Automated Parking Systems Market is Expected to Reach $64.4 Million By 2026

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OVERVIEW

Automated Parking Systems Market was evaluated at USD 64.4 million in 2019.

Bizlytik analysts forecast the global Automated Parking Systems market to witness a pessimist outlook in the next few years, which might have a long-term impact during the forecast period, according to their latest market research report.

Automated parking systems are mechanically designed to operate with the help of digital software, ensuring the precise parking of cars on a vertical stack in an efficient manner. The primary aim of the automated parking systems is to minimize the use of land and conserve space while also reducing fuel emissions and delay due to congestion at parking spaces.

The increase in parking efficiency in a precise manner and continued efforts to avoid traffic congestions are the influential primary factors that would propel the prospects of market growth during the forecast period. The luxurious appeal of automated parking systems as a high-end product and efficient vehicle handling through glossy touch screens and user-friendly mobile apps would offer key players with new opportunities for business expansion in the coming years.

However, the current restrictions on travel placed all around the globe to curb the spread of the Covid-19 pandemic would impact the growth of the market in the long-term analysis. The closing down of almost entire office complexes and leisure activity places have reduced the number of cars on the roads to a bare minimum, with most automated car parking companies shutting down operations to mitigate financial losses. The uncertainty surrounding the deteriorating conditions of the pandemic and the continued loss of life have further hindered the possibilities of situations coming back to normal, with the market scenario not turning profitable as late as 2022. The automated parking systems could, however, help with contactless parking initiatives in a post-COVID situation where parking receipts are automatically generated on the smartphone of customers with the facility of online modes of payment.

Semi-automatic and Automatic are covered in the Type segment of the market scope, while the Application segment is categorized into Car, Buses, and Others. The report covers the overall value of the market, both in terms of Type and Application.

The Car segment by Application would witness substantial growth during the forecast period owing to the high product adoption in urban cities with land shortages and piqued interest in car owners to make full use of the modern technological innovations.

North America, Europe, Asia Pacific, South America, and Middle East & Africa are taken into consideration while arriving at the global volume and value figures. While North America is further categorized into the United States, Canada, and Mexico, Europe is split into the United Kingdom, Germany, France, Italy, and Rest of Europe. Asia-Pacific covers India, China, Japan, South Korea, and Rest of Asia Pacific in its scope. South America is bifurcated into Brazil, Argentina, and Rest of South America, with Middle East & Africa involving GCC Countries, Egypt, South Africa, and Rest of Middle East & Africa.

Asia Pacific holds a substantial share in terms of overall market value owing to the rapid installation of products in space-constricted areas, high incidence of automotive cars, and increasing efforts being taken to eradicate congestion at parking spaces.

The Automated Parking Systems market is moderately consolidated, with several companies operating with expansive manufacturing capabilities and product servicing at multiple locations all around the globe. The extensive efforts of product development aimed to develop advanced systems and expansion in business opportunities through meaningful strategic collaborations are the primary business strategies of top players.

Bosch is one of the most significant companies of the Automated Parking Systems Market, with Valeo and Westfalia among several other vendors to hold substantial market share by value.