Automated Parking System Market

1. Automated Parking System Market The Global Automated Parking System Market was worth US$ 2.06 billion in 2022 and is anticipated to reach a valuation of US$ 3.8 billion by 2028 and is predicted to register a CAGR of 13.10% during 2023-2028. Automated parking systems may be a method for mechanically parking and retrieving vehicles in order to fulfill the surge in demand for secure and practical parking due to the daily increase in vehicle population. Since there must be no room for a car to be driven into the parking lot or for car doors to open, automated parking systems have a limit on the parking lot's needed width, depth, and spacing between spaces. Also, there is no need for any ramps or driving lanes in order to move the car toward the parking lot. Traffic bottlenecks have developed in various areas due to a lack of parking spots and the resulting increase in automobiles. Almost 40% of the entire traffic bottleneck is made up of drivers looking for parking spots. Also, the time wasted looking for a parking space results in fuel waste and increased emissions. The automated parking system can provide parking spots with minimal emissions that are sustainable. The advantages of an automated parking system over a traditional parking system include a 35%–40% improvement in efficiency, a 40%–50% increase in capacity, an ROI of 10%–12%, a reduction of 85% in driving-related CO2 emissions, and intrinsic safety and security. Market Drivers and Restraints: The market for an automated parking system is being driven by the growth of the infrastructure sector, as well as the expanding popularity of high-rise and luxury buildings, increased government support, and rising developer readiness to install an automated parking system. The installation of an automated parking system in newly constructed and under-construction buildings is projected to present enormous prospects due to the rise of the infrastructure sector. The system's great complexity, internal control problems, and costly capital needs are major factors preventing the automated parking system from expanding. The creation of an automatic parking system is difficult and involves careful consideration of numerous elements. The difficulty of internal management is a problem for manufacturers in the lack of laws governing automated parking systems. Yet, a high-quality automated parking system requires a sizable upfront expenditure. As a result, the automated parking system standard must be mandated and regulated by authorities. To know more, read: https://www.marketdataforecast.com/market-reports/automated-parking-system-market The report issegmentedasfollows:

2. The Automated Parking System Market is segmented by Automation level; the Market is segmented by End-user; the Market is segmented by Design Model; the Market is segmented by Parking level: By Automation level (Semi-Automated, Fully-Automated), By System Type (Hardware, Software) By End-user (Commercial, Residential, Mixed-Use) By Design Model (Hydraulic, Electro-Mechanical), By Platform Type (Palleted, Non-Palleted) By Parking level (Less than level 5, Level 5 - Level 10, More Than Level 15) Regional Segmentation: Because of the primary goal of constructing smart cities and a higher adoption rate for a practical parking management system, the North American region is broadly embracing digital technologies. The automated parking system market is anticipated to be led by Europe. Europe has a history of cutting-edge technology, which has led to the presence of significant participants in automated parking systems. This encourages both private and public enterprises to adopt automated parking system (APS) solutions to handle parking challenges. Several smart city projects are being launched in the Asia Pacific region to improve citizen services. These smart city initiatives address problems with transportation, infrastructure, communication, and utilities, and they will undoubtedly support the market growth of automated parking systems. Click the link to get a Sample Copy of the Report: https://www.marketdataforecast.com/market-reports/automated-parking-system- market/request-sample Impact of the COVID-19 pandemic on the market: The pandemic has had a negative impact on a number of industries, including the auto industry. Because to the escalating COVID-19 public health problem, many businesses in the area decided to halt car production. Some businesses chose to reorganize their production facilities. The regional automated parking system market players suffered large losses as a result of the slowdown in sales and the drop in consumer demand. Although the majority of stimulus packages implemented by governments in South America were concentrated on public healthcare and tax relief, the automated parking system market in that region saw a fall in performance. Nonetheless, it is projected that a decline in the number of new instances, loosening of COVID-led limitations, investments, and modifications to production methods will support market recovery in this area. ABOUT US:

3. Market Data Forecast is a firm working in market research, business intelligence, and consulting. We have rich research and consulting experience for various business domains to cater to individual and corporate clients’ needs. Contact Us: Market Data Forecast Website: https://www.marketdataforecast.com Phone: +1-888-702-9626 Email: contact@marketdataforecast.com