Automatic parking system market size 2023
The global automated parking system market is expected to reach $11.42 billion by 2033, at a CAGR of 16.7% between 2023 and 2033.
NEW YORK,CITY, NEW YORK, UNITED STATES, January 10, 2023 /EINPresswire.com/ — The global automated parking system market was valued at USD 2.44 Million in 2023. It is estimated to reach USD 11.42 Million by 2033, in a compound annual growth rate of 16.7% between 2023 and 2033.
An automated parking system (APS), a device that optimizes the space and quantity of parking cars. A parking facility (APF), which provides multiple parking spaces for vehicles on multiple levels, is stacked vertically to have more parking spaces and less space. It works in the same way as a multi-story space. The car parking system also uses a mechanical system for transporting vehicles from and to the parking lots. This saves space in multi-story parking garages.
The main drivers for the growth of the market are increasing vehicle numbers, limited parking, increasing demand for green and sustainable parking solutions, strong consumer convenience, growing demand to build tall buildings, and city government initiatives.
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Growing Demand
The current environment is ideal for automated parking systems because the technology has advanced significantly in the past two years. These factors may prove to be a boon for the market in the post-pandemic era. According to the World Construction Network, the CAGR for the residential and commercial infrastructure industry is 13.6%. It will also contribute to the future growth of the global market.
Traffic jams are increasing in many regions around the world due to the high demand for commercial and domestic vehicles as well as the scarcity of parking spaces. According to industry reports, car owners looking for vacant spaces account for about 35% to 40% of congestion in major cities around the world. An automated parking system will reduce pollution. INTRIX research on parking habits in 30 cities in the UK and Germany in 2021 shows that the combined cost in these countries in lost time, fuel, and carbon emissions is close to USD 200 billion every year.
Drivers:
Green and sustainable parking solutions in demand
Global warming and climate change are largely caused by increasing emissions from the automobile industry. The automotive industry contributes a large share of total emissions in key markets such as China, India, and America. Many government agencies have taken various initiatives to reduce car emissions. In 2009, the European Union, G8 countries, and others announced a joint plan to reduce CO2 emissions by a maximum of 80% by 2050. China and the US signed the Paris Climate Agreement together on April 1 , 2016. This agreement is designed to limit global climate change. The industry’s focus has shifted to eco-friendly solutions.
Parking a car in a parking lot can lead to increased fuel consumption and more emissions. According to the British Parking Association (BPA), the average UK citizen spends 90.5 hours per year looking for parking spaces. Automatic parking systems can reduce this time and fuel consumption. Automatic parking reduces emissions, energy consumption and footprint. The automated parking system is more efficient than the conventional parking system and can park more cars in a smaller area. Solar-powered automated parking systems and parking spaces with electric vehicle charging points are examples of green and sustainable solutions.
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Prevention:
System complexity, and quality control problems
Creating an automated parking system is difficult. This requires careful consideration of many factors. A combination of software and hardware systems are used to build the automated parking system. The failure of one system can lead to the collapse of the entire system. Sometimes, an automated parking system delivers the wrong car to the driver. Parking space availability is an important factor in an automatic parking system. An automated parking system should also be safe. An automatic parking system can cause damage to a car as it moves from one place to the next. Research and development are the main priorities of many companies. They want to address safety concerns and offer comprehensive software and hardware solutions for use in automated parking systems.
Manufacturers face quality control problems because there are no regulations that monitor the operation of automatic parking systems. A high-quality automatic parking system requires a large investment. Automating the parking system is something that many construction companies are thinking about. However, they choose a lower cost system with higher capacity than one designed by a professional. Authorities should regulate and regulate the quality of automated parking systems.
Key Market Trends:
Automated parking solutions are built using machine-to-machine connectivity, data analytics, and advanced sensors. These technologies can determine whether a parking space is empty or occupied, and then transmit that information to mobile devices and other online apps. These technologies are expected to fuel the market.
Parking lots around the world are becoming more automated. This is a great tool to increase parking efficiency. This is how parking automation machinery works. Automation will soon become a major driver in the market.
Key Market Segments
kind
Rotary Carousel
Easy Parking
Plenty of Parking
Optima Parking
Applications
Flat
Mall
Office building
Major market players included in the report:
Westphalia
Citylift
FATA Automation
Robotic Parking System
Boomerang Systems
Parkmatic
Klaus Multiparking
TAPS
APS
Unitronics
New Developments:
July 2021 – Westfalia Technologies, Inc., an industry leader in automated parking and storage solutions, announces the release of Westfalia Technologies, Inc. Westfalia releases the Westfalia Parking App. This all-in-one solution improves the efficiency, security, and convenience of automated parking facilities.
March 2021-Westfalia Technologies, Inc., an industry leader in automatic parking systems (APS), and logistics solutions for warehouses, and distribution centers, launched Westfalia Technologies, Inc., March 2021. (Westfalia) announced to launch an automatic charging function for electric cars (EVs).
December 2019, Robotic Parking Systems Inc. was awarded the contract to design and manufacture this robotic parking system for the Emirates Financial Tower. Insert it between two concrete structures.
February 2020 – KLAUS Multiparking GmbH provides a 3D model for parking systems to help with building information modeling (BIM). The company’s BIM models are now available in both Parkers MultiBase 2078i and 20721 versions.
January 2020 – FlashParking Inc. and Arrive Mobility Inc. come together to create a seamless digital mobility platform that is completely touchless. This joint move will provide seamless digital parking solutions for North America to B2B and C2C customers.
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