Market Research Report
Automated Parking Systems Market Size, Share & Trends Analysis Report By Component, By Structure Type, By Platform Type, By Automation Level, By End-use, By Region, And Segment Forecasts, 2020 - 2027
|Published by||Grand View Research, Inc.||Product code||963169|
|Published||Content info||150 Pages
Delivery time: 2-3 business days
|Automated Parking Systems Market Size, Share & Trends Analysis Report By Component, By Structure Type, By Platform Type, By Automation Level, By End-use, By Region, And Segment Forecasts, 2020 - 2027|
|Published: September 21, 2020||Content info: 150 Pages||
Automated Parking Systems Market Growth & Trends
The global automated parking systems market size is expected to reach USD 2.74 billion by 2027, registering a CAGR of 10.9% from 2020 to 2027, according to a new study conducted by Grand View Research, Inc. The growing number of vehicles globally, coupled with the scarcity of land for parking, is driving the demand for auto-park solutions worldwide. Moreover, automated solutions improve the level of convenience for vehicle owners or drivers by automatically parking the vehicles at a vacant spot available in the system.
Additionally, automated parking systems improve space allocation in parking spaces, making it possible for a significant number of vehicles to be parked at several levels. This solves the problem of scarcity of land in congested areas. Owing to these benefits, automated solutions are being increasingly adopted and deployed in several new residential and commercial real estate projects facing a space crunch. Moreover, smart city initiatives across several countries are also driving the demand for advanced and smart automated solutions to reduce parking and pollution problems faced by the local public.
However, the rising number of vehicles of varying sizes in urban areas could act as a challenge for the market. Moreover, the high cost of construction and maintenance per parking space in smart facilities, which increase the initial maintenance and operating costs of these spaces, could also hinder the market over the forecast period. Furthermore, factors such as high deployment cost and low availability of the supporting infrastructure are also expected to slow down the growth of the market over the forecast period.
Automated Parking Systems Market Report Highlights
Hardware components contribute majorly to the total cost of an automated parking system. As a result, the hardware component segment accounts for the dominant market share. The segment is projected to continue leading, owing to the advancements in hardware components
In terms of structure type, tower systems are the most efficient as they save significant horizontal space and take full advantage of the vertical space in a parking facility. Therefore, the segment is anticipated to register a promising CAGR over the forecast period
In terms of platform type, the non-palleted segment is expected to gain significant traction over the forecast period. This can be attributed to the fact that these platforms require a single system to handle the movement of vehicles and reduce the overall parking cycle time by 30% to 35%
In terms of automation level, the fully automated segment is expected to emerge as the fastest-growing segment owing to high efficiency, increased capacity, reduced emission, and high safety and convenience offered by fully-automated systems
The residential end-use segment is projected to witness the highest CAGR over the forecast period. This can be attributed to the growing demand for luxury residential facilities, coupled with the increasing number of high-rise buildings with inbuilt parking systems across several urban settings globally
Increasing vehicle fleet, coupled with the low availability of spaces, is anticipated to create significant demand for automated parking systems in the Asia Pacific region