The infographic below contains key findings from our analysis of the automated parking systems market
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Overview of the global automated parking systems market
Owing to the high disposable income and the rising consumer aspirations, there is a rise in the sales of passenger cars across the globe. This coupled with the growing incidences of vehicle accidents that damage property give rise to the demand for efficient parking infrastructure. Technavio’s automated parking systems market study identifies the increase in automobile sales to be one of the primary growth factors for the market. In addition to on-street and off-street parking, there is a steady demand for efficient and optimized parking spaces, in turn, boosting the growth of the robotic parking market. The residential and commercial real-estate builders are focusing on enhancing their projects by adding advanced robotic parking systems. Our market analysts estimate that the automated parking systems market will grow steadily at a CAGR of more than 11% by 2021.
The recent years witnessed the growing prominence of automated parking systems mainly due to their cost-effectiveness. Real estate owners and developers are steadily incorporating these systems to provide a luxury appeal which would attract high-paying customers. Moreover, consumers investing heavily in new residential buildings also demand amenities such as automated parking systems, roof gardens, fitness centers, and co-working style space. To provide the customers an enhanced experience and increase the appeal of their projects, developers are seeking to equip their residences with automated parking systems. According to our analysts, the increasing demand for luxury residential buildings will be one of the key trends that will gain traction in the automated parking systems market in the coming years.
Competitive landscape and key vendors
The automated parking systems market is highly fragmented due to the presence of several established international and regional vendors. Automated parking systems manufacturers compete intensely in terms of product features, price, customized solutions, and services offered. Key players focus extensively on geographical expansion and launch of new innovative products with advanced and enhanced capabilities. To attain a competitive advantage in the car parking system market, these system providers invest extensively in R&D and introduce new patented technologies in the field of automated parking.
The leading vendors in the market are
- CityLift Parking
- KLAUS Multiparking
- Robotic Parking Systems
- Skyline Parking
- Unitronics
The other vendors in the market are 5BY2, Automotion Parking Systems, Dayang Parking, Dongyang Menics, EITO&GLOBAL, FATA Automation, IHI, Katopark, Nissei Build Industries, Parkmatic, PARKPLUS, Qingdao Bortome, Simmatec, Sotefin, Tada, The Automated Parking Solution, Westfalia Parking Solutions, and WÖHR.
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Segmentation by end-user and analysis of the automated parking systems market
- Commercial segment
- Residential segment
The commercial end-users are the primary end-users of the automated parking systems market due to increasing demand for the parking systems from the commercial segment to manage the inflow of traffic. Due to the heavy rush witnessed in commercial spaces, parking systems can easily assist in effective parking and incur minimal cost in retrofitting in old commercial spaces. These systems also require minimal capital investment.
Geographical segmentation and analysis of the automated parking systems market
- Americas
- APAC
- EMEA
APAC will be the major revenue contributor to the car parking system market primarily due to the market dominance by countries such as Japan, China, and South Korea. In these regions, local players such as IHI, Dongyang Menics, Tada, and Dayang Parking, among others have a strong market presence. Also, the rising land prices in large cities and increasing investments in this region will drive the automated parking systems market.
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Key questions answered in the report include
- What will the market size and the growth rate be in 2021?
- What are the key factors driving the global automated parking systems market?
- What are the key market trends impacting the growth of the global automated parking systems market?
- What are the challenges to market growth?
- Who are the key vendors in the global automated parking systems market?
- What are the market opportunities and threats faced by the vendors in the global automated parking systems market?
- Trending factors influencing the market shares of the Americas, APAC, and EMEA.
- What are the key outcomes of the five forces analysis of the global automated parking systems market?
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