According to our new research study on “Automated Parking System Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Component, Automation Level, Platform, End-User, and Geography,” the market is projected to reach US$ 3,543.77 million by 2028 from US$ 1,411.59 million in 2021; it is estimated to grow at a CAGR of 14.1% from 2021 to 2028.

AJ Automated Parking Systems Co., Ltd., Klaus Multiparking, Park Plus, Inc., and WESTFALIA TECHNOLOGIES, INC., are some of the key market players operating in the global automated parking system market. The listing of key players is derived by considering multiple factors such as overall revenue, current automated parking system portfolio, geographical reach, new product launches, market initiatives, and investment in technology up gradation, partnerships, and other market related activities. In addition to these players, there are several other important players operating in the automated parking system market which were analyzed during the course of this market research study, such as, FATA Automation Inc., Parkmatic, Robotic Parking Systems, Inc., and Skyline Parking (Fehr Lagerlogistik AG), among others.

The automated parking system market is segmented based on component, automation level, platform type and end-user. Based on component, the automated parking system market is segmented into hardware and software. Based on automation level, the automated parking system market is bifurcated into semi-automated and fully-automated. Based on platform type, the automated parking system market is segmented into palleted and non-palleted. Based on end-user, the automated parking system market is segmented into commercial, mixed-use and residential.  Based on geography, the global aircraft wheels market is segmented into five major regions—North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and South America (SAM).

In North America, particularly in the US, the automated parking system market growth is primarily driven by the increasing number of vehicles, lesser land availability for parking, strong emphasis on consumer comfort and convenience, and smart cities initiatives from governments. The high extent of urbanization is contributing to the market in this region. In recent years, there has been an upsurge in demand for high-end residential buildings. According to the Redfin report, luxury residential sales in the US rose by 41.6% over the year in the first quarter of 2021. The automated parking systems are needed in luxury residential buildings. The automated parking systems can significantly reduce emissions, thereby increasing the project's ecological footprint. The ongoing COVID-19 pandemic has had a significant impact on automated parking system sales. However, these solutions are best-suited to the current situation as they reduce human contact in parking spaces, making the area safer and more reliable. These factors could contribute to the growth of the automated parking system market even in the coming years.

The automated parking system market is segmented on the basis of component, automation level, platform, and end-user. Based on component, the market is bifurcated into hardware and software. Based on automation level, the market is bifurcated into semi-automated and fully-automated. Based on platform, the automated parking system market is bifurcated into palleted and non-palleted. Based on end-user, the market is segmented into residential, commercial, and mixed-use. By geography, the global automated parking system market is segmented into five major regions—North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM).

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