Report : Asia-Pacific Automated Parking System Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Component (Hardware and Software), Automation Level (Semi-Automated and Fully-Automated), Platform (Palleted and Non-Palleted), and End-User (Residential, Commercial, and Mixed-Use)
Palleted Segment to Dominate Asia-Pacific Automated Parking System Market during 2019–2028
According to a new market research study on “Asia-Pacific Automated Parking System Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Component, Automation Level, Platform, and End User,” is expected to reach US$ 978.05 million by 2028 from US$ 367.17 million in 2021. The market is estimated to grow at a CAGR of 15.0% from 2021 to 2028. The report provides trends prevailing in the Asia-Pacific automated parking system market along with the drivers and restraints pertaining to the market growth. Robotic garages and robotic parking is the major factor driving the growth of the Asia-Pacific automated parking system market. However, high initial investment requirements and complexity of monitoring systems may hinder the growth of Asia-Pacific automated parking system market.
The COVID-19 pandemic has not only disrupted the overall economy and automobile market in Asia-Pacific but has also changed the buyers' attitude toward the sector. A rise in consumer demand for expensive safety features is encouraging manufacturers to invest in high-end technology solutions and services into their products. The car industry was the first economic victim of COVID-19 in China with the shutdown of major automotive production sites and manufacturing plants of companies such as GM, Honda, Nissan, and Renault in the Hubei Province. Other countries in Asia-Pacific recorded dramatic double-digit drops in vehicle sales due to their dependency on the automotive and automotive component market in China and interruptions caused by the pandemic. There is a growing trend of online buying and picking the goods bought online from the actual stores in proximity, which may bolster the demand for convenient parking to facilitate order pickups. Demand for technologies that reduce contact between people and surfaces, such as payment systems, elevator buttons, and door handles, would further rise amid the COVID-19 pandemic. Difficulties in gathering necessary funding would further impact the market growth. Key players in the automated parking system market in Asia-Pacific are opting for innovations and investment in structured parking as a measure to deal with the financial crisis. China's transition toward a high-tech market, flexibility in the Japanese manufacturing sector, and adequate government support and business strategies in India are among the key factors contributing to a rapid recovery of Asia-Pacific from the tremors of the pandemic.
The Asia-Pacific automated parking system market is segmented on the basis of component, automation level, platform, end user, and country. On the basis of component, the market is segmented into hardware and software. In 2020, the hardware segment held the largest share Asia-Pacific automated parking system market. Based on the automation level, the automated parking system market is segmented into semi-automated and fully-automated. The market for fully-automated parking systems is anticipated to grow at a significant CAGR during the forecast period. On the basis of platform, the market is segmented into palleted and non-palleted. The palleted segment accounts for largest market share in the 2020. On the basis of end-user, the automated parking system market is segmented into residential, commercial, and mixed-use. The commercial segment contributed a substantial share in 2020. Based on the country, the automated parking system market is segmented into China, Japan, India, South Korea, Australia, and rest of APAC. In 2020, Japan held the largest share Asia-Pacific automated parking system market.
AJ Automated Parking Systems Co., Ltd.; CityLift Parking; FATA Automation Inc.; Klaus Multiparking; and Parkmatic are among the leading companies in the Asia-Pacific automated parking system market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2020, Klaus Multiparking, in collaboration with the British construction and real estate business Lendlease, unveils the completely autonomous parking system MasterVario R3L in Rathbone Square.
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