Press release
Automated Parking System Market Analysis, Trends, Growth, Research And Forecast 2033
Automated Parking System Market
The Business Research Company offers in-depth market insights through Automated Parking System Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The automated parking system market size has grown rapidly in recent years. It will grow from $2.11 billion in 2023 to $2.39 billion in 2024 at a compound annual growth rate (CAGR) of 13.4%. The growth in the historic period can be attributed to space constraints in urban areas, environmental and sustainability concerns, traffic congestion alleviation, safety and security enhancement, adoption in high-density areas..
The automated parking system market size is expected to see rapid growth in the next few years. It will grow to $4.18 billion in 2028 at a compound annual growth rate (CAGR) of 15.0%. The growth in the forecast period can be attributed to rise in electric vehicles (evs), consumer demand for convenience, smart city integration, sustainable urban development.. Major trends in the forecast period include urbanization and space constraints, traffic congestion and accessibility, technological advancements, safety and security..
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Market Segmentation:
The automated parking system market covered in this report is segmented -
1) By Component: Hardware, Software
2) By Structure Type: AGV System, Silo System, Tower System, Rail Guided Cart (RGC) System, Puzzle System, Shuttle System
3) By Platform: Palleted, Non-Palleted
4) By Automation Level: Fully Automated, Semi Automated
5) By End Use: Residential, Commercial, Mixed Use
Major Driver - High-Rise Structures Fuel Automated Parking System Market Growth
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 automated parking system market growth.
Competitive Landscape:
Major companies operating in the automated parking system market report are Westfalia Technologies Inc., Unitronics Systems Inc., Klaus Multiparking Systems Pvt Ltd., Robotic Parking Systems Inc., City Lift Parking LLC, Wohr Parking System Pvt Ltd., Lodige Industries GmbH, ShinMaywa Industries Ltd., Skyline Parking AG, Dayang Parking Co. Ltd., Eito & Global Inc., FATA Automation Inc., ParkPlus Inc., Robopark Inc., Parkmatic Systems Inc., Smart Parking Solutions Inc., Serva Transport Systems GmbH, Park Assist LLC, Amano McGann Inc., IHI Corporation, Omnitec Group, MHE-Demag (S) Pte Ltd, T2 Systems Inc., U-TRON Electronics Co. Ltd., TADA Technologies Pte Ltd, U-ParkIt Solutions LLC, UbiPark Pty Ltd, Umojo Inc.
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Top Trend - Technological Advancements Drive Innovation In The Automated Parking System Market
Advancements in technology are the key trend gaining popularity in the automated parking system market. Major companies operating in the automated parking system market are integrating intelligence systems such as sensors to sustain their position in the market. For instance, in June 2021, Evergrande Auto, a China-based company manufacturing automated parking systems, launched its automated valet parking system (AVP) based on smart technology with the introduction of the AVP automatic parking system which uses sensor technologies such as ultrasonic radars, millimeter-wave radars, high-definition cameras with panoramic views, as well as high-precision maps, and has contributed to the development of features such as cruising on narrow roads, pedestrian and obstacle avoidance, automatic car-following, and automatic recognition of park lots.
The Table Of Content For The Market Report 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 Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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