Fully-automated Segment to Dominate Europe Automated Parking System Market during 2019–2028

According to a new market research study on “Europe 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$ 1,256.09 million by 2028 from US$ 494.42 million in 2021. The market is estimated to grow at a CAGR of 14.2% from 2021 to 2028. The report provides trends prevailing in the Europe automated parking system market along with the drivers and restraints pertaining to the market growth. Surge in luxury buildings with increased space and enhanced parking facilities is the major factor driving the growth of the Europe automated parking system market. However, huge initial investment requirements and complexity of monitoring systems may hinder the growth of Europe automated parking system market.

With the outbreak of SARS-CoV-2, the production and sales of cars came to a sudden halt in most of Europe. In April 2020, European countries witnessed the historically lowest new car registrations. The automotive sector plays an important role in economic growth and employment in many of the European countries. The collapse of the demand side, disruptions in supply chains, and challenges related to technologies have severely impacted the automotive sector in these countries, which put the economy in deep crisis and resulted in reduction in international trade. Automotive production in Europe fell by 21%, while the UK, Spain, and Germany witnessed a major decline of ~11–40% each. The government is lifting restrictions in different parts of the regions. In addition, progress in vaccination programs and other supportive measures would stimulate demand for cars, thereby boosting the sales in the coming years. Government initiatives to rejuvenate suburban areas can potentially bring more cars on road, which could further propel the demand for automated parking systems in Europe during the forecast period.

The Europe 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 Europe 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 France, Germany, UK, Italy, Russia, and rest of Europe. In 2020, Germany held the largest share Europe automated parking system market.

AJ Automated Parking Systems Co., Ltd.; Citylift Parking; Fata Automation Inc; Klaus Multiparking; Park Plus, Inc.; Parkmatic; Robotic Parking Systems, Inc.; Skyline Parking (Fehr Lagerlogistik AG); Unitronic Corporation Inc.; and Westfalia Technologies, Inc. are among the leading companies in the Europe 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 2019, PARKPLUS, a prominent off-campus student housing partner in Madison, offers the latest in automated robotic parking technology, as well as community amenities such as a rooftop swimming pool, coffee shop, movie theatre, and Skydeck, which are perfectly suited to student living.

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