The Global Automated Parking System Market-Growth, COVID-19 impact and Forecast (2021-2025)
Global automated parking system market is segmented based on system type as hardware and software; based on end use type as residential, commercial and mixed use; based on geography as APAC, Europe, North America, and ROW.a
Introduction
Automated Parking System is defined as the software system deployed in the car to reduce the parking area required by car while parking manually. The vehicle automatically senses the space for parking and parks the vehicle automatically in the available space automatically.
Automated Parking System is design through which one can minimize volume required for parking of cars.
Automated Parking System is used to create multi story parking system which elevates the number of parking spaces while reducing usage of the land required for the parking lots.
The automated parking system provides an automated system to transport vehicle to and from parking lot with driverless transport of the vehicle eliminates lots of space wastage that actually occurs in manual parking multi story parking lots.
Table of Contents
Market Overview
The global automated parking system market is expected to grow to $2.90 billion by 2025 at a CAGR of 15.4%
A non-palletized automated parking system can reduce cycle time up to 30–35%.
The extensive use and bulging number of in-use vehicles across the globe has also raised concerns over the parking space issues for these vehicles.
To overcome this problem and optimize the use of limited parking space, automated parking systems have gained prominence in most metropolitan cities.
Key Trends
The automotive manufacturers and governments are focusing on developing and promoting safe driving technologies, especially in passenger vehicles.
Cameras, RADAR, and other sensors are being deployed in conditional automated vehicles at a considerable pace, which is expected to drive the market studied
Key Market Players
The automated parking system market is dominated by a few global players and comprises several regional players. The global crane market is dominated by global vendors like Westfalia Parking, Unironics Development and Design, Parkmatic, FATA Automation, CityLift and Park Plus.
Growth Drivers and Challenges
The rise in the demand for automatic and sustainable parking solutions is a driving factor for the growth of the automated parking system market. The increase in urbanization will also accelerate the automated parking systems market.
The availability of fewer parking spaces for the automobile is the driving factor for the growth of the automated parking systems market. The rise in automation and ADAS systems will also contribute to the growth of the automated parking systems market.
The cost of automated parking systems is very high, and this factor will prove the restraining factor for the growth of the automated parking systems market.
The complexity in the installation of the system is high, which also requires high professionals and technology. This is the restraining factor for the automated parking systems market. The quality control of the automated parking systems is also one of the restraining factors for the growth of the automated parking systems market.
The future of the smart parking market is expected to be significantly influenced by the arrival of automated vehicles (AVs). Several cities around the world are already beginning to trial self-parking vehicles, specialized AV parking lots, and robotic parking valets.