Automated Parking Management Systems Market With The Advanced Technology, Growth Opportunities To  2021-2031

 

Automated Parking Management System Market Outlook 2031

  • The global automated parking management system market was valued at US$ 2.23 Bn in 2020
  • It is estimated to expand at a CAGR of 15.10% from 2021 to 2031
  • The global automated parking management system market is expected to exceed the value of US$ 10.47 Bn by the end of 2031

Parking Space Optimization Needs Triggering High-value Growth for Systems

The demand for automated parking management systems is surging from the ever-increasing need for more parking space for vehicles, due to staggering rise in new registrations worldwide. The use of technologies and systems for optimizing parking space is a key factor contributing to the growth of the global automated parking management system market.

An exponential rise in the number of vehicles in urbanized spaces of developing and developed nations is a key factor that has squeezed the available parking space. With the pressing need of minimizing the land usage, the problem has been confounded further, thus fueling the demand for automated parking management systems.


Transformation of Business Models Grows Important during COVID-19 Outbreak

The rapid spread of the pandemic across the globe has led to a decline in vehicle production across the globe. The COVID-19 pandemic has caused a majority of businesses across the globe to crumble, owing to forced shutdown of manufacturing and production activities. Such findings are likely to pose a challenge for stakeholders in the automated parking management system market.

Nevertheless, companies in the automated parking management system market are identifying change in buying behavior of customers, are transforming business models and adjusting to government regulations to ensure business continuity. Automotive companies are increasing marketing of high-end cars integrated with automated parking management systems to target high-income groups.


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Can High Management Cost of Automated Parking Management Systems Affect Market Growth?

The expensive cost associated with the automated parking management system is anticipated to hamper the global market. Installation and maintenance of automated parking management systems are quite expensive and needs highly precise handling & care of the whole system. Nevertheless, this cost is offset due to a high demand for automated parking management systems, especially in urban areas of Japan, Europe, and the U.S. where car owners tend to park their vehicle minimum two kilometers away from supermarkets.

The rise in demand for commercial vehicles in Asia Pacific is a major factor driving the Asia Pacific automated parking management system market. The Asia Pacific automated parking management system market has witnessed significant expansion in the past few years, owing to improved economic conditions, rapid urbanization in metropolitan areas of this region, and rising number of financial districts and smart city constructions.


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Rapid Urbanization and Centralization of Financial Districts Benefitting System Providers

Automated parking management systems reduce the width and depth required for a parking space and distance between vehicle parking spaces, since no allowance needs to be made for driving the car into the parking space or for the opening of vehicle doors. Moreover, no driving lanes or ramps are required to drive the vehicle toward the parking place. The ceiling height required is minimal, as there is no pedestrian traffic in the parking area.

Moreover, no walkways, stairways, or elevators are required to accommodate pedestrians in the parking area. These advantages are leading to an impetus for growth of the automated parking management system market. There is a general global trend of urbanization and centralization of financial districts, which is attracting a number of people to downtown areas. This continuously increasing influx of people is giving rise to an ever-rising need for parking spaces and automated parking management systems for managing these spaces.


Advanced Smart Parking Technology Grabbing Attention of Car Buyers

In many areas such as shopping centers, hotels, convention centers, hospitals, airports, universities, businesses, and exhibitions centers, vehicle owners face challenges in finding an unoccupied parking space during business hours. In addition, a steady increase in the number of automobiles on the road worldwide has created a parking issue in both commercial and residential areas. Consequently, this problem is being resolved by utilizing advanced features such as a space alert on a car’s infotainment display using smart parking technology. Such trends are translating into revenue opportunities for participants in the automated parking management system market.


Automated Parking Management System Market: Overview

  • The global automated parking management system market is anticipated to expand at a CAGR of 15.10% during the forecast period. Rise in sale of vehicles across the globe is likely to boost the automated parking management system market, in terms of volume and revenue during the forecast period.
  • In many areas such as hotels, hospitals, shopping centers, airports, universities, businesses, and exhibitions & convention centers, vehicle owners or drivers face challenges in finding an unoccupied parking space during business hours. Furthermore, steady increase in the number of automobiles on the road worldwide has created a parking issue in both residential and commercial areas. Consequently, this problem is remedied by utilizing increased features such as a space alert on the car's infotainment display using smart parking technology. This function reduces on the amount of time a driver spends looking for a parking spot and automates the process of searching the entire parking floor.

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Drivers of Automated Parking Management System Market

  • Rapid expansion of the automobile industry across the globe is estimated to drive the automated parking management system market. Growing mergers and acquisitions in the automobile industry across the globe is anticipated to boost the automated parking management system market. Moreover, rise in disposable income of an individual and increase in buying capacity of consumers across the globe are propelling the sales of vehicles, which, in turn, is projected to fuel the automated parking market.
  • On the other hand, in various countries, adoption of smart cities concept and rise in the demand for luxury residential structures are projected to offer significant opportunity for the market over the next few years


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