$3.6 Billion Automated Parking System Market - Global Forecast to 2027
DUBLIN, Sept. 3, 2019 /PRNewswire/ -- 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
Limited availability of parking spaces and the increasing number of vehicles have resulted in traffic congestion in several regions. Drivers searching for vacant parking spaces account for nearly 40% of the total traffic congestion. In addition, the time spent in finding parking space results in wastage of fuel and increased emission. According to a report published by INTRIX in 2017, the German driver spends, on an average, 41 hours on searching parking spaces each year. This costs the country around USD 45 billion, including the cost of wasted time, fuel, and emission.
The growing population in urban areas has put enormous pressure on parking infrastructure and necessitated the expansion of the available infrastructure. Increasing per capita income, improved lifestyle, and increasing demand for personal mobility have increased the sales of vehicles in metropolitan cities. This has created a situation in which the number of cars is more than the available parking spaces in cities. The automated parking system can provide sustainable low emission parking spaces. The advantages of automated parking system over conventional parking system are increased efficiency by 35%-40%, increased capacity by 40%-50%, 10%-12% of return on investment (ROI), 85% fewer CO2 emissions generated by driving, and inherent safety and security.
The market for automated parking system is driven by the growth of the infrastructure industry, increasing number of luxury and high-rise buildings, growing support from government bodies, and increasing willingness of developers to install an automated parking system. According to the World Construction Network, the global infrastructure industry is projected to grow at a CAGR of 6% and reach a market size of USD 4.2 trillion by 2020. The growth of the infrastructure industry is expected to provide huge opportunities for installing automated parking system in under-construction and newly constructing buildings.
The number of high-rise buildings has grown significantly in the last few years. According to the Council on Tall Buildings and Urban Habitat, the growth rate of the more than 200-meter buildings was 141% from 2010 to 2018. Developers are focusing on reducing emission and offering low emission sustainable homes, especially in luxury projects. For instance, The Beacon residential facility in Hemel Hempstead, London offers zero-emission sustainable homes and uses a fully automated parking system with 320 parking spaces. Hence, the demand for automated parking system is expected to increase in luxury buildings.
Some of the major players in the automated parking system market are Klaus Multiparking (Germany), Wohr (Germany), Robotic Parking Systems, Inc. (US), CityLift Parking (US), Nissei Build Kogyo (Japan), Unitronics (Israel), and Westfalia (Germany).
These players have long-term supply contracts with leading construction companies and government bodies. These companies have adopted the strategies of new product developments, collaborations, partnerships, and supply contracts to gain traction in the automated parking system market.
Key Topics Covered:
1 Introduction
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
Key Players
- Skyline Parking
- Robotic Parking Systems, Inc
- Unitronics
- Dayang Parking Co. Ltd
- Klaus Multiparking Systems
- Eito&Global Inc.
- Fata Automation
- Parkmatic
- Parkplus
- Citylift
- Boomerang Systems, Inc.
- Automotion Parking Systems
Key Players From Other Regions
North America
- Westfalia Parking
Europe
- 5by2
- Katopark
- Simmatec
- Wohr
Asia Pacific
- IHI
- Pari
- Designa
For more information about this report visit https://www.researchandmarkets.com/r/6kxmq3
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