The global automated parking systems market size is expected to reach USD 2.74 billion by 2027, registering a CAGR of 10.9% from 2020 to 2027, according to a new study conducted by Grand View Research, Inc. The growing number of vehicles globally, coupled with the scarcity of land for parking, is driving the demand for auto-park solutions worldwide. Moreover, automated solutions improve the level of convenience for vehicle owners or drivers by automatically parking the vehicles at a vacant spot available in the system.
Additionally, automated parking systems improve space allocation in parking spaces, making it possible for a significant number of vehicles to be parked at several levels. This solves the problem of scarcity of land in congested areas. Owing to these benefits, automated solutions are being increasingly adopted and deployed in several new residential and commercial real estate projects facing a space crunch. Moreover, smart city initiatives across several countries are also driving the demand for advanced and smart automated solutions to reduce parking and pollution problems faced by the local public.
However, the rising number of vehicles of varying sizes in urban areas could act as a challenge for the market. Moreover, the high cost of construction and maintenance per parking space in smart facilities, which increase the initial maintenance and operating costs of these spaces, could also hinder the market over the forecast period. Furthermore, factors such as high deployment cost and low availability of the supporting infrastructure are also expected to slow down the growth of the market over the forecast period.
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Automated Parking Systems Market Report Highlights
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Automated Parking Systems Market Segmentation
For this study, Grand View Research has segmented the global automated parking systems market based on component, structure type, platform type, automation level, end-use, and region:
Automated Parking System Component Outlook (Revenue, USD Million, 2016 – 2027)
Automated Parking System Structure Type Outlook (Revenue, USD Million, 2016 – 2027)
Automated Parking System Platform Type Outlook (Revenue, USD Million, 2016 – 2027)
Automated Parking System Automation Level Outlook (Revenue, USD Million, 2016 – 2027)
Automated Parking System End-use Outlook (Revenue, USD Million, 2016 – 2027)
Automated Parking System Regional Outlook (Revenue, USD Million, 2016 – 2027)
List of Key Players of Automated Parking Systems Market
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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