The Automated Parking System Market is Predict to reach $6.4 Billion by 2030, at a CAGR of 17.4%

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Automated Parking System Market Growth, Trends and Report Highlights

According to a new report, published by KBV research, The Global Automated Parking System Market size is expected to reach $6.4 billion by 2030, rising at a market growth of 17.4% CAGR during the forecast period.

The Software segment is experiencing a CAGR of 19.9% during (2023 - 2030). User-friendly software interfaces and mobile applications are becoming increasingly important in the automated parking system market. Software that provides easy navigation, reservation options, and real-time information about parking space availability contributes to a positive user experience. These factors will boost the demand in the segment.

The Palleted segment is generating the highest revenue in the Global Automated Parking System Market by Platform Type in 2022; thereby, achieving a market value of $4.1 billion by 2030. Palletized systems are known for their efficiency and speed in parking and retrieving vehicles. Users benefit from reduced waiting times and a streamlined process, making these systems attractive in areas with heavy traffic. Advances in technology, such as improved sensors, robotics, and automation, have enhanced the reliability and performance of palletized automated parking systems. This can drive increased adoption as these systems become more sophisticated and reliable. Therefore, the segment will grow rapidly in the upcoming years.

The Semi-Automated segment would exhibit a CAGR of 18.1% during (2023 - 2030). Semi-automated systems are often more cost-effective than fully automated ones. They require less complex infrastructure, which can result in lower upfront costs for both developers and end-users. This cost advantage can make semi-automated solutions more attractive, especially in markets where cost considerations play a significant role. As a result, there will be increased demand in the segment.

The Commercial segment is registering maximum revenue in the Global Automated Parking System Market by End Use in 2022; thereby, achieving a market value of $3 billion by 2030. Offering an automated parking solution can enhance the overall user experience for customers, visitors, or employees. The convenience of automated parking and the reduced time spent searching for parking can contribute to a positive perception of the commercial establishment. These factors will lead to increased growth in the segment.

The Puzzle System segment would experience a CAGR of 17.1% during (2023 - 2030). Ongoing technological advancements in automation and robotics enhance the feasibility and reliability of puzzle system components within automated parking solutions. Improved sensors, actuators, and control systems contribute to the rise in demand for sophisticated puzzle systems. These aspects will pose lucrative growth prospects for the segment.

The Europe region dominated the Global Automated Parking System Market by Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $2.1 billion by 2030. The North America market is anticipated to grow a CAGR of 17.2% during (2023 - 2030). Additionally, The Asia Pacific market would witness a CAGR of 18% during (2023 - 2030).

Full Report: https://www.kbvresearch.com/automated-parking-system-market/

The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Skyline Parking, Westfalia Technologies, Inc., Unitronics (1989) (R”G) Ltd, KLAUS Multiparking GmbH, Robotic Parking Systems Inc., Park Plus, Inc., WOHR Autoparksysteme GmbH, Parkmatic, and EITO&GLOBAL INC.

Global Automated Parking System Market Segmentation

By Component

Hardware
Software

By Platform Type

Palleted
Non-Palleted

By Automation Level

Fully Automated
Semi-Automated

By End Use

Commercial
Residential
Mixed-Use

By Structure Type

By Geography

North America
- US
- Canada
- Mexico
- Rest of North America
Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA