Albany NY, United States, May 09, 2022 (GLOBE NEWSWIRE) -- A study by Transparency Market Research (TMR) states that the global automated parking management system market is projected to register growth at a CAGR of 15.10% during the forecast period from 2021 to 2031.
Convention centers, shopping centers, hotels, airports, hospitals, businesses, universities, and exhibitions centers are some of the key places where vehicle owners experience issues in finding parking space. The intensifying need of proper management of parking issues is boosting the sales in the global automated parking management system market.
Automated parking management systems are being increasingly adopted, owing to their advanced features, including space alert, which notifies the driver on infotainment display with the help of the smart parking technology, states a TMR report on the automated parking management system market.
The automated parking management system market in Asia Pacific is prognosticated to gain promising sales prospects during the forecast period due to surge in sales of commercial vehicles in the region. The automated parking management system market in North America and Asia pacific is expected to observe significant growth avenues in the upcoming years owing to rise in spending power of regional population, increase in smart city construction, and swift urbanization in these regions.
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Automated Parking Management System Market: Key Findings
- Automated parking management systems are gaining immense popularity and adoption owing to rise in need for vehicle parking space. People across the globe are increasingly using technologically advanced tools in order to optimize parking spaces. This factor is fueling the growth of the global automated parking management system market. Moreover, the market is gaining advantage from growing spending power of people globally.
- With rise in urbanization in many developing and developed nations globally, there is a surge in the number of vehicles in these nations. This factor has resulted in scarcity of parking spaces. Moreover, rising need of reducing land usage has intensified the issue of parking space. As a result, the demand for automated parking management systems is rising, which, in turn, is fueling the growth of the automated parking management system market.
- Major players operating in the global automated parking management system market are studying the buying pattern of their target audience. Moreover, they are increasing efforts to transform their business models in order to comply with different regulations implemented by government authorities and maintain their business growth, notes study analysts of the report on the global automated parking management system market.
- Several major automakers around the globe are focusing on marketing of sophisticated cars, along with automated parking management systems. Such efforts are helping companies to attract consumers from high-income groups, which, in turn, is propelling the global automated parking management system market.
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Automated Parking Management System Market: Growth Boosters
- Increase in sales of vehicles globally has resulted in rise in the need of more parking space. This, in turn, is leading to increased adoption of advanced parking management options, thereby propelling the global automated parking management system market.
- Centralization of financial districts and swift urbanization in developing & developed nations are boosting sales in the automated parking management system market
Automated Parking Management System Market: Key Players
Some of the key players profiled in the report are:
- CityLift Parking
- Kyline Parking AG
- Unitronics
- Robotic Parking Systems Inc.
- Klaus Multiparking Systems Pvt. Ltd.
- Dayang Parking Co. Ltd
- EITO & Global Inc.
- Automotion Parking Systems
- Parkmatic TM
- Dongyang Menics
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Automated Parking Management System Market Segmentation
Mode of Automation
- Semi-automated Parking System
- Automated Parking System
Technology
- Sensor Technology
- Mobile Technology
- RFID Technology
End-user
- Residential
- Commercial
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Service & Solution
- Integrated Payments
- Vehicle Detection Solutions
- Space Reservation Services
- Monitoring & Reporting Services
System
- Software
- Hardware
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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