Automated Parking System Market: Current Analysis and Forecast (2021-2027)

Internet of Things (IoT) has come of age, and now complex solutions can be implemented seamlessly within urban governance and management frameworks and processes. Cities with growing car ownership owing to rising disposable income are rendering parking availability a challenge and lowering the quality of life through increased carbon emissions. Hence, development of smart parking solutions has become the need of the hour, to reduce the time spent looking for parking and overall greenhouse gas emissions. The challenges of parking is predominantly important, as majority of people prefer private car ownership. Owing to this, search for a parking spot in busy cities is a daunting endeavor, leading to time wastage and unwarranted consumption of fuel, which in the end contributes to the overall climate change. With the adoption of the Smart City model in most urban areas, smart digital solutions have emerged in the past few years. Among them smart parking system is one such solution. Barcelona, a Smart City, has achieved a wide range of the merits through investments in IoT, including smart parking technology.

Based on Automation, the Automated Parking System Market is segmented into Semi-automated, Fully automated. Currently, Fully automated segment dominates the market and is expected to maintain its dominance throughout the forecast period.

Based on Technology type, the market is bifurcated into Puzzle/Modular Type, Elevated/Tower Type, Multi-Level Floor Parking, Multi-Level Circulation Type, Rotary Type, Stacker System

Based on Components, the global Automated Parking System Market is segmented into Hardware, Software. Currently, hardware segment dominates the market and is expected to maintain its dominance throughout the forecast period. Structure and hardware vary according to the type of automated parking system. Hardware systems contribute to largest share of the cost of the automated parking system; hence, it dominates the market.

Based on Platform type, the global Automated Parking System Market is segmented into Palleted, Non-palleted. Non-palleted segment is projected to witness highest CAGR growth during the analyzed period. Palleted parking system usually requires two systems to handle the pallet and cars, whereas a non-palleted system requires only one system to handle the car.

Based on End-User, the market is bifurcated into Commercial, Residential, Mixed-use.

For a better understanding of the market, the report is analyzed based on different regions including North America (US, Canada, Rest of North America); Europe (Germany, UK, France, Italy, Rest of Europe); Asia-Pacific (China, India, Japan, South Korea, Rest of Asia-Pacific); and Rest of World.

Some of the major players operating in the market include Mitsubishi Electric Corporation, Robotics Parking System Inc., AJ Automated Parking Systems, Unitronics Corporation, Wohr parking, Klaus Multi Parking, CityLift, Skyline Parking AG, Parkmatic, Park Plus Inc.