Automated Parking Management Systems Market Expected to Target $5.7 Billion by 2031

By automation level, the fully automated segment is anticipated to exhibit significant growth in the near future.

WILMINGTON, NEW CASTLE, DE, UNITED STATES, November 29, 2024 /EINPresswire.com/ -- The global Automated Parking Management Systems Market was valued at $1.4 billion in 2021, and is projected to reach $5.7 billion by 2031, growing at a CAGR of 15.1% from 2022 to 2031. Europe is expected to dominate the global automated parking management systems market in 2021 owing to increase in adoption of advanced parking solutions. In addition, market participants from the Europe automated parking management systems market are leveraging investments, acquisition, partnerships with local conveyer providers, and continuous development as strategic to capture the market share in the region.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 (𝐆𝐞𝐭 𝐅𝐮𝐥𝐥 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬 𝐢𝐧 𝐏𝐃𝐅 - 277 𝐏𝐚𝐠𝐞𝐬) 𝐚𝐭: https://www.alliedmarketresearch.com/request-sample/A07109

𝐓𝐡𝐞 𝐤𝐞𝐲 𝐩𝐥𝐚𝐲𝐞𝐫𝐬 𝐩𝐫𝐨𝐟𝐢𝐥𝐞𝐝 𝐢𝐧 𝐭𝐡𝐢𝐬 𝐫𝐞𝐩𝐨𝐫𝐭 𝐢𝐧𝐜𝐥𝐮𝐝𝐞

𝐈𝐁𝐌 𝐂𝐨𝐫𝐩𝐨𝐫𝐚𝐭𝐢𝐨𝐧, 𝐑𝐨𝐛𝐨𝐭𝐢𝐜 𝐏𝐚𝐫𝐤𝐢𝐧𝐠 𝐒𝐲𝐬𝐭𝐞𝐦𝐬, 𝐈𝐧𝐜., 𝐊𝐋𝐀𝐔𝐒 𝐌𝐮𝐥𝐭𝐢𝐩𝐚𝐫𝐤𝐢𝐧𝐠 𝐆𝐦𝐛𝐇, 𝐀𝐦𝐚𝐧𝐨 𝐂𝐨𝐫𝐩𝐨𝐫𝐚𝐭𝐢𝐨𝐧, 𝐒𝐢𝐞𝐦𝐞𝐧𝐬 𝐀𝐆, 𝐓𝟐 𝐒𝐲𝐬𝐭𝐞𝐦𝐬, 𝐗𝐞𝐫𝐨𝐱 𝐂𝐨𝐫𝐩𝐨𝐫𝐚𝐭𝐢𝐨𝐧, 𝐒𝐭𝐫𝐞𝐞𝐭𝐥𝐢𝐧𝐞, 𝐈𝐧𝐜., 𝐅𝐀𝐓𝐀 𝐀𝐮𝐭𝐨𝐦𝐚𝐭𝐢𝐨𝐧, 𝐒𝐊𝐈𝐃𝐀𝐓𝐀 𝐆𝐦𝐛𝐇, 𝐒𝐖𝐀𝐑𝐂𝐎 𝐀𝐆, 𝐅𝐥𝐨𝐰𝐛𝐢𝐫𝐝 𝐆𝐫𝐨𝐮𝐩, 𝐔𝐧𝐢𝐭𝐫𝐨𝐧𝐢𝐜𝐬 𝟏𝟗𝟖𝟗 𝐑𝐆 𝐋𝐭𝐝, 𝐖𝐞𝐬𝐭𝐟𝐚𝐥𝐢𝐚 𝐓𝐞𝐜𝐡𝐧𝐨𝐥𝐨𝐠𝐢𝐞𝐬 𝐈𝐧𝐜., 𝐅𝐞𝐡𝐫 𝐋𝐚𝐠𝐞𝐫𝐥𝐨𝐠𝐢𝐬𝐭𝐢𝐤 𝐀𝐆

The growth of the global Automated Parking Management Systems Market is propelling, due to rise in the number of vehicles globally, increase in demand for green parking solutions, and rise in urbanization. However, high initial investment is the factor hampering the growth of the market. Furthermore, initiative for smart cities is the factor expected to offer growth opportunities during the forecast period.

𝐁𝐮𝐲 𝐍𝐨𝐰 & 𝐆𝐞𝐭 𝐄𝐱𝐜𝐥𝐮𝐬𝐢𝐯𝐞 𝐃𝐢𝐬𝐜𝐨𝐮𝐧𝐭 𝐨𝐧 𝐭𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭 : https://www.alliedmarketresearch.com/automated-parking-management-systems-market/purchase-options

In addition, during the pandemic period, as the movement of vehicles was restricted along with the other restrictions, cities observed significant reduction in traffic overcrowding. Requirement for parking system declined in several countries, which resulted in decline in the growth of the automated parking management systems market.

Several automobile manufacturers faced shortage of components, such as semiconductor chips and others, which further resulted in delay in production of automobiles. For instance, in 2020, Nissan had to halt production for two days at a plant in Japan, which manufactures Serena and X-Trail models due to shortage of automotive parts.

Many residential buildings implement automated parking management systems for security and to overcome the problem of limited parking space. For instance, in 2021, Laconia Development unveiled the Spire, which is a $350 million, 41-story luxury condominium tower and is situated in Seattle. The tower amenities includes an on-site café, a two-story lobby, co-working spaces, fitness center, private theater, and a clubhouse. The building also has a fully automated parking system. Residents can drive their cars into one of three designated storage bays, from which a computer controlled mechanism automatically parks the cars inside a vehicle storage system. Such initiatives are expected to create a lucrative opportunity for the market during the forecast period.

𝐆𝐞𝐭 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐞𝐝 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐰𝐢𝐭𝐡 𝐲𝐨𝐮'𝐫𝐞 𝐑𝐞𝐪𝐮𝐢𝐫𝐞𝐦𝐞𝐧𝐭𝐬: https://www.alliedmarketresearch.com/request-for-customization/A07109

Moreover, municipalities of several countries across the globe observed reduction in parking demand and revenue. Numerous educational and work institutions, such as colleges and universities have shifted to virtual learning during pandemic, owing to which, parking and other services vanished.

𝐈𝐧𝐪𝐮𝐢𝐫𝐲 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠: https://www.alliedmarketresearch.com/purchase-enquiry/A07109

Furthermore, post-pandemic, numerous key players are focusing on introducing online cashless parking systems to book parking spaces, which will also contribute in the growth of the market.

𝐎𝐭𝐡𝐞𝐫 𝐓𝐫𝐞𝐧𝐝𝐢𝐧𝐠 𝐑𝐞𝐩𝐨𝐫𝐭𝐬:

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David Correa
Allied Market Research
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