Report : North America 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)
Hardware Segment to Dominate North America Automated Parking System Market during 2019–2028
According to a new market research study on “North America 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$ 1,022.63 million by 2028 from US$ 421.52 million in 2021. The market is estimated to grow at a CAGR of 13.5% from 2021 to 2028. The report provides trends prevailing in the North America 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 North America automated parking system market. However, high initial investment requirements and complexity of monitoring systems may hinder the growth of North America automated parking system market.
The US witnessed the most severe impact of COVID-19 in 2020. The enactment of lockdowns and travel restrictions shut down of production facilities, and shortage of employees have adversely affected the performances of automotive manufacturers in North America. The health and economic crises led to major disruptions in the automated parking industry, impacting everything from supply chain and manufacturing to product sales. The pandemic has directly and indirectly impacted the industry’s short-term and long-term growth strategies. Automakers are rethinking their financial priorities due to the serious economic impact of the COVID-19 pandemic. Due to a decline in vehicle production and technological upgrading activities, they are choosing to divert funds and resources toward alternative revenue streams. However, social distancing, mass transit, or ridesharing are among the major challenges faced by people returning to offices, schools, and sports arenas in North America. Upon continuation of this trend, the transition from personal vehicle ownership to alternative transportation may slow down, magnifying the need for parking space.
The North America 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 North America 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 US, Canada, and Mexico. In 2020, the US held the largest share North America 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.; Unitronic Corporation Inc.; and Westfalia Technologies, Inc. are among the leading companies in the North America 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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