DUBLIN--(BUSINESS WIRE)--The "Automated Parking System Market by Automation Level (Semi-Automated, Fully-Automated), End-User (Commercial, Residential, Mixed-use), System (Hardware, Software), Platform , Design Model, Parking Level, Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The Automated Parking System Market is Estimated to be USD 1.3 Billion in 2019 and is Projected to Grow at a CAGR of 13.1% to Reach a Market Size of USD 3.6 Billion by 2027
The increasing number of vehicles and scarcity of land coupled with the need for low emission sustainable parking solution to boost the automated parking system market
The key advantage of an automated parking system is that it can significantly increase the capacity of the parking garage. High efficiency, maximum utilization of space, and reduced vehicle emission (CO2, NOx, and PM10) are some of the other advantages of an automated parking system. Owing to the above advantages, governments are increasingly investing in the development and construction of municipal and public automated parking garages.
Fully automated is the fastest-growing segment of the automated parking system market, by automation level.
The choice of an automated parking system depends on many factors such as the available budget, location of the project, and application. High capacity systems tend to be fully automated, while low-capacity systems and low throughput systems are semi-automated. However, advantages such as more capacity and efficiency, reduced emission, and increased safety & convenience of fully automated parking system are expected to boost the market for fully automated parking system.
The payment and reservation of parking space can be done with the help of a mobile-based application. A fully automated parking system can feature palleted as well as a non-palleted system. As the non-palleted system has more efficiency and speed, the demand for this system is expected to grow at a rapid pace.
Residential segment is projected to be the fastest-growing in the automated parking system market
The growth of residential buildings can be attributed to rapid urbanization, rising disposable income in emerging countries, government funding for housing projects, low-interest rates on housing loans, and growing demand for high-rise buildings. The demand for luxury residential buildings has also increased. According to Christie's International Real Estate report, the growth in luxury residential sales was 11% in 2017. The demand for automated parking system is high in luxury residential buildings.
The automated parking system can substantially decrease emission and increase the green footprint. As developers continue to focus on reducing emission by offering low emission sustainable homes, the demand for automated parking system is expected to increase in residential buildings.
Asia Oceania is projected to be the fastest-growing region in the automated parking system market.
The region comprises more than 40% of the world's population and has some of the fastest-growing economies. Urbanization is on the rise in several countries across Asia. According to a United Nations database, around 2.5 billion people are expected to move to urban areas from 2018 to 2050, and 90% of urbanization is likely to happen in Asia and Africa.
India, China, and Nigeria are expected to account for 35% of the projected growth of global urbanization during the same period. Many cities in Asia Oceania region have already reached their saturation level, and any more infrastructural development is not possible.
Hence, instead of focusing on infrastructure development, urban planning authorities are focusing on instrumenting smart solutions to derive real benefits from the existing infrastructure. Various smart city projects have been rolled out in the Asia Oceania region to uplift citizen services. These smart city projects address challenges related to infrastructure, transit, utilities, and connectivity. China, Japan, Singapore, and India are expected to witness high growth rates.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Industry Trends
7 Automated Parking System Market, By Automation Level
8 Automated Parking System Market, By End User
9 Automated Parking System Market, By System Type
10 Automated Parking System Market, By Design Model Type
11 Automated Parking System Market, By Platform Type
12 Automated Parking System Market, By Number of Levels
13 Automated Parking System Market, By Type (Qualitative)
14 Automated Parking System Market, By Region
15 Competitive Landscape
16 Company Profiles
- Skyline Parking
- Robotic Parking Systems, Inc
- Dayang Parking Co. Ltd
- Klaus Multiparking Systems
- Eito&Global Inc.
- Fata Automation
- Boomerang Systems, Inc.
- Automotion Parking Systems
Key Players From Other Regions
- Westfalia Parking
For more information about this report visit https://www.researchandmarkets.com/r/4zl8tw