Economic Impact of COVID-19 on Automated Parking System Market

The Automated Parking System Market – Global Market Share, Trends, Analysis and Forecasts, 2020-2030 provides insights on key developments, business strategies, research & development activities, supply chain analysis, competitive landscape, and market composition analysis.

The advancement in automotive technology and associated auxiliary services has accelerated the expansion of the automotive industry. Increased disposable income, declining cost of automobiles, and availability of multiple options has resulted in rapid growth of the on-road vehicles across the major countries globally. Along with increased traffic congestion across major urban destinations, the problems of parking spots have also increased significantly. This has contributed towards the inception and development of automated parking systems. The automated parking system is a vertical garage or vertical parking space with parking actions accomplished by the robotic systems. The driver has to take vehicle in the loading area, where the sensors examine the dimensions of the vehicle and allots an appropriate parking spot by examining availability of parking spot. The driver is landed a parking ticket for retrieval of the vehicle.

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The integration of smart sensors and advanced controllers has helped in improving the efficiency and safety of automated parking systems. The automated parking system eliminates or reduces the requirement for parking attendants depending on the level of automation. With increasing number of vehicles across major cities globally, the demand for vertical automated parking is expected to grow during the forecast period, thereby fueling the growth of the market.

Rising demand fueled by high convenience to drive the growth of fully automated parking systems

The global automated parking system market is segmented on the basis of component, automation level, type, platform type, parking levels, end user, and geography. Based on automation level, the global automated parking system market is segmented into semi-automated parking systems and fully automated parking systems. The fully automated parking system segment contributed the largest share to the global market in 2019 and is expected to be a dominating segment throughout the forecast period. Fully automated parking systems are being increasingly adopted across new constructions fueled by increased convenience and increasing number of luxury projects is expected to drive the growth of the fully automated parking systems during the forecast period.

High efficiency and rising popularity to drive the growth of electro-mechanical automated parking systems

Based on type, the global automated parking system market is segmented into hydraulic and electro-mechanical parking systems. The electro-mechanical parking systems contributed a prominent share to the global automated parking systems owing to high lift capabilities and improved accuracy offered by these systems. The hydraulic parking systems are anticipated to witness steady growth during the forecast period due to shifting preference towards electro-mechanical systems.

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Based on geography, the global automated parking system market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. Europe contributed a dominating share to the global automated parking system market in 2019 owing to strong demand from Western European countries and presence of leading automated parking system manufacturers across the region. Asia Pacific contributed a prominent share to the global automated parking systems market and is expected to be the fastest growing region during the forecast period owing to increasing number of vehicles across major countries and rising adoption of automated parking systems.

Major players active in the global automated parking system market include 5BY2, CITYLIFTS, DESIGNA, EITO&GLOBAL INC., FATA Automation, IHI Parking Systems, KLAUS MULTIPARKING SYSTEMS PVT. LTD, Pari, Park Plus, Inc., Parkmatic, Robotic Parking Systems, Inc., Romax Parking Solutions Ltd., Shandong Tada Auto Parking, Simmatec International Corporation, Skyline Parking, Unitronics, Watry Design, Inc., Westfalia Parking Systems, and wohr Parking System Pvt. Ltd.