Global Automated Parking System Market Poised to Hit $3.54 Billion by 2028

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Aug 08, 2022, 09:45 ET

DUBLIN, Aug. 8, 2022 /PRNewswire/ -- The 'Automated Parking System Market Forecast to 2028 - COVID-19 Impact and Global Analysis' report has been added to ResearchAndMarkets.com's offering.

The global automated parking system market is expected to grow from US$ 1,411.59 million in 2021 to US$ 3,543.77 million by 2028; it is estimated to grow at a CAGR of 14.1% from 2021 to 2028.

The need for automated parking systems has increased significantly in the past a few years owing to the increasing number of vehicles and consequently growing demand for sustainable parking solutions. According to the World Economic Forum, the number of cars in the world is estimated reach 2 billion mark by 2040.

Industry experts anticipate most of this growth to happen in emerging markets such as China and India, owing to the rapid increase in population. With the surge in number of vehicles, people are facing issues such as traffic congestion and parking space insufficiency. Fully automated parking systems are capable of parking and retrieving a car automatically. In July 2021, Westfalia Technologies, Inc. (Westfalia) announced the launch of Westfalia Parking App, an all-in-one consumer parking solution that will improve efficiency, safety, and convenience in parking garages across the world, including US, UAE, and Denmark.

Reasons to Buy

Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the automated parking system market
Highlights key business priorities in order to assist companies to realign their business strategies
The key findings and recommendations highlight crucial progressive industry trends in the automated parking system market thereby allowing players across the value chain to develop effective long-term strategies
Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
Scrutinize in-depth Global market trends and outlook coupled with the factors driving the market, as well as those hindering it
Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution

Market Dynamics

Market Drivers

Increasing Number of Vehicles and Consequently Growing Demand for Sustainable Parking Solutions
Growth in Number of Luxury Buildings with Increased Space and Enhanced Parking Facilities

Market Restraints

High Initial Investment Requirements and Complexity of Monitoring Systems

Market Opportunities

Development of "Smart Cities"
Future Trends
Robotic Garages and Robotic Parking

Key Topics Covered:

1. Introduction

2. Key Takeaways

3. Research Methodology

4. Automated Parking System Market Landscape

5. Automated Parking System Market - Key Market Dynamics

6. Automated Parking System Market - Global Analysis

7. Automated Parking System Market Analysis - By Component

8. Automated Parking System Market - By Automation Level

9. Automated Parking System Market - By Platform

10. Automated Parking System Market - By End-User

11. Automated Parking System Market - Geographic Analysis

12. Impact of COVID-19 Pandemic

13. Automated Parking System Market-Industry Landscape

14. Company Profiles

15. Appendix