The Automated Parking Systems Market is growing as a result of the increasing number of high-rise buildings and luxury projects, an increasing fleet of personal and commercial vehicles, coupled with a shortage of parking spots, and other factors. JERSEY CITY, N.J., March 28, 2022 /PRNewswire/ --
The Automated Parking Systems Market is growing as a result of the increasing number of high-rise buildings and luxury projects, an increasing fleet of personal and commercial vehicles, coupled with a shortage of parking spots, and other factors.
JERSEY CITY, N.J., March 28, 2022 /PRNewswire/ -- Verified Market Research recently published a report, "Automated Parking Systems Market" By Automation Level (Semi-Automated and Fully-Automated), By System Type (Software and Hardware), By End-User (Commercial, Residential, and Mixed-use), and By Geography. According to Verified Market Research, the Global Automated Parking Systems Market size was valued at USD 1.39 Billion in 2020 and is projected to reach USD 3.71 Billion by 2028, growing at a CAGR of 13.15% from 2021 to 2028.
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202 - Pages
126 – Tables
37 – Figures
Global Automated Parking Systems Market Overview
An increasing fleet of personal and commercial vehicles, coupled with a shortage of parking spots, has resulted in traffic jams in various regions around the world. The wide use and growing number of automobiles in use across the world have raised concerns about parking space issues for these vehicles. To address these issues and maximize the use of limited parking spaces, automated parking systems have become more popular in most major cities. Owing to a lack of parking places, incidences of no parking zone violations have grown significantly, obstructing traffic on that road and creating a situation of high traffic congestion.
In order to successfully address this issue and cope with the current situation. The market is growing as a result of the increasing number of high-rise buildings and luxury projects, as well as real-estate developers' increased willingness to use automated solutions. The infrastructure industry is also expected to grow at a significant CAGR during the forecast period, according to the World Construction Network. However, despite the growing demand for automated parking solutions across several regions, the initial investment required to develop parking systems is significant. This high capital requirement for the construction of such systems may restrain market expansion to a certain extent.
Key Players
The major players in the market are Mitsubishi Electric Corporation, AJ Automated Parking Systems, Expert Parking, Unitronics Corporation, Klaus Multiparking, Westfalia Parking, Wohr, Robotic Parking Systems, Inc., CityLift, and FATA Automation.
Verified Market Research has segmented the Global Automated Parking Systems Market On the basis of Automation Level, System Type, End-User, and Geography.
- Industrial Robotic Motors Market, By Automation Level
- Semi-Automated
- Fully-Automated
- Industrial Robotic Motors Market, By System Type
- Software
- Hardware
- Industrial Robotic Motors Market, By End-User
- Commercial
- Residential
- Mixed-use
- Automated Parking Systems Market by Geography
- North America
- U.S
- Canada
- Mexico
- Europe
- Germany
- France
- U.K
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Rest of Asia Pacific
- ROW
- Middle East & Africa
- Latin America
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Top 7 Parking Management Systems transforming megacities into smart cities
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