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Automated Parking System Global Market Report 2022: Ukraine-Russia War Impact

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Major players in the market are Westfalia Parking, Unitronics, Klaus Multiparking Systems Pvt. Ltd. , Robotic Parking Systems Inc. , City Lift Parking LLC, Wohr Parking Systems Pvt. Ltd. , Skyline Parking, Park plus, Automotion Parking Systems , FATA Automation Inc.

New York, Nov. 22, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Automated Parking System Global Market Report 2022: Ukraine-Russia War Impact" - https://www.reportlinker.com/p06364865/?utm_source=GNW
, Parkmatic, EITO&GLOBAL INC., AJ Automated Parking Systems, U-Tron and Robotic Parking Systems.

The global automated parking system market is expected to grow from $1.66 billion in 2021 to $1.91 billion in 2022 at a compound annual growth rate (CAGR) of 15.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The automated parking system market is expected to grow to $3.38 billion in 2026 at a compound annual growth rate (CAGR) of 15.3%.

The automated parking system market consists of sales of automated parking system-related services by entities (organizations, sole traders, and partnerships) that are used to stack vehicles vertically to limit space.An automated parking system refers to a system that consists of several rooms for storing and retrieving vehicles.

With the help of this system, vehicles can be transported from the entrance to their parking space without the presence of a driver.

The main components of automated parking systems are hardware and software.Hardware refers to the computer’s tangible components that store and run the written instructions provided by the software.

The types of structures involved are AGV system, silo system, tower system, rail guided cart (RGC) system, puzzle system, and shuttle system.The platforms are palleted, and non-palleted.

The automation levels involved fully automated and semi-automated. The various end users include residential, commercial, and mixed-use.

Western Europe was the largest region in the automated parking system market in 2021. The regions covered in the automated parking system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

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 growth of the automated parking system market.

Advancements 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 like 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 like cruising on narrow roads, pedestrian and obstacle avoidance, automatic car-following, and automatic recognition of park lots.

In December 2020, FAAC, an Italian-based company that provides industrial automation solutions, acquired TIBA Parking Systems for an amount of $135 million.With this acquisition, FAAC is expected to strengthen its position in the parking systems segment and achieve leadership.

TIBA Parking Systems is an Israel-based company that manufactures automated parking systems for parking operators and owners.

The countries covered in the automated parking system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.

The automated parking systems market research report is one of a series of new reports that provides automated parking systems market statistics, including automated parking systems industry global market size, regional shares, competitors with an automated parking systems market share, detailed automated parking systems market segments, market trends and opportunities, and any further data you may need to thrive in the automated parking systems industry. This automated parking systems market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
Read the full report: https://www.reportlinker.com/p06364865/?utm_source=GNW

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