According to The Business Research Company’s Automated Parking System, The automated parking system market size has grown rapidly in recent years. It will grow from <b>$2.11 billion in 2023 to $2.39 billion in 2024 at a compound annual growth rate (CAGR) of 13.4%. </b> The growth in the historic period can be attributed to space constraints in urban areas, environmental and sustainability concerns, traffic congestion alleviation, safety and security enhancement, adoption in high-density areas..
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The automated parking system market size is expected to see rapid growth in the next few years. It will grow to <b>$4.18 billion in 2028 at a compound annual growth rate (CAGR) of 15.0%. </b> The growth in the forecast period can be attributed to rise in electric vehicles (evs), consumer demand for convenience, smart city integration, sustainable urban development.. Major trends in the forecast period include urbanization and space constraints, traffic congestion and accessibility, technological advancements, safety and security..The increase in high-rise structures are expected to propel the growth of the automated parking system market going forward. High-rise structures refer to a building or structure that is between 75 and 491 feet high. The automated parking system built into high-rise buildings helps to withstand earthquakes, provide safety mechanisms, and supports pallets under vehicles. For instance, in February 2022, according to the research report by Anarock, an India-based property consulting company, out of 486 residential projects, 291 projects, or 60%, were high-rise buildings, and in the year 2021, the percentage rose to 62%. It means in the year 2021, 263 projects out of 421 were for high-rise buildings. Therefore, high-rise structures are driving the automated parking system market growth.Get A Free Sample Of The Report (Includes Graphs And Tables):
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The automated parking system market covered in this report is segmented –
1) By Component: Hardware, Software
2) By Structure Type: AGV System, Silo System, Tower System, Rail Guided Cart (RGC) System, Puzzle System, Shuttle System
3) By Platform: Palleted, Non-Palleted
4) By Automation Level: Fully Automated, Semi Automated
5) By End Use: Residential, Commercial, Mixed UseAdvancements in technology are the key trend gaining popularity in the automated parking system market.
Major companies operating in the automated parking system market are integrating intelligence systems such as sensors to sustain their position in the market. For instance, in June 2021, Evergrande Auto, a China-based company manufacturing automated parking systems, launched its automated valet parking system (AVP) based on smart technology with the introduction of the AVP automatic parking system which uses sensor technologies such as ultrasonic radars, millimeter-wave radars, high-definition cameras with panoramic views, as well as high-precision maps, and has contributed to the development of features such as cruising on narrow roads, pedestrian and obstacle avoidance, automatic car-following, and automatic recognition of park lots.
The automated parking system market report table of contents includes:
- Executive Summary
- Automated Parking System Market Characteristics
- Automated Parking System Market Trends And Strategies
- Automated Parking System Market – Macro Economic Scenario
- Global Automated Parking System Market Size and Growth
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- Global Automated Parking System Market Competitive Benchmarking
- Global Automated Parking System Market Competitive Dashboard
- Key Mergers And Acquisitions In The Automated Parking System Market
- Automated Parking System Market Future Outlook and Potential Analysis
- Appendix
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