India, Pune – Insight Partners is proud to announce its newest market research report: "AUTOMATED PARKING SYSTEM Market: An In-depth Analysis and Growth Forecast Period". This report offers a thorough understanding of the AUTOMATED PARKING SYSTEM market landscape and forecasts future growth while highlighting the forces that shape it.

Overview

The market for AUTOMATED PARKING SYSTEM has witnessed dynamic changes within the last few years due to continuous technological innovation combined with changing consumer behavior. This report covers factors that have shaped these developments, including changes in regulation, advancements in automation technology, and evolving consumer preference for convenience and efficiency in parking solutions.

Key Findings and Insights

Market Size and Growth

Historical Data & Forecast: The automated parking system market size is projected to reach US$ 5.7 billion by 2031 from US$ 2.01 billion in 2023. The market is expected to register a CAGR of 13.9% during forecast period.

Key Factors Impacting Market Growth:

Rapid urbanization and increasing vehicle ownership are driving the needs for efficient parking solutions.

The technological innovations in automated parking include robotic parking, AI-based guidance, and integration with the IoT.

Increasing private and public sector investments in the infrastructure of smart cities.

Regulatory policies encouraging space efficiency and sustainability within an urban context.

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Market Segmentation

By Component

Hardware

Software

By Automation Level

Semi-automated

Fully automated

By Platform

Palleted

Non-palleted

Emerging Trend Spotting

Technological changes

Integration of AI and machine learning to enable automatic optimization of parking.

Use of IoT-enabled sensors for real-time parking management.

Eco-friendly and energy-efficient system development.

Shifting consumer preferences:

Growing demand for time-saving and hassle-free parking solutions.

Increasing demand for contactless and app-controlled parking systems.

Increased adoption in mixed-use commercial and residential developments.

Regulatory Changes:

Governments are promoting smart city initiatives and urban mobility solutions.

Policies that encourage efficient land use and a reduced carbon footprint.

Compliance to safety standards and certification of automated systems.

Growth Opportunities

The growth avenues for the AUTOMATED PARKING SYSTEM market are as follows:

Increased deployment in highly populated urban centers where parking space is minimal.

Partnerships with developers of real estate and city planners will help integrate automated systems in smart city projects.

Investment in research and development to enhance the efficiency, scalability, and sustainability of automated parking solutions.

Penetration into emerging markets with growing vehicle ownership and urbanization.

Conclusion

The report on the global market for an automated parking system provides insights into the industry trends, share, size, growth, opportunity, and forecast period. The detailed description of the competitive landscape, regulatory environment, technological landscape, and possible routes to growth ensures that stakeholders are factually correct while entering or expanding their businesses in the growing automated parking system market.

About The Insight Partners

The Insight Partners is among the leading market research and consulting firms in the world. We take pride in delivering exclusive reports along with sophisticated strategic and tactical insights into the industry. Reports are generated through a combination of primary and secondary research, solely aimed at giving our clientele a knowledge-based insight into the market and domain. This is done to assist clients in making wiser business decisions. A holistic perspective in every study undertaken forms an integral part of our research methodology and makes the report unique and reliable.

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