lucrative Growth Prospects

Europe is set to emerge as the leading market for automated parking systems over the forecast period. This can be attributed to the growing number of smart cities, higher purchasing power of consumers, healthy market competition, and demand for automated parking systems in both commercial and residential sectors in the region. In the past few years, the passenger car fleet has also grown significantly in Europe, creating a favorable business environment for growth in the automated parking system market.

Prominent Market Players

Some of the major players in the global automated parking system market are Wohr Parking System, Klaus Multiparking, Westfalia Technologies, Unitronics, Shinmaywa Industries, and Lodige Industries GmbH.

The Global Automated Parking System Market is Segmented as Below:
By Automation Level
• Semi-Automated
• Fully-Automated

By System Type
• Hardware
• Software

By End-User
• Commercial
• Residential
• Mixed-use

By Design Model
• Hydraulic
• Electro-mechanical

By Platform Type
• Palleted
• Non-palleted

By Parking Level
• Less than Level 5
• Level 5-Level 10
• More than Level 15

By Region
• North America
• Europe
• Asia Pacific
• LAMEA

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