Rising vehicle ownership paired with growing scarcity of land for parking is expected to drive the market for Automated Parking System

With the increase in population, the vehicle ownership is also increasing which results in unmanaged parking. In the current scenario, it takes less than a minute to find a person from 3 billion people on Facebook but takes 15-30 minutes to find a vacant parking space in the metro city. According to a recent study conducted by one of the top consulting firms in 2019, stated that cities drivers in Kuala Lumpur spend an average 25 minutes daily for searching for parking spots, which adds to 6.3 days a year. Parking problems are not uncommon, by 2027, market spending for automated parking products and services is expected to grow at a CAGR of around 11.4%. ?

Automatic parking systems help in reducing the land use for parking and maximize the efficiency of space usage. An automated system is used to move cars up and down to the upper levels of the facility. In addition, Automatic parking systems also helps in reducing the parking search time, along with engine emissions that accumulate due to the increase in driving time. Automated parking development implies an IoT-based system that sends data about free and occupied parking places via web/mobile applications. IoT-device, including sensors and microcontrollers, are located at each parking place. The user receives a live update about the availability of all parking spaces and chooses the best one. The payment method is carried out by an effective E-wallet system.

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According to UnivDatos Market Insights (UMI)’ research report “Automated Parking Systems Market ”, the market is expected to witness a CAGR growth of around 11.4% during the forecast period 2021-2027F. Automated Parking Systems Market is experiencing significant growth due to Growing demand for comfort and convenience among consumers, Increasing number of High-rise building owing to rising urban population, Growing demand for green and sustainable parking system paired with smart cities initiatives from the government and Rising vehicle ownership paired with growing scarcity of land for parking. However, High upfront investment to build a high-caliber automated parking system paired with High complexity of the system acts as the major factor restraining the growth of the market.?

Based on Automation, the Automated Parking System Market is segmented into Semi-automated, Fully automated. Currently, Fully automated segment dominates the market and is expected to maintain its dominance throughout the forecast period. High demand for comfort and convenience among consumers owing to rising disposable income, increasing number of luxury construction projects, and growing adoption of a fully automated parking system among the construction companies is driving the market for fully automated parking system.?

Based on Technology, the Automated Parking System Market is divided into Puzzle/Modular Type, Elevated/Tower Type, Multi-Level Floor Parking, Multi-Level Circulation Type, Rotary Type, Stacker System. Researchers around the world have predicted that the market would grow at CAGR of around 10-13% in the next decade

Based on Component, the market is segmented into Hardware, Software. Currently, hardware segment dominates the market and is expected to maintain its dominance throughout the forecast period. Smarter parking strategies are essential for smart cities and are expected to be at the forefront in terms of technology development in the next two to five years. However, owing to the high instrumentation and system management costs, the economics of scale and complexity would require advanced analytics with newer business models.

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Based on Platform Type, the market is segmented Palleted, Non-palleted. Non-palleted segment is projected to witness highest CAGR growth during the analyzed period. Pallets are about 20 feet long and 7.5 feet wide. Pallets prevent the dripping of oil, acids, air-conditioning condensation, saltwater, snow and ice, or sand onto cars from the parking system machinery or the cars stored inside the facility.

Based on End-User, the market is bifurcated into Commercial, Residential, Mixed-use. Currently, commercial segment dominates the market, however, residential segment is anticipated to witness highest CAGR growth during the forecast period, owing to the growing number of high-rise residential buildings and increasing adoption in luxury residential facilities across the globe.

Asia-Pacific is expected to witness highest growth

Based on regions, the report provides detailed analysis for overall demand of Automated Parking System for major regions including North America (US, Canada, Rest of North America); Europe (Germany, UK, France, Italy, Rest of Europe); Asia-Pacific (China, India, Japan, South Korea, Rest of Asia-Pacific); and Rest of World. Growing urban population would increase the overall demand for smart infrastructure at airports, shopping malls, and similar public spaces in countries such as India and other developing Asian countries. This would spur the demand for smart parking systems in the region.?

According to UnivDatos Market Insights (UMI)’, the key players with a considerable market share in the Automated Parking Systems Market are Mitsubishi Electric Corporation, Robotics Parking System Inc., AJ Automated Parking Systems, Unitronics Corporation, Wohr parking, Klaus Multi Parking, CityLift, Skyline Parking AG, Parkmatic, Park Plus Inc. etc. These companies are investing heavily on Automated Parking Systems to increase their customer base.

§?In 2020, CityLift Parking announced the completion of the Largest Fully Automated Parking System in the Pacific Northwest, US. The CityLift Tower system incorporates automated tandem parking spaces for greater density. The garages are designed for public and private parking including a payment kiosk for public parking

§?Robotic Parking Systems Inc. has developed automated car parking facilities that double the storage capacity of a conventional multi-story car park. CIMPLICITY, part of the HMI/SCADA suite from GE Digital, is used to provide overall control and monitoring of the automated parking process. Per car park space, automated parking systems typically offer savings of between 30-40% in terms of development costs, between 30-40% in running costs due to the savings in volume of over 50%.

§?In March 2018, Wohr parking announced that its has received an order to install 156 spaces of CL-543 in the basement at the new CPWD building in Bangalore, India

“Automated Parking Systems Market ” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for the market players. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on different parameters. This will help companies in the formulation of go to market strategies and identifying the blue ocean for its offerings.?????

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Market Segmentation:

1.?????By Automation (Semi-automated, Fully automated)

2.?????By Technology (Puzzle/Modular Type, Elevated/Tower Type, Multi-Level Floor Parking, Multi-Level Circulation Type, Rotary Type, Stacker System)

3.?????By Component (Hardware, Software)

4.?????By Platform Type (Palleted, Non-palleted)

5.?????By End-User (Commercial, Residential, Mixed-use)

6.?????By Region (North America, Europe, Asia-Pacific, Rest of World)

7.?????By Company (Mitsubishi Electric Corporation, Robotics Parking System Inc., AJ Automated Parking Systems, Unitronics Corporation, Wohr parking, Klaus Multi Parking, CityLift, Skyline Parking AG, Parkmatic, Park Plus Inc.)

Key questions answered in the study:

1.?????What are the current and future trends of the Automated Parking Systems industry?

2.?????How the industry has been evolving in terms of end-user demand and product category?

3.?????How the competition has been shaping across the countries followed by their comparative factorial indexing?

4.?????What are the key growth drivers and challenges for the Automated Parking Systems industry?

5.?????What is the customer orientation, purchase behavior, and expectations from the Automated Parking Systems suppliers across various countries??