LONDON--(BUSINESS WIRE)--The new robotic parking systems market research report from Technavio indicates neutral growth in the short term as the business impact of COVID-19 spreads.
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"One of the primary growth drivers for this market is the scarcity and drawbacks of conventional parking spaces,” says a senior analyst for the Industrials industry at Technavio. As the markets recover Technavio expects the robotic parking systems market size to grow by USD 71.27 million during the period 2020-2024."
Robotic Parking Systems Market Segment Highlights for 2020
- The robotic parking systems market is expected to post a year-over-year growth rate of 11.05%.
- Commercial end-users exhibited high demand for robotic parking systems in 2019.
- The growth of the robotic parking systems market will be significant in the commercial end-user segment during the forecast period.
- 40% of the growth will originate from the European region during 2020-2024.
- The market growth in Europe is driven by factors such as high adoption of smart parking, an increase in demand from luxury residential buildings, and increased vendor initiatives.
- Germany and the UK are the key markets for robotic parking systems in Europe.
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- The robotic parking systems market size is expected to accelerate at a CAGR of almost 17% during the forecast period.
- The robotic parking systems market is segmented End-user (commercial, residential, and others), Type (AGVs with peripherals and Standalone AGVs), and Geography (Europe, North America, APAC, MEA, and South America).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including Amano Corp., Cisco Systems Inc., Conduent Inc., Flowbird SAS, IPS Group Inc., Kapsch TrafficCom AG, Libelium Comunicaciones Distribuidas SL, Nedap NV, Siemens AG, and SKIDATA AG.
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