CHICAGO, Aug. 22, 2019 /PRNewswire/ -- According to the new market research report "Automated Parking System Market by Automation Level (Semi-Automated, Fully-Automated), End-User (Commercial, Residential, Mixed-use), System (Hardware, Software), Platform, Design Model, Parking Level, Region - Global Forecast to 2027", published by MarketsandMarkets™, the Automated Parking System Market is estimated to be USD 1.3 billion in 2019 and is projected to reach a market size of USD 3.6 billion by 2027, at a CAGR of 13.1% during the forecast period. The market is driven by factors such as the increasing number of vehicles across the globe, rising urbanization, and scarcity of land for parking vehicles.
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"Residential segment is projected to be the fastest-growing Automated Parking System Market, by end-user type"
The residential segment is estimated to be the fastest-growing market for automated parking system. High demand for automated parking system in luxury residential facilities, an increasing number of high-rise buildings, and developers' focus to build low emission sustainable residential building are expected to drive the Automated Parking System Market in the residential segment.
According to the Council on Tall Buildings and Urban Habitat, in 2018, 143 high-rise buildings with more than 200-meters height were completed, taking the global total of high-rise buildings with more than 200-meter height to 1,478 buildings. The growth of the more than the 200-meter building was 141% from 2010 to 2018. The growth of high-rise building is expected to continue and create enormous opportunities for Automated Parking System Market in the future.
"Fully automated parking system is estimated to be the largest and the fastest-growing segment of the Automated Parking System Market"
The choice of a fully automated and semi-automated parking system is made based on several factors such as the size of land, type of the project, surrounding area, throughput, available budget, and requirement of parking spaces. Although the cost of a fully automated parking system is more than a semi-automated parking system, it offers advantages such as higher capacity & efficiency, reduced emission, and increased safety & convenience. Due to these advantages, the demand for a fully automated system is more than a semi-automated system, particularly in developed countries. However, the choice of an automated parking system depends on many factors such as the available budget, location of the project, and application. High capacity systems would tend to be fully automated, while low-capacity systems and low throughput systems would be semi-automated.
"Europe is estimated to be the largest region in the Automated Parking System Market."
The adoption of an automated parking system is high in the UK, Germany, Denmark, Norway, Switzerland, Spain, and the Netherlands. Rising adoption of automated parking system is expected to enhance parking solutions, save space, and reduce vehicle emission while parking the car. Europe has a state of art technology background and has a presence of leading players of the automated parking solutions. This has further encouraged private and public sectors to adopt automated parking solutions for managing parking problems effectively. As customers in the region are willing to pay for an automated parking system, the government is promoting the use of automated parking system by building municipal automated parking garages.
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The Automated Parking System Market is dominated by a few global automated parking system suppliers and comprises several regional players. Some of the key automated parking system suppliers operating in the market are Wohr (Germany), Klaus Multiparking (Germany), CityLift (the US), Westfalia Parking (Germany), Robotic Parking Systems, Inc. (US), and Unitronics Corporation (Israel).
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