Automated Parking Management System Market: Introduction
According to the report, the global automated parking management system market is projected to exceed US$ 10.47 Bn by 2031, expanding at a CAGR of 15.10% during the forecast period. Rise in expansion of transportation sector across the globe is likely to increase the demand for automated parking management system market, as a vehicle needs a particular space to park safely without obstruct the regular commuters or traffic.
Economic growth, rising disposable incomes, and shifting consumer preferences have sparked a trend for high-rise luxury buildings with more space and better parking. Automated parking systems serve real estate agents, architects, and luxury building developers by allowing them to create creative, functional, and aesthetically pleasant alternatives for customers. The automated parking system market is expanding due to continuous improvements in unique garage designs and underground facilities.
Expansion of Automated Parking Management System Market
The demand for durable and efficient parking management system is increasing globally due to the expansion of the global automobile sector. Robotic garages are expected to gain popularity over the next few years, as they store and retrieve vehicles in a secure and space-efficient manner. Automated garages are rapidly gaining traction due to their space management skills and large cities experience room shortages. Robotic parking systems reduce the need for human intervention in fitting automobiles into cramped cubicles; however, they do necessitate enough space for robots to move. Consequently, countries with dense populations are rapidly adopting robotic parking systems. Companies that provide automated, robotic garages are putting a greater emphasis on improving transportation networks' efficiency and sustainability.
Based on mode of automation, the semi-automatic segment dominated the automated parking management system market, in terms of volume and revenue, in 2020. Rise of e-commerce and cargo services is boosting the transportation sector globally, which is fuelling the demand for better parking facilities and subsequently, boosting the market.
In terms of technology, the sensor segment held a prominent share of the global automated parking management system market, in terms of volume and revenue, in 2020. Demand for two wheelers, four wheelers or cars is considerably high, which, in turn, is driving the automated parking management system market globally.
Regional Analysis of Automated Parking Management System Market
In terms of region, the global automated parking management system market has been segregated into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
The increased demand for commercial cars in Asia Pacific area is also a major factor propelling the global automobile transmission system market. The automated parking management system market in North America and Asia Pacific witnessed significant expansion in the past few years due to improving economic conditions, increasing number of financial districts, growing number of smart city buildings, and greater urbanization in metropolitan areas of these regions.
Automated Parking Management System Market Players
Prominent players operating in the global automated parking management system market include Kyline Parking AG, CityLift Parking, Robotic Parking Systems Inc., Unitronics, Dayang Parking Co. Ltd, Klaus Multiparking Systems Pvt. Ltd., Automotion Parking Systems, EITO & Global Inc., Dongyang Menics, and Parkmatic TM.
Global Automated Parking Management System Market: Segmentation
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