The rapid expansion of the automobile enterprise across the globe is driving factors of automated parking management systems market growth. North American region emerged as the largest market for the global automated parking management systems market, with a 45.06% share of the market revenue in 2021. Increasing usage of near-field communication (NFC) technology in parking & payment systems is also helping to expand the market growth.

Newark, Oct. 06, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global automated parking management systems market is expected to grow from USD 2.07 billion in 2021 to USD 6.99 billion by 2030, at a CAGR of 14.50% during the forecast period 2022-2030.

The increasing support from government bodies, the rising number of luxury & high-rise buildings, and the rising willingness of developers are anticipated to expand demand for the automated parking management systems market during the projection period. Further, the increasing demand for advanced & efficient parking solutions and the rising urbanization & population density are the driving factors of the market growth.

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Moreover, the non-availability of supporting infrastructure & malfunctioning electronic elements are the restraining factors of the market growth. Furthermore, the expansion of the infrastructure industry and the increase in the demand for luxury residential structures are opportunities for market growth. The high cost of automated solutions and maintenance is a challenging factor in the market growth.

Competitive Strategy

To enhance their market position in the global automated parking management systems market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.

• For example, in June 2020, Passport Inc. partnered with the Panama City Beach community to provide a more frictionless parking experience.

Market Growth & Trends

The growth of the automated parking management systems market is driven by the increasing number of high-rise buildings & luxury projects. Furthermore, the ease in travel limitations currently also help drives the industry growth during the forecast period. Moreover, the advent of cashless parking systems is the industry growth trend. Further, the many key participants in the industry are focused on introducing cashless parking systems, wherein parking fees can be paid through digital online transactions. However, integrating security system components like variable message signs, access controls RFID readers, and automatic number plate recognition (ANPR) in parking systems also helps drive market growth. Further, the growing usage of near field communication (NFC) technology in parking & payment systems is also considered one of the significant trends in automated parking management systems.

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Key Findings

• In 2021, the hardware segment dominated the market with the largest market share of 57.12% and market revenue of 1.18 billion.

The system type segment is divided into software and hardware. In 2021, the hardware segment dominated the market with the largest market share of 57.12% and market revenue of 1.18 billion. This growth is attributed to the rising establishment of R&D centers to develop new chipsets & electronic hardware-related software. Also, the hardware includes various components like GSM modules, sensors, motors, microcontrollers, displays, and numerous others.

• In 2021, the hydraulics segment dominated the market with the largest market share of 56.14% and market revenue of 1.16 billion.

The design model segment is divided into electro-mechanical and hydraulics. In 2021, the hydraulics segment dominated the market with the largest market share of 56.14% and market revenue of 1.16 billion. This growth is attributed to the growing demand for material handling equipment.

• In 2021, the palleted segment dominated the market with the largest market share of 58.02% and market revenue of 1.20 billion.

The platform type segment is divided into non-palleted and palleted. In 2021, the palleted segment dominated the market with the largest market share of 58.02% and market revenue of 1.20 billion. This growth is attributed to the growing penetration of the internet.

• In 2021, the residential segment dominated the market with the largest market share of 40.02% and market revenue of 0.82 billion.

The end-user segment is divided into residential, commercial, and mixed-use. In 2021, the residential segment dominated the market with the largest market share of 40.02% and market revenue of 0.82 billion. This growth is attributed to the increasing disposable income in emerging countries.

• In 2021, the semi-automated segment dominated the market with the largest market share of 55.07% and market revenue of 1.13 billion.

The automation level segment is divided into fully-automated and semi-automated. In 2021, the semi-automated segment dominated the market with the largest market share of 55.07% and market revenue of 1.13 billion. This growth is attributed to construction firms' growing adoption of a semi-automated parking system.

Regional Segment Analysis of the Automated Parking Management Systems Market:

• North America (U.S. Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
• Asia-Pacific (China, Japan India, Rest of APAC)
• South America (Brazil and Rest of South America)
• Middle East and Africa (UAE, South Africa, Rest of MEA)

North American region occurred as the largest market for the global automated parking management systems market, with a market share of 45.06% and a market value of around 0.93 billion in 2021. North America currently dominates the automated parking management systems market due to the risen commercialization in the region. Furthermore, the Asia-pacific region is expected to show the fastest CAGR of 17.02% over the projection period. This growth is attributed to the government's increasing interest in developing smart cities. Moreover, the growing use & sales of automobile vehicles in developing countries are also helping the market's growth during the projection period.

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Key players operating in the global automated parking management systems market are:

• CityLift Parking
• 5BY2
• Automotion Parking Systems
• DONGYANG MENICS
• Dayang Parking Co. Ltd
• FATA AUTOMATION
• Klaus Multiparking Systems Pvt. Ltd
• EITO & Global Inc.
• Katopark
• IHI
• Parkmatic
• kyline Parking AG
• PARKMATIC TM
• Nissei Build Industries
• Qingdao Bortome
• Simmatec
• PARKPLUS
• Sotefin
• Robotic Parking Systems Inc
• UNITRONICS
• Tada
• WÖHR
• Westfalia Parking Solutions

This study forecasts revenue at global, regional, and country levels from 2019 to 2030. The Brainy Insights has segmented the global automated parking management systems market based on below mentioned segments:

Global Automated Parking Management Systems Market by System Type:

• Software
• Hardware

Global Automated Parking Management Systems Market by Design Model:

• Electro-Mechanical
• Hydraulics

Global Automated Parking Management Systems Market by Platform Type:

• Non-Palleted
• Palleted

Global Automated Parking Management Systems Market by End User:

• Residential
• Commercial
• Mixed Use

Global Automated Parking Management Systems Market by Automation Level:

• Fully-Automated
• Semi-Automated

About the report:

The global automated parking management systems market is analysed based on value (USD Billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.

About The Brainy Insights:

The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.

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