IoT integration and technological innovation are expected to drive demand for the automated parking management system market.
Wilmington, Delaware, United States, Nov. 15, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – Automated parking management systems were worth US$ 2.23 billion in 2020. TMR estimates the automated parking management system market will total US$ 10.47 billion by 2031. Through 2031, the market is expected to expand at a CAGR of 15.10%. Technology is at the forefront of parking management solutions that provide innovative solutions to parking industry problems.
A shift from a hardware-centric to a digital-centric approach is taking place among park managers. Park management systems must digitize payments, enforce rules, control access, and report. Parking management systems are relatively affordable in comparison to other options. To enhance convenience and reduce physical interaction during parking, contactless payment methods may become more widely used.
Vehicles could be transported to designated parking spaces within a facility using robots, making robotic parking systems increasingly common. Various enhanced safety features can be integrated into vehicles and users to enhance their safety, like advanced surveillance and biometric access controls. Pricing management systems may implement a dynamic pricing model to adjust pricing based on factors such as events and demand. As a result, parking spaces can be utilized more efficiently, and revenue can be generated more efficiently.
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Global Automated Parking Management System Market: Key Players
Global players are pursuing new technologies and more efficient transmission systems to expand their footprint.
- Kyline Parking AG
- CityLift Parking
- Robotic Parking Systems Inc.
- Unitronics, Dayang Parking Co. Ltd
- Klaus Multiparking Systems Pvt. Ltd.
- Automotion Parking Systems
- EITO & Global Inc.
- Dongyang Menics
- Parkmatic TM
- Other Key Players
Key Findings of Market Report
- Based on the mode of automation, the semi-automated segment held a major share of the market.
- Based on technology, sensor technology-based parking systems is expected to drive the market.
- The demand for automated parking management systems in the market is expected to be driven by commercial applications.
- With a large population and vehicle sales, Asia Pacific is expected to drive market demand.
- Automation parking management systems are expected to grow in demand as new technologies and AI systems are integrated.
Global Automated Parking Management System Market: Growth Drivers
Vehicles are becoming more common in cities, so parking solutions are becoming more necessary. Urban parking systems that automate parking can increase parking capacity and optimize space. Automated parking systems are more efficient at utilizing space than conventional parking methods. The need for solutions to optimize available urban space grows as space becomes scarcer and more valuable.
Automated parking systems can reduce traffic congestion by reducing parking search time. By reducing time spent idling searching for parking, they can also help lower emissions. As technology advances, automated parking systems have become easier to implement due to sensors, cameras, and connectivity. Automated parking solutions can be made more efficient and reliable by leveraging these technologies.
Governments in different regions proposed automated parking systems to address traffic congestion, reduce environmental impact, and improve urban planning. The regulatory environment can play a significant role in driving market growth. As consumers live increasingly busy lives, convenience is becoming more important to them. People prioritizing efficiency and ease of use will prefer automated parking systems due to their convenience and time-saving features.
The rise in disposable income increases the number of vehicles people can afford, increasing the need for parking solutions. Automated parking systems that provide efficient and secure parking can meet this growing demand for parking. Traditional parking systems have a negative environmental impact, especially in terms of fuel consumption and air pollution. Automated parking systems can contribute to reducing these impacts.
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Global Automated Parking Management System Market: Regional Landscape
Automated parking management systems are in high demand in the Asia Pacific region. The urbanization of many Asian countries is causing congestion and a lack of parking spaces. Urban areas with dense populations may benefit from automated parking systems by improving parking efficiency and alleviating parking challenges.
Consumption and vehicle ownership have increased due to economic growth in Asia Pacific. Vehicles on the road are growing, so parking solutions need to be more efficient and secure. Smart cities are becoming more popular in Asia Pacific. These initiatives rely heavily on automated parking management systems, contributing to improved infrastructure and mobility.
Traffic management is a significant challenge in many Asian cities. As a result of automating parking processes and reducing parking search time, automated parking systems minimize traffic congestion.
Key Developments
- In July 2023, India’s first automated traffic management system and vehicle detection was implemented at Bhopal airport.
- In September 2023, Hyundai Mobis developed an automated parking solution that can be operated with one touch. Using ultrasonic technology and surround view monitor cameras, this next-generation parking control system executes parking using ‘Memory Parking Assist,’ which allows users to park autonomously by gripping the handle.
Global Automated Parking Management System Market: Segmentation
- By Mode of Automation
- Semi-automated
- Automated
- By Technology
- Sensor Technology
- Mobile Technology
- RFID Technology
- By End-user
- Residential
- Commercial
- By Service & Solution
- Integrated Payments
- Vehicle Detection Solutions
- Space Reservation Services
- Monitoring & Reporting Services
- By System
- Software
- Hardware
- By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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