Hardware Segment to Dominate South America Automated Parking System Market during 2019–2028

According to a new market research study on “South 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$ 120.02 million by 2028 from US$ 52.39 million in 2021. The market is estimated to grow at a CAGR of 12.6% from 2021 to 2028. The report provides trends prevailing in the South 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 South America automated parking system market. However, high initial investment requirements and complexity of monitoring systems may hinder the growth of South America automated parking system market.

In 2020, Brazil recorded the highest number of COVID-19 cases in South America, followed by Colombia, Ecuador, Chile, Peru, and Argentina. The pandemic has adversely affected various industries, including the automotive sector. Many companies in the region suspended vehicle production due to the worsening COVID-19 public health crisis, while others opted to restructure their production facilities. The slowdown of sales and reduction in consumer demand resulted in significant losses for the regional automated parking system market players. The automated parking system market witnessed a decline in performance in South America as the majority of stimulus package deployed by governments were focused on public healthcare and tax relief. However, a decrease in the number of new cases, relaxations in COVID-led restrictions, and investments and changes in production processes are anticipated to promote market recovery in this region.

The South 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 South 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 Brazil, Argentina, and rest of South America. In 2020, Brazil held the largest share South America automated parking system market.

AJ Automated Parking Systems Co., Ltd.; FATA Automation Inc.; Klaus Multiparking; and Parkmatic are among the leading companies in the South 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 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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