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The Benefits And Advancements Automated Parking System Market: Emerging Size, Key Industry Developments, Business Trends, Global Analysis And Potential Revenue During Forecast Period 2023-2032
Automated Parking System Market
Automated Parking System Market Size, Growth Rate, And Forecast
The global automated parking system market size grew from $1.9 billion in 2022 to $2.18 billion in 2023 at a compound annual growth rate (CAGR) of 14.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The automated parking system market size is expected to grow to $3.75 billion in 2027 at a CAGR of 14.6%.
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Automated Parking System Market Drivers
The increase in high-rise structures are expected to propel the growth of the automated parking system market going forward. High-rise structures refer to a building or structure that is between 75 and 491 feet high. The automated parking system built into high-rise buildings helps to withstand earthquakes, provide safety mechanisms, and supports pallets under vehicles. For instance, in February 2022, according to the research report by Anarock, an India-based property consulting company, out of 486 residential projects, 291 projects, or 60%, were high-rise buildings, and in the year 2021, the percentage rose to 62%. It means in the year 2021, 263 projects out of 421 were for high-rise buildings. Therefore, high-rise structures are driving the growth of the automated parking system market.
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Automated Parking System Market Segments
• By Component: Hardware, Software
• By Structure Type: AGV System, Silo System, Tower System, Rail Guided Cart (RGC) System, Puzzle System, Shuttle System
• By Platform: Palleted, Non-Palleted
• By Automation Level: Fully Automated, Semi Automated
• By End Use: Residential, Commercial, Mixed Use
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Western Europe was the largest region in the automated parking system market.
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Automated Parking System Market Key Players
Major competitors in the automated parking system market are Westfalia Parking, Unitronics, Klaus Multiparking Systems Pvt. Ltd., Robotic Parking Systems Inc., City Lift Parking LLC, Wohr Parking Systems Pvt. Ltd., Skyline Parking, Park plus.
The Business Research Company's "Global Automated Parking System Market Report 2023" is a comprehensive report of the market, covering over 60 geographies and high level market segmentation per geography. The section on regional and country breakdowns examines the market in each geography as well as market size by region and country. Furthermore, it evaluates the market's historical and projected growth and identifies significant trends and strategies that businesses can use to expand their operations.
The Table Of Content For The Automated Parking System Market Include:
1. Executive Summary
2. Automated Parking System Market Characteristics
3. Automated Parking System Market Trends And Strategies
4. Automated Parking System Market - Macro Economic Scenario
5. Automated Parking System Market Size And Growth
………………
27. Automated Parking System Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Automated Parking System Market
29. Automated Parking System Market Future Outlook and Potential Analysis
30. Appendix
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