LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global robotic parking systems market to grow to USD 86.44 million by 2021, at a CAGR of more than 18% over the forecast period, according to their latest report.
The research study by Technavio on the global robotic parking systems market for 2017-2021 provides a detailed industry analysis based on the product (automated guided vehicles (AGVs) along with peripherals and standalone AGs), end-users (commercial and residential), and geography (EMEA, APAC, and the Americas).
|EMEA is the dominant segment of the market, projected to be responsible for generating both the highest revenue and maximum incremental growth over the forecast period. The increasing number of robotic garages in commercial enterprises is a key factor boosting the adoption of robotic parking systems in EMEA.|
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Technavio analysts highlight the following three factors that are contributing to the growth of the global robotic parking systems market:
- Increase in technological advancements
- Developments in sensor market
- Rising entry of new players in market
Increase in technological advancements
Key vendors in the market are involved in the innovation of robotic parking systems to expand their offerings and gain a competitive advantage in the market. With the rising technological advancements and intelligent capabilities, AGVs used in parking systems will have increased capability for autonomous behavior.
“The latest robotic parking system incorporates features such as integrated electromechanical transmission control, collision detection systems, vision systems, and security control,” says Raghav Bharadwaj Shivaswamy, a lead analyst at Technavio for research on robotics.
Developments in sensor market
Vendors in the robotic parking systems market are capitalizing on the easy availability of mobile, intelligent, and connected sensors to improve the capability and range of their offerings. The miniaturization of sensors has led to the reduction in costs, leading to the emergence of affordable robotic parking systems. Sensors are undergoing enhancements to improve their adaptive and intelligent capabilities. Also, improved laser scanners ensure efficient parking of a car in the given space without any damage on the vehicle.
Rising entry of new players
“The quickly growing market is attracting the attention of new vendors offering solutions with a higher expertise in material handling solutions, AGVs, and automated parking,” says Raghav.
A notable new entrant in the market is Hangzhou Hikrobot Technology. The company has launched a parking AGV that can collect the car parked on a platform, lift it, and move it into a parking space. In addition, it can park and retrieve a car within 2 minutes and use omnidirectional drives by using differential drive units.
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