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)
Market Introduction
The automated parking system market in APAC is further segmented into China, India, Japan, Australia, and South Korea. The automated parking systems use AI and robotics to provide a smarter, more advanced car parking experience. This ensures next-level convenience for drivers as their vehicles can be automatically parked within a few minutes without the need to look for a parking place. The cutting-edge facility allows drivers to simply place their vehicles on the pallet inside the allocated chamber and then confirm at the kiosk to begin the parking procedure using a one-time passcode provided. The pallet and the car will be transported to a vacant parking space by an automated guided vehicle (AGV). To retrieve the vehicle, drivers simply needs to enter the allotted password into the kiosk, and the vehicle will be moved by the AGV to the specified chamber for pickup. Drivers can also use the robotic parking system apps to schedule car retrieval, view parking availability, and track the vehicle status. Hong Kong Science and Technology Parks Corporation (HKSTP) has introduced the city's first automatic robotic parking system with EV charging facility at Hong Kong Science Park, the city's largest R&D site. The robotic parking system, which will be located in Buildings 17W and 19W, will highlight Hong Kong's cutting-edge smart city innovation, and strengthen the city's vision for smarter living and smarter transportation. The new facility saves space by allowing ideal parking in numerous rows and columns (double-parking), and the process is assisted by AGVs that approach the parking pallets from multiple angles using omnidirectional motions. The AGVs, which are outfitted with precision laser navigation systems, can operate with high positional accuracy of ±5 mm. The AGVs, which are powered by innovative route planning algorithms, optimize space usage while also transporting each car along the most efficient route. As the unmanned parking facility requires minimum lighting and ventilation, it enables energy savings of up to 30%. Sensors and automation produce a zero-human operation that reduces the risk of accidents and crimes and enhances security and safety of users and vehicles. In a parking chamber, motion sensors are attached to ensure that no humans or dogs are left inside before parking automatically. AGVs are equipped with non-contact collision avoidance sensors, which cause them to come to a complete stop if an obstruction is detected. MHE-Demag Singapore presented Kim Eng Properties Pte Ltd a right solution for building parking at their redevelopment at 48 North Canal Road. As the new commercial building required eight parking lots and a traditional subterranean parking would not be economically feasible due to the size of the land, the company chose MHE-Demag's automated vehicle parking system to maximize its land area. MHE-Demag supplied and built a speedy automated parking system—Elevator Tower Parking (DET)—based on the site specifications, which included one car elevator, eight fixed-height vehicle parking platforms, and one slide-up auto door for security. The parking system is suitable for medium- to large-scale construction projects and can accommodate vehicles weighing up to 2,250 kg and measuring 2.15 m × 2 m × 5.25 m (W × H × L). The system is meant to transport and park vehicles quickly across many levels of a building's parking zone and to retrieve them in less than 3 minutes. Many safety measures, supported by sensors, were integrated into the parking system that protects users and automobiles; sensors ensure cars are properly positioned on the pallets and elevator, as well as identify the presence of vehicles and their height clearance. Furthermore, the system was developed for fast speed, low noise, and low vibration to comply with the severe standards of local authorities ensuring low disturbance to surrounding residents. Furthermore, the growing number of smart cities and technical improvements in autonomous vehicles are expected to provide significant growth opportunities for the companies operating in the automated parking system market in APAC.
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.
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Market Overview and Dynamics
The automated parking system market in Asia-Pacific is expected to grow from US$ 367.17 million in 2021 to US$ 978.05 million by 2028; it is estimated to grow at a CAGR of 15.0% from 2021 to 2028. Increase in number of luxury buildings with increased space and enhanced parking facilities; Economic growth, increasing disposable incomes, and changing consumer lifestyle have triggered the trend of high-rise luxury buildings with increased space and enhanced parking facilities. Real estate professionals, architects, and luxury building developers are benefitting from automated parking systems, which helps them create innovative, functional, and esthetically pleasing options for consumers. Continuous innovations in unique garage designs and underground facilities is further encouraging the automated parking system market growth. These systems are capable of saving space, along with making the additional rentable space available for luxury residential and commercial facilities, which further boost the profits for developers. Growing concerns about health and wellness have increased the demands for green space in luxury apartments. The trend of reduction of parking spaces can be utilized to develop greener urban environments. This is bolstering the growth of the automated parking system market.
Key Market Segments
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.
Major Sources and Companies Listed
A few major primary and secondary sources referred to for preparing this report on the automated parking system market in Asia-Pacific are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are AJ Automated Parking Systems Co., Ltd.; CityLift Parking; FATA Automation Inc.; Klaus Multiparking; and Parkmatic among others.
