Global Automated Parking Systems Market
Posted by chetana on December 26th, 2020
Global Automated Parking Systems Market was valued US$ xx Mn in 2019 and the total revenue is expected to grow at 9.65 % through 2020 to 2027, reaching US$ xx Mn.
Global Automated Parking Systems Market Overview:
The development of the global infrastructure industry is expected to drive the growth of automated parking systems market. The growing number of Sky-scrapers & luxury plans, along with the increasing inclination of real-estate developers to install automated solutions, is helping the market development. Additionally, the infrastructure industry is expected to grow at a significant CAGR during the forecast period. A rising fleet of domestic as well as commercial vehicles & the accessibility of partial parking spaces are important reasons of rising traffic in various regions worldwide, nearly 35% to 40% of the total congestion in most of the major cities around the world. It is the effect of the lack of the parking slots available in the cities. Moreover, the time & fuel get wasted and the lack of empty spaces is also the main cause of emissions & air pollution.
The increasing population pressurizes to improve the parking infrastructure & requires the expansion of the accessible infrastructure in urban areas. Moreover, a rise in per capita income, together with enhanced lifestyles, has improved the demand for personal mobility, thereby motivating automobile sales in urban cities. Thanks to this, the vehicle fleet on the roads is exceeding the available parking spaces in metropolises. These influences are mutually motivating the adoption of automated solutions which can improve the maximum usage of parking spaces. Improved efficiency, improved capacity, better ROI, reduced CO2 emissions produced during driving around on the lookout for empty spots, & enhanced safety & security are other aids pouring the adoption of these systems globally.
The number of high-rise constructions has also developed significantly in the last few years. The number of constructions larger than 200-meter, augmented by 141% between 2010 & 2018. Real estate players are gradually focusing on offering supportable homes with decreased emissions, mainly in luxury plans. For example, the Beacon residential facility in London proposes supportable homes with zero-emission, enabling a fully automated solution with 320 parking places. The stable rise in the number of luxury construction plans worldwide is likely to work in favor of market development during the forecast period.
Despite the rising demand for automated solutions through many geographies, the initial investment for the expansion of high-caliber parking solutions is significantly high. This high capital condition for the construction of such systems may hinder the development of the market to a certain extent. Moreover, these are extremely complex solutions with quality control matters. The assembly of an automated parking system is also a very difficult task & needs the consideration of various factors. The absence of rule for monitoring working of these systems & quality control problems also pose important challenges for manufacturers. But, enforcing rules related to quality control to avoid accidents & damages could help overcome these tasks.
The ongoing COVID-19 pandemic has also considerably affected the sales volume of automated systems. However, these results are best fitted in the current situation as they limit human contact in parking spaces, creating the space safer & more reliable. These influences could work well for the development of the automated parking system market post the pandemic.
Europe led the market in the year 2019 & held the revenue share of over 49.87%. The occurrence of some of the major manufacturers of automatic parking systems like Wohr, Westfalia, & Klaus Multi Parking, among others in Germany, the U.K., & Switzerland is the main factor supporting the development prospects. Moreover, the acceptance of automated parking systems is also high in these countries. The occurrence of technically advanced infrastructure has further encouraged the public & private sectors to adopt automatic solutions for removing parking difficulties.
The Asia Pacific region is expected to witness an important demand for automated parking system solutions during the forecast period attributed to the huge population, along with the occurrence of vehicle parking on the roads. The region is home to 40 percent of the total population & some of the fastest-growing economies. Moreover, numerous cities in the region have already reached to the saturation levels, rendering further infrastructure development is almost impossible. Therefore, governments are concentrating on urban planning by applying smart city solutions to grow aids from the existing infrastructure.
The objective of the report is to present a comprehensive analysis of the Global Automated Parking Systems Market including all the stakeholders of the industry. The past and current status of the industry with forecasted Market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes Market leaders, followers and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the Market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
• Fully Automated
• North America
• Skyline Parking AG
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About the Authorchetana
Joined: February 27th, 2020
Articles Posted: 152
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