The analysts forecast the global robotic parking systems market to grow at a CAGR of 18.46% during the period 2017-2021.
Global Robotic Parking Systems Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
The latest trend gaining momentum in the market is smart parking gaining traction. The future of the parking industry will majorly be driven by the adoption of smart parking solutions. As countries across the globe are increasingly struggling with traffic congestion and inadequate parking spaces, vendors that were traditionally into mechanical and automated parking systems are adding robotic parking systems to their product portfolios. The deployment of advanced sensor technologies and innovations in wireless communications, data analytics, induction loops, and smart parking meters will be major developments contributing to the growth of the market.
According to the report, one of the major drivers for this market is scarcity and drawbacks of conventional parking spaces. There has been an upsurge in the use of passenger cars owing to rise in urbanization and disposable income. The increase in vehicle ownership is leading to the scarcity of parking spaces. With this scarcity, there is an increase in demand for systems that require less human intervention for both offsite and onsite parking.
Further, the report states that one of the major factors hindering the growth of this market is high initial cost of AGVs and peripherals. The average cost of implementing robotic parking systems is high due to the significant cost of AGVs, which is as high as $150,000. Therefore, it is considered expensive especially for use in developing countries that majorly depend on conventional parking. In addition, maintenance costs of these machines in terms of servicing and consulting, prior to the integration in the overall parking system, will add significantly to the overall expenditure. Remodeling, relocation of fixtures, and consultation are essential while incorporating these systems. As a result, vendors of these systems are experiencing low penetration rate in low-income countries.