Automated Parking Management Systems Market Size Worth Around US$ 3,400 Mn 2026
LOS ANGELES, Jan. 24, 2020 /PRNewswire/ -- The global automated parking management systems market is expected to reach the market value of around US$ 3,400 Mn by 2026 and is anticipated to grow at a CAGR of around 14% in terms of revenue during the forecasting period 2019 to 2026.
Due to their ability to promote the processing of real-time data and to assess the supply, intelligent parking systems powered by advances in technology can be very useful at this juncture. Increasing smart building technology in the developed countries is key driving factor of the market.
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Drivers and Challenges of Market
The businesses that provide these parking services are focused on providing more effective and safe parking options with the goal of gaining more profits. Factors such as the rise in vehicle sales and shortage of parking space are expected to drive market growth in the forecast period, especially in urban areas. It is expected that the high cost of automated systems and their management would hinder market growth in the coming years.
Installation costs pose a crucial limitation on the demand for automated parking management systems. The installation price of the system increases dramatically, as the system consists of large mechanical and electronic components. Another important industry constraint is the malfunctioning of electronic components. The modules require a lot of maintenance which increases the cost of the system. A rise in demand for parking spaces has generated substantial opportunities for the automated parking management systems industry due to the increase in vehicle numbers.
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Europe governs the market in 2018 in terms of revenue. It is also anticipated that the European regional market will offer significant growth prospects for the sector, in particular due to the European Union's favorable governmentinitiatives in encouraging the implementation of automated parking management systems as part of efforts to reduce pollution and ensure a safe climate. Europe has the history of state-of - the-art technologies and the involvement of leading players in automatic parking solutions. This further enabled both the private and public sectors to introduce automated parking strategies to effectively manage parking problems.
North America held the second-largest share in the global market and expected to continue its growth within the timeframe forecast. The North American Region was dominated by automated parking management systems industry. Throughout North America, demand for parking management systems is expected to rise, as the U.S. and Canadian civil authorities are aggressively trying to reduce traffic congestion, which has become increasingly severe due to the increasing number of vehicles.
Asia Pacific and Latin America regional markets are also expected to be gaining traction due to the growing number of communities in emerging economies. The growth rate in China, India, Brazil, and South Korea is projected to be comparatively higher.
About the Market
A need for automatic parking management systems is a mechanical parking and car recovery strategy to meet the increasing demand for safe and convenient parking, as the number of vehicles increases every day. The demand for automatic parking management systems eliminates the width and depth needed for parking spaces and gaps between parking spaces, as there is no need to make allowances for driving the car into the parking space or opening car doors. It also needs no driving lanes or ramps to drive the car towards the parking area. Having realized that such technologies can also help to alleviate traffic congestion and mitigate pollution levels, many policymakers around the globe are taking steps to implement such systems on a broad scale. As such, it is anticipated that favorable government schemes introduced toward this end would contribute remarkably to market growth. Considering that large-scale implementation of these systems is feasible with significant funding from the national governments, it is expected that expanded installation of these systems at airports, corporate campuses, and other public venues would fuel market growth.
Key Players & Strategies
Participants include major global players such as Cisco Systems, Inc.Robert Bosch GmbH; Altiux Innovations, Conduent, Inc., Streetline, Inc., Amano McGann, Inc., Altiux Innovations, and Others.
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