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Automated Parking System Global Market 2024 To 2033 | Westfalia Technologies Inc., Unitronics Systems Inc., Klaus Multiparking Systems Pvt Ltd
Automated Parking System Market
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According to The Business Research Company's, 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 Drivers and Trends:
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.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
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.
Automated Parking System Market 2024 Key Insights:
• 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%.
• High-Rise Structures Fuel Automated Parking System Market Growth
• Technological Advancements Drive Innovation In The Automated Parking System Market
• Western Europe was the largest region in the automated parking system market in 2023
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