The Automated Parking System Market is estimated to be USD 1.3 billion in 2019 and is projected to reach USD 3.6 billion by 2027, at a CAGR of 13.1% during the forecast period. The growing number of vehicles, scarcity of the land, increasing urbanization have led to an increase in the demand automated parking system market. The positive outlook of the infrastructure industry and rising number of luxury and high-rise buildings is expected to drive the automated parking system market. Automated parking system can accommodate a larger number of cars and reduce vehicle emission while parking the vehicle. Hence, the need for low emission and sustainable parking solution to drive the growth of automated parking system market.
The commercial segment by end-user type is estimated to be the largest in the automated parking system market. According to the International Parking Institute, the commercial segment contributes the largest share of total revenue generated in the parking industry. An increasing number of commercial projects and the need for high throughput and efficient parking system in a commercial facility is expected to boost the automated parking system market for the commercial segment. The segment covers parking garages at airports, malls, hotels, colleges/universities, hospitals/medical institutes, event centers, municipal/government parking garages, and offices, among others. The leading players in the automated parking system market have partnered with key players from the infrastructure industry and government bodies to install an increasing number of automated parking systems. For instance, the Copenhagen city council partnered with Westfalia to develop three automated parking system facilities in Leifsgade, Under Elmene, and Norre Alle with 408, 268, and 164 parking spaces, respectively.
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The software segment is projected to be the fastest-growing segment in the automated parking system market, by system type. Automated parking software consists of diverse solutions and associated services, all of which work toward making the parking system more efficient, faster, and convenient. Software plays a crucial role in reducing Operational Expenditure (OPEX) and Capital Expenditure (CAPEX). The software can help optimize functions such as parking guidance, parking reservation, parking security and surveillance, and parking analytics. Increasing adoption of various parking management software and the need for updating the software to increase the efficiency and accuracy of the automated parking system is likely to drive the market for the software segment.
The electro-mechanical segment is estimated to be the largest in the automated parking system market. The electro-mechanical system can be more efficient and inexpensive. According to primary insights, the hydraulic system is better suited for a semi-automated parking system or a fully automated parking garage that has a smaller number of parking spaces. The choice of hydraulic and electro-mechanical system is made based on the throughput of an automated parking system. Increasing adoption of fully automated parking system is driving the market of the electro-mechanical automated parking system.
Critical Questions:
How will vehicle sales trends impact the market in the long term?
How will the industry cope with the challenge of the high cost of an automated parking system?
How do you see the impact of government regulations in the automated parking system market?
What are the upcoming trends in the automated parking system market? What impact would they make post-2022?
What are the key strategies adopted by top players to increase their revenue?
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