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ASIA-PACIFIC AUTOMATED PARKING SYSTEM MARKET SEGMENTATION
- Hardware
- Software
- Semi-automated
- Fully-automated
- Palleted
- Non-palleted
- Commercial
- Residential
- Mixed-use
By Country
- China
- Japan
- India
- South Korea
- Australia
- Rest of APAC
Company Profiles
- AJ Automated Parking Systems Co., Ltd.
- CityLift Parking
- FATA Automation Inc.
- Klaus Multiparking
- Parkmatic
1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. APAC Automated Parking System Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.2.1 Asia-Pacific
4.3 Ecosystem Analysis
4.4 Expert Opinions
5. APAC Automated Parking System Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Surge in Number of Vehicles and Consequently Growing Demand for Sustainable Parking Solutions
5.1.2 Increase in Number of Luxury Buildings with Increased Space and Enhanced Parking Facilities
5.2 Market Restraints
5.2.1 High Initial Investment Requirements and Complexity of Monitoring Systems
5.3 Market Opportunities
5.3.1 Development of “Smart Cities”
5.4 Future Trends
5.4.1 Robotic Garages and Robotic Parking
5.5 Impact Analysis of Drivers and Restraints
6. Automated Parking System Market – APAC Analysis
6.1 Automated Parking System Market APAC Overview
6.2 APAC Automated Parking System Market –Revenue and Forecast to 2028 (US$ Million)
7. APAC Automated Parking System Market Analysis – By Component
7.1 Overview
7.2 APAC Automated Parking System Market, By Component (2020 and 2028)
7.3 Hardware
7.3.1 Overview
7.3.2 Hardware: APAC Automated Parking System Market – Revenue and Forecast to 2028 (US$ Million)
7.4 Software
7.4.1 Overview
7.4.2 Software: APAC Automated Parking System Market – Revenue and Forecast to 2028 (US$ Million)
8. APAC Automated Parking System Market – By Automation Level
8.1 Overview
8.2 APAC Automated Parking System Market, By Automation Level (2020 and 2028)
8.3 Semi-automated
8.3.1 Overview
8.3.2 Semi-automated: APAC Automated Parking System Market – Revenue and Forecast to 2028 (US$ Million)
8.4 Fully-automated
8.4.1 Overview
8.4.2 Fully-automated: APAC Automated Parking System Market – Revenue and Forecast to 2028 (US$ Million)
9. APAC Automated Parking System Market – By Platform
9.1 Overview
9.2 APAC Automated Parking System Market, By Platform (2020 and 2028)
9.3 Palleted
9.3.1 Overview
9.3.2 Palleted: APAC Automated Parking System Market – Revenue and Forecast to 2028 (US$ Million)
9.4 Non-palleted
9.4.1 Overview
9.4.2 Non-palleted: APAC Automated Parking System Market – Revenue and Forecast to 2028 (US$ Million)
10. APAC Automated Parking System Market – By End-User
10.1 Overview
10.2 APAC Automated Parking System Market, By End-User (2020 and 2028)
10.4 Residential
10.4.1 Overview
10.4.2 Residential: APAC Automated Parking System Market – Revenue and Forecast to 2028 (US$ Million)
10.5 Commercial
10.5.1 Overview
10.5.2 Commercial: APAC Automated Parking System Market – Revenue and Forecast to 2028 (US$ Million)
10.6 Mixed-use
10.6.1 Overview
10.6.2 Mixed-use: APAC Automated Parking System Market – Revenue and Forecast to 2028 (US$ Million)
11. APAC Automated Parking System Market – Country Analysis
11.1 APAC: Automated Parking System Market
11.1.1 APAC: Automated Parking System Market- By Key Country
11.1.1.1 Australia: Automated Parking System Market – Revenue and Forecast to 2028 (US$ Million)
11.1.1.1.1 Australia: Automated Parking System Market- By Component
11.1.1.1.2 Australia: Automated Parking System Market- By Automation Level
11.1.1.1.3 Australia: Automated Parking System Market- By Platform
11.1.1.1.4 Australia: Automated Parking System Market- By End-User
11.1.1.2 China: Automated Parking System Market – Revenue and Forecast to 2028 (US$ Million)
11.1.1.2.1 China: Automated Parking System Market- By Component
11.1.1.2.2 China: Automated Parking System Market- By Automation Level
11.1.1.2.3 China: Automated Parking System Market- By Platform
11.1.1.2.4 China: Automated Parking System Market- By End-User
11.1.1.3 India: Automated Parking System Market – Revenue and Forecast to 2028 (US$ Million)
11.1.1.3.1 India: Automated Parking System Market- By Component
11.1.1.3.2 India: Automated Parking System Market- By Automation Level
