Market Introduction
Germany, France, the UK, and Italy are the prime contributors to the European automated parking system market. Western Europe is a well-known for its improved living conditions, with higher income levels of residents. Countries have in Western Europe have greater GDP per capita than the rest of the nations in the region. Steady economic progress is an indicator of opportunities for the automated parking system market in European countries. The Canadian government has announced an investment of US$ 1.8 million in an Ontario-based business s2e Technologies to test the world's first integrated, automated electric vehicle (EV) parking system at EVE Park in London's West 5 community. Governments of the EU countries are mandating the compliance with EN 14010 Safety of machinery to ensure that automated parking system are safe for the general public. According to the scope of this standard, automated parking systems must be rigorously tested to eliminate mechanical, electrical, thermal, and other risks. Design review, visual inspection, functional testing, loading tests, and specialized verification/measurements are all part of the verification process. An automated parking system expands a parking lot's capacity, improves parking efficiency, lowers greenhouse gas emissions, avoids car theft, and enhances safety and convenience. According to the INTRIX survey, an average German driver spends 41 hours per year looking for a parking spot. The cost of wasted fuel, time, and emissions are estimated to be over USD 45 billion. The rising population places significant strain on parking infrastructure, necessitating the expansion of existing infrastructure in metropolitan areas. Furthermore, rising per capita income and improved lifestyles have increased the demand for personal mobility, resulting in increased automobile sales in metropolitan areas. As a result, the number of vehicles on the road outnumber the number of parking spots available in cities. These factors collectively drive the adoption of automated parking systems that can ensure optimum space utilization for parking. In July 2019, HORIBA MIRA, a multinational engineering firm, teamed with Coventry University to launch "Trusted Autonomous Parking" in Nuneaton, the UK's first connected and autonomous vehicle (CAV) parking facility. Moreover, in January 2020, Klaus Multiparking built a fully automatic parking system—MasterVario R3L—at Rathbone Square, London, in collaboration with Lendlease, a British construction and real estate company, and MACE architects.
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 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 a deep crisis and resulted in a 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 sales in the coming years. Government initiatives to rejuvenate suburban areas can potentially bring more cars on the road, which could further propel the demand for automated parking systems in Europe during the forecast period.
Market Overview and Dynamics
The automated parking system market in Europe is expected to grow from US$ 494.42 million in 2021 to US$ 1,256.09 million by 2028; it is estimated to grow at a CAGR of 14.2% from 2021 to 2028. Robotic garages and robotic parking; garages equipped with robotics are anticipated to become increasingly popular over the next several years as they store and retrieve vehicles in a secure, space-efficient manner. As large cities report the shortage of rooms, the popularity of automated garages is rising rapidly owing to their space management capabilities. Robotic parking systems eliminate the requirement of human interference to fit vehicles into tightly packed cubicles, and they require enough room for robots to move. Densely populated countries are thus quickly embracing robotic parking systems. Companies that offer automated, robotic garages, are placing greater emphasis on upgrading the efficiency and sustainability of transportation systems. PARKPLUS Electric Vehicle Charging solution provides EV charging capacity to its automated and semi-automated parking systems. The solution is designed for pallet-based parking systems and platforms. The vehicles’ connection with a charging system is established when the parking platform arrives at designated parking space in the garage. Growing demands for simple, robust, and user-friendly solutions for charging EVs are increasing the constructions of reliable APS that are compatible with all models of electric vehicles. 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 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.
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 Europe 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; Park Plus, Inc.; Parkmatic; Robotic Parking Systems, Inc.; Skyline Parking (Fehr Lagerlogistik AG); Unitronic Corporation Inc.; and Westfalia Technologies, Inc. among others.
Reasons to buy report
EUROPE AUTOMATED PARKING SYSTEM MARKET SEGMENTATION
By Country
Company Profiles
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 494.42 Million |
| Market Size by 2028 | US$ 1, 256.09 Million |
| CAGR (2021 - 2028) | 14.2% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Component
|
| Regions and Countries Covered |
Europe
|
| Market leaders and key company profiles |
|
The Europe Automated Parking System Market is valued at US$ 494.42 Million in 2021, it is projected to reach US$ 1, 256.09 Million by 2028.
As per our report Europe Automated Parking System Market, the market size is valued at US$ 494.42 Million in 2021, projecting it to reach US$ 1, 256.09 Million by 2028. This translates to a CAGR of approximately 14.2% during the forecast period.
The Europe Automated Parking System Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Europe Automated Parking System Market report:
The Europe Automated Parking System Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
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Essentially, anyone involved in or considering involvement in the Europe Automated Parking System Market value chain can benefit from the information contained in a comprehensive market report.
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