Report : Middle East and Africa 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)
According to a new market research study on “Middle East & Africa 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$ 166.98 million by 2028 from US$ 76.07 million in 2021. The market is estimated to grow at a CAGR of 11.9% from 2021 to 2028. The report provides trends prevailing in the Middle East & Africa automated parking system market along with the drivers and restraints pertaining to the market growth. Increasing number of vehicles and consequently growing demand for sustainable parking solutions is the major factor driving the growth of the Middle East & Africa automated parking system market. However, high initial investment requirements and complexity of monitoring systems may hinder the growth of Middle East & Africa automated parking system market.
The automated parking system market in the Middle East & Africa has witnessed a decline due to disruptions in supply chains; enactment of containment measures such as travel restrictions, production shutdowns, and lockdowns; and the disrupted supply and distribution of electronics and mechanical automotive components. South Africa accounts for a major share in the automotive sector in the Middle East & Africa. The shuttering of production factories has had an enormous impact on the country's automotive sector. Several players in the automated parking system market are introducing innovative green and environmentally friendly technologies to recover sales. Employers are focused on making a larger floor area available for employees to assist with social distancing, which could result in review and adjustments in the parking spaces, as per the required sizes. By creating smart, flexible, and right-sized parking facilities, vendors in the MEA can better prepare themselves to continue providing the desired level of services.
The Middle East & Africa 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 Middle East & Africa 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 South Africa, UAE, Saudi Arabia, and rest of Middle East & Africa. In 2020, Saudi Arabia held the largest share Middle East & Africa automated parking system market.
AJ Automated Parking Systems Co., Ltd.; Klaus Multiparking; Parkmatic; Robotic Parking Systems, Inc.; and U-tron are among the leading companies in the Middle East & Africa 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 2021, Robotic Parking Systems, Inc. uses pallet technology to safely park cars and trucks of all sizes, whether they are wide, long, tall, heavy, or have poor ground clearance.
Contact Person: Sameer Joshi
Email Id: firstname.lastname@example.org