Fully Automated Parking Management Systems Market Design Model, Consumption, Revenue And Growth Rate By 2029

A fully automated parking management system can mechanically park and retrieve a vehicle from the parking space. Fully automated system is used for a vehicle capacity of above 100 cars. The system has become very helpful due to the increase in demand for safe and convenient parking. Additionally, parking system helps in minimizing the hassle one goes through while parking the car. Furthermore, the fully automated parking management system is experiencing an upsurge in the demand for effectual solutions due to the increasing demand for luxury projects and rising adoption for a fully automated parking system by construction companies, especially in urban areas. A fully automated parking system has improved capacity, high effectiveness, reduced carbon emission and increased safety & convenience for the passengers. Therefore, the demand for safety & convenience for the passenger is expected to boost the market growth for the fully automated parking management system in the future.

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COVID-19 scenario Analysis:

• The pandemic has experienced a negative impact on the global fully automated parking management system market size for the year 2020 due to unavailability of workforce and cash flow problems, a major deviation is noticed in the growth of fully automated parking systems manufacturers mainly due to coronavirus.
• The vendors in fully automated parking management system industry across the globe is affected severely due to the restrictions on producers as well as the declared lockdowns which in turn is affecting the demand for the fully automated parking management system worldwide.
• Global fully automated parking management system is an evolving sector which is hampered due to coronavirus which in turn has caused a major shutdown in the production and installation process for the fully automated parking management system manufacturers across the affected countries & all type of operations were disrupted owing to the pandemic.

Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis

Demand for green & sustainable parking solutions, time consumed in the search of parking spaces and less parking spaces due to rising urbanization are driving the growth of the market. However, high complexity of the system integration and issues with quality control is expected to hamper the growth of the market. Contrarily, initiative of developing smart cities and increasing demand for luxury residential buildings can be seen as an opportunity for the market investments.

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The fully automated parking management system market trends are as follows:

Time consumed in the search of parking spaces

Currently, finding an unoccupied parking space during office hours has become a tremendous task for drivers in zones such as hotels, exhibitions & convention centers, hospitals, shopping centers, airports, universities and offices. Furthermore, the constant rise in the number of vehicles worldwide is creating a constant problem related to the parking in residential as well as commercial areas. The problem of minimizing the time consumed can be solved by using enhanced feature such as alert of available space on the infotainment display of the car using smart parking technology. Moreover, the parking management system reduces the amount of time spend by driver for finding out the available parking slot and automate the procedure of searching the whole parking floor. Therefore, time consumed in the search of parking spaces, will foster the market growth for the fully automated parking management system during the forecast period.

Key benefits of the report:

• This study presents the analytical depiction of the fully automated parking management system industry along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with challenges of the fully automated parking management system market.
• The current market is quantitatively analyzed from 2019 to 2027 to highlight the fully automated parking management system market growth scenario.
• We can also determine parking system will remain a significant revenue shareholder in the fully automated parking management system market through the predictable future.

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