Dublin, July 26, 2024 (GLOBE NEWSWIRE) -- The "U.S. Automated Parking System Market Size, Share & Trends Analysis Report by Component, Structure Type, Platform, Automation Level, End-use and Segment Forecasts, 2024-2030" report has been added to ResearchAndMarkets.com's offering.
The U.S. automated parking system market is experiencing a significant upsurge, with projections pointing to a market size of USD 1.33 billion by 2030. Growing at a compound annual growth rate (CAGR) of 18.4% from 2024 to 2030, this sector reflects strong growth due to the dire need for efficient urban parking solutions amidst increasing urbanization and space constraints. Automated parking systems are increasingly recognized for their ability to optimize space, enhance security, and reduce the complexities traditionally associated with parking.
Segment Performance:
Within the market, the hardware component currently holds the dominant share, accounting for 83.7% due to robust demand for physical infrastructures. However, the software segment is expected to grow rapidly, propelled by advancements in parking operation coordination and real-time parking data.
Considering structure types, tower systems are prevalent due to their space-efficient nature, while puzzle systems are anticipated to witness quick adoption because of their lower costs and elevated safety. Platform types show a strong market presence for palleted systems, favored for their ability to improve vehicle security and city aesthetics, and are expected to grow steadily. Meanwhile, non-palleted solutions are forecasted to expand appreciably, driven by their increased efficiency in vehicle positioning without the need for empty pallet transportation.
End-use Insights:
On the end-use front, the commercial sector captures the largest share, a reflection of the ever-increasing number of vehicles and the consequent scarcity of available parking spaces. The residential sector, on the other hand, is poised for a rapid CAGR during the forecast period, influenced by the rising number of high-rise buildings and adoption in upscale residential complexes.
Notable Developments:
In March 2023, the industry witnessed a notable development as AUTOParkit proposed a state-of-the-art parking structure designed to enhance the parking experience through a seamless, driverless system. This innovation is expected to not only streamline vehicle parking and retrieval but also to offer increased security and convenience through a dedicated mobile application.
Forward Outlook:
This industry trajectory suggests a burgeoning demand for heightened efficiency in urban planning and vehicle management. Stakeholders and potential investors can look toward a future where automated parking solutions not only address current spatial challenges but also pave the way for smarter, more secure, and aesthetically pleasing urban landscapes. As this sector evolves, it continues to underscore the importance of innovation and strategic implementation in addressing the growing demands of the modern urban environment.
Conclusion:
With the U.S. automated parking system market set to soar, the industry stands on the precipice of a transformative era that offers promising solutions to urban parking issues. Through technological advancements and strategic insights, the market is geared to meet current demands while anticipating future needs in the urban parking landscape.
Companies Featured
- AutoMotion Parking Syatem
- AUTOParkit
- CityLift parking
- Harding Stee
- Hyundai Mobis
- Parkhub
- ParkPlus
- Parkwhiz
- Robotic Parking Systems, Inc.
- Westfalia technologies, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/rlhwx4
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