11.1.1.3.3 India: Automated Parking System Market- By Platform
11.1.1.3.4 India: Automated Parking System Market- By End-User
11.1.1.4 Japan: Automated Parking System Market – Revenue and Forecast to 2028 (US$ Million)
11.1.1.4.1 Japan: Automated Parking System Market- By Component
11.1.1.4.2 Japan: Automated Parking System Market- By Automation Level
11.1.1.4.3 Japan: Automated Parking System Market- By Platform
11.1.1.4.4 Japan: Automated Parking System Market- By End-User
11.1.1.5 South Korea: Automated Parking System Market – Revenue and Forecast to 2028 (US$ Million)
11.1.1.5.1 South Korea: Automated Parking System Market- By Component
11.1.1.5.2 South Korea: Automated Parking System Market- By Automation Level
11.1.1.5.3 South Korea: Automated Parking System Market- By Platform
11.1.1.5.4 South Korea: Automated Parking System Market- By End-User
11.1.1.6 Rest of APAC: Automated Parking System Market – Revenue and Forecast to 2028 (US$ Million)
11.1.1.6.1 Rest of APAC: Automated Parking System Market- By Component
11.1.1.6.2 Rest of APAC: Automated Parking System Market- By Automation Level
11.1.1.6.3 Rest of APAC: Automated Parking System Market- By Platform
11.1.1.6.4 Rest of APAC: Automated Parking System Market- By End-User
12. Impact of COVID-19 Pandemic APAC Automated Parking System Market
12.1 Asia-Pacific: Impact Assessment of COVID-19 Pandemic
13. APAC Automated Parking System Market-Industry Landscape
13.1 Overview
13.2 Market Initiative
14. Company Profiles
14.1 AJ Automated Parking Systems Co., Ltd.
14.1.1 Key Facts
14.1.2 Business Description
14.1.3 Products and Services
14.1.4 Financial Overview
14.1.5 SWOT Analysis
14.1.6 Key Developments
14.2 CityLift Parking
14.2.1 Key Facts
14.2.2 Business Description
14.2.3 Products and Services
14.2.4 Financial Overview
14.2.5 SWOT Analysis
14.2.6 Key Developments
14.3 FATA Automation Inc.
14.3.1 Key Facts
14.3.2 Business Description
14.3.3 Products and Services
14.3.4 Financial Overview
14.3.5 SWOT Analysis
14.3.6 Key Developments
14.4 Klaus Multiparking
14.4.1 Key Facts
14.4.2 Business Description
14.4.3 Products and Services
14.4.4 Financial Overview
14.4.5 SWOT Analysis
14.4.6 Key Developments
14.5 Parkmatic
14.5.1 Key Facts
14.5.2 Business Description
14.5.3 Products and Services
14.5.4 Financial Overview
14.5.5 SWOT Analysis
14.5.6 Key Developments
15. Appendix
15.1 About The Insight Partners
15.2 Word Index
LIST OF TABLES
Table 1. APAC Automated Parking System Market – Revenue, and Forecast to 2028 (US$ Million)
Table 2. APAC: Automated Parking System Market- By Key Country – Revenue and Forecast to 2028 (US$ Million)
Table 3. Australia: Automated Parking System Market- By Component –Revenue and Forecast to 2028 (US$ Million)
Table 4. Australia: Automated Parking System Market- By Automation Level –Revenue and Forecast to 2028 (US$ Million)
Table 5. Australia: Automated Parking System Market- By Platform –Revenue and Forecast to 2028 (US$ Million)
Table 6. Australia: Automated Parking System Market- By End-User –Revenue and Forecast to 2028 (US$ Million)
Table 7. China: Automated Parking System Market- By Component –Revenue and Forecast to 2028 (US$ Million)
Table 8. China: Automated Parking System Market- By Automation Level –Revenue and Forecast to 2028 (US$ Million)
Table 9. China: Automated Parking System Market- By Platform –Revenue and Forecast to 2028 (US$ Million)
Table 10. China: Automated Parking System Market- By End-User –Revenue and Forecast to 2028 (US$ Million)
Table 11. India: Automated Parking System Market- By Component –Revenue and Forecast to 2028 (US$ Million)
Table 12. India: Automated Parking System Market- By Automation Level –Revenue and Forecast to 2028 (US$ Million)
Table 13. India: Automated Parking System Market- By Platform –Revenue and Forecast to 2028 (US$ Million)
Table 14. India: Automated Parking System Market- By End-User –Revenue and Forecast to 2028 (US$ Million)
Table 15. Japan: Automated Parking System Market- By Component –Revenue and Forecast to 2028 (US$ Million)
Table 16. Japan: Automated Parking System Market- By Automation Level –Revenue and Forecast to 2028 (US$ Million)
Table 17. Japan: Automated Parking System Market- By Platform –Revenue and Forecast to 2028 (US$ Million)
