According to a new report published by Allied Market Research, titled, “Automated Parking Management Systems Market,” The automated parking management systems market was valued at $1.4 billion in 2021, and is estimated to reach $5.7 billion by 2031, growing at a CAGR of 15.1% from 2022 to 2031.
Automated parking management systems comprises hardware and software components that assist in effective management of vehicle parking. It utilizes a mechanical system to transport vehicles to and from parking spaces in a multi-story parking area. Vehicles are stored in multiple parking lots, stacked vertically in a multi-story parking building or area. In addition, automated parking management systems can be either fully automated or semi-automated. Fully automated parking systems operate like robot valet parking, which in turn eliminates the need for parking attendants. Semi-automated parking systems require few actions by the attendant or the driver. Moreover, it has several advantages, such as enhanced parking, reduced congestion, reduced pollution, enhanced user experience, reduced operational & management costs, and improved safety.
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COVID-19 Scenario:
The global parking automated management systems market had a negative impact due to the prevalence of lockdowns in numerous countries around the world during the pandemic. Lockdowns resulted in the social distancing restrictions from the governments of various countries, and hence all sorts of construction, and parking infrastructure projects halted to curb the spread of the virus.
Stringent regulatory measures were imposed by the government of various countries to significantly curb the spread of the virus. But these regulations had a devastating impact on various industries, including the automotive sector.
There was a closure of many manufacturing and production facilities in the automotive industry which resulted in decreased sales of automobiles.
In addition, the reduction in workforce and shortage of essential raw materials due to trade bans further aggravated the impact on the market.
Besides, the cancellation of all sorts of infrastructure and parking projects adversely impacted the market even more.
However, the market is expected to recoup with eased restrictions and technological advancements.
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The report offers detailed segmentation of the global automated parking management systems market based on component, platform type, automation level, end-use, and region. The report provides a comprehensive analysis of every segment and their respective sub-segment with the help of graphical and tabular representation. This analysis can essentially help market players, investors, and new entrants in determining and devising strategies based on the fastest growing segments and highest revenue generation that is mentioned in the report.
Based on component, the hardware segment held the largest market share in 2021, holding around three-fourths of the global market, and is expected to maintain its leadership status during the forecast period. The software segment, on the other hand, is expected to cite the fastest CAGR of 16.8% during the forecast period.
Based on platform type, the palleted segment held the largest market share in 2021, holding nearly two-thirds of the global market, and is expected to maintain its leadership status during the forecast period. The non-palleted segment, on the other hand, is expected to cite the fastest CAGR of 16.5% during the forecast period.
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Based on end-use, the commercial segment held the dominating market share in 2021, holding more than two-fifths of the global market, and is expected to maintain its leadership status during the forecast period. The residential segment, on the other hand, is expected to cite the fastest CAGR of 16.6% during the forecast period.
Based on region, the market across Europe held the largest market share in 2021, holding more than two-fifths of the global market, and is expected to maintain its leadership status during the forecast period. The Asia-Pacific region, on the other hand, is expected to cite the fastest CAGR of 16.7% during the forecast period.
The key players analyzed in the global automated parking management systems market report include Amano Corporation, FATA Automation, Fehr Lagerlogistik AG (Skyline Parking), Flowbird, IBM Corporation, Klaus Multiparking GmbH, Robotic Parking Systems, Inc., Siemens AG, Skidata GmbH, Streetline, Inc., Swarco, T2 Systems, Unitronics (1989) (RG) Ltd, Westfalia Technologies Inc., and Xerox Corporation.
The report analyzes these key players in the global automated parking management systems market. These market players have made effective use of strategies such as joint ventures, collaborations, expansion, new product launches, partnerships, and others to maximize their foothold and prowess in the industry. The report is helpful in analyzing recent developments, product portfolio, business performance and operating segments by prominent players in the market.
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