Automated Parking System Market is expected to reach US$ 3,543.77 million by 2028

Development of “Smart Cities” to Provide Growth Opportunities for Automated Parking System Market During 2021–2028

According to our new research study on “Automated Parking System Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Component, Automation Level, Platform, End-User, and Geography,” the market is projected to reach US$ 3,543.77 million by 2028 from US$ 1,411.59 million in 2021; it is estimated to grow at a CAGR of 14.1% from 2021 to 2028.

There is a surge in the construction of smart cities and green spaces in buildings across the world, which is creating lucrative growth opportunities for the developers of automated parking systems. Rising population and rapid urbanization have led to significant innovations in the concepts of living. Initiatives such as the “National Smart Cities Mission” of 2015 by the Government of India, "Smart Nation" initiatives by Singapore government, and Smart Cities projects through Horizon 2020 research and innovation program of the European Commission are leveraging energy-efficient technologies to make cities citizen-friendly and sustainable. Government bodies such as Indian Green Building Council (IGBC) and US Green Building Council (USGBC) encourage the availability of clean and greener space in buildings to raise the asset value. As a part of the smart city projects, the construction of luxury buildings accommodating green spaces is anticipated to augment the demand for APS systems, which help save space and lower car emissions. Reclaiming valuable spaces for amenities, and additional living by owners, and architects will offer ample opportunities for the automated parking system market players to provide customized solutions with enhanced functionalities for improving the profitability of commercial buildings.

The automated parking system market is segmented on the basis of component, automation level, platform, and end-user. Based on component, the market is bifurcated into hardware and software. Based on automation level, the market is bifurcated into semi-automated and fully-automated. Based on platform, the automated parking system market is bifurcated into palleted and non-palleted. Based on end-user, the market is segmented into residential, commercial, and mixed-use. By geography, the global automated parking system market is segmented into five major regions—North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM).

Impact of COVID-19 Pandemic on Automated Parking System Market

The COVID-19 pandemic had a negative impact on the automated parking system market, especially in 2020. Collapsed car sales and steep drop in traffic congestion due to the imposed lockdowns and travel restrictions have reduced the demand for parking systems. However, with stepwise relaxations in lockdown, the sales of personal vehicles is likely to increase, which would drive the growth of the APS market in the coming years. Growing emphasis on physical safety and high demand for contactless technologies are making parking facilities safer, which would also bolster the market growth during the forecast period.

AJ Automated Parking Systems Co., Ltd.; Citylift Parking; Fata Automation Inc; Klaus Multiparking; Park Plus, Inc.; Parkmatic; Robotic Parking Systems, Inc.; Skyline Parking (Fehr Lagerlogistik AG); U-tron, and Westfalia Technologies, Inc. are among the major companies operating in the automated parking systems market.

Automated Parking System Market – by Geography

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Automated Parking System Market , Size, Growth, Till 2028

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Automated Parking System Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component (Hardware and Software), Automation Level (Semi-Automated and Fully-Automated), Platform (Palleted and Non-Palleted), and End User (Commercial, Mixed-Use, and Residential)

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