Table 18. Japan: Automated Parking System Market- By End-User –Revenue and Forecast to 2028 (US$ Million)
Table 19. South Korea: Automated Parking System Market- By Component –Revenue and Forecast to 2028 (US$ Million)
Table 20. South Korea: Automated Parking System Market- By Automation Level –Revenue and Forecast to 2028 (US$ Million)
Table 21. South Korea: Automated Parking System Market- By Platform –Revenue and Forecast to 2028 (US$ Million)
Table 22. South Korea: Automated Parking System Market- By End-User –Revenue and Forecast to 2028 (US$ Million)
Table 23. Rest of APAC: Automated Parking System Market- By Component –Revenue and Forecast to 2028 (US$ Million)
Table 24. Rest of APAC: Automated Parking System Market- By Automation Level –Revenue and Forecast to 2028 (US$ Million)
Table 25. Rest of APAC: Automated Parking System Market- By Platform –Revenue and Forecast to 2028 (US$ Million)
Table 26. Rest of APAC: Automated Parking System Market- By End-User –Revenue and Forecast to 2028 (US$ Million)
Table 27. List of Abbreviation
LIST OF FIGURES
Figure 1. APAC Automated Parking System Market Segmentation
Figure 2. APAC Automated Parking System Market Segmentation – By Country
Figure 3. APAC Automated Parking System Market Overview
Figure 4. Software Segment is Growing with Highest CAGR in 2020
Figure 5. Fully-Automated Held the Largest Market Share in 2020
Figure 6. Palleted Held the Largest Market Share in 2020
Figure 7. Commercial Held the Largest Market Share in 2020
Figure 8. APAC Automated Parking System Market, By Country
Figure 9. Asia-Pacific – PEST Analysis
Figure 10. APAC Automated Parking System Market– Ecosystem Analysis
Figure 11. Expert Opinions
Figure 12. APAC Automated Parking System Market: Impact Analysis of Drivers and Restraints
Figure 13. APAC Automated Parking System Market – Revenue and Forecast to 2028 (US$ Million)
Figure 14. APAC Automated Parking System Market Revenue Share, by Component (2020 and 2028)
Figure 15. Hardware: APAC Automated Parking System Market – Revenue and Forecast to 2028 (US$ Million)
Figure 16. Software: APAC Automated Parking System Market – Revenue and Forecast to 2028 (US$ Million)
Figure 17. APAC Automated Parking System Market Revenue Share, By Automation Level (2020 and 2028)
Figure 18. Semi-automated: APAC Automated Parking System Market – Revenue and Forecast to 2028 (US$ Million)
Figure 19. Fully-automated: APAC Automated Parking System Market – Revenue and Forecast to 2028 (US$ Million)
Figure 20. APAC Automated Parking System Market Revenue Share, by Platform (2020 and 2028)
Figure 21. Palleted: APAC Automated Parking System Market – Revenue and Forecast to 2028 (US$ Million)
Figure 22. Non-palleted: APAC Automated Parking System Market – Revenue and Forecast to 2028 (US$ Million)
Figure 23. APAC Automated Parking System Market Revenue Share, by End-User (2020 and 2028)
Figure 24. Residential: APAC Automated Parking System Market – Revenue and Forecast to 2028 (US$ Million)
Figure 25. Commercial: APAC Automated Parking System Market – Revenue and Forecast to 2028 (US$ Million)
Figure 26. Mixed-use: APAC Automated Parking System Market – Revenue and Forecast to 2028 (US$ Million)
Figure 27. APAC: Automated Parking System Market – Revenue by Country to 2028 (US$ Million)
Figure 28. APAC: Automated Parking System Market Revenue Share, By Key Country (2020 and 2028)
Figure 29. Australia: Automated Parking System Market – Revenue and Forecast to 2028 (US$ Million)
Figure 30. China: Automated Parking System Market – Revenue and Forecast to 2028 (US$ Million)
Figure 31. India: Automated Parking System Market – Revenue and Forecast to 2028 (US$ Million)
Figure 32. Japan: Automated Parking System Market – Revenue and Forecast to 2028 (US$ Million)
Figure 33. South Korea: Automated Parking System Market – Revenue and Forecast to 2028 (US$ Million)
Figure 34. Rest of APAC: Automated Parking System Market – Revenue and Forecast to 2028 (US$ Million)
Figure 35. Impact of COVID-19 Pandemic in Asia Pacific Country Markets
- AJ Automated Parking Systems Co., Ltd.
- CityLift Parking
- FATA Automation Inc.
- Klaus Multiparking
- Parkmatic
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