The Automated Parking System (Aps) Market is expected to grow at a CAGR of 20.01% to reach USD 3589 million by 2028. In densely populated cities, the demand for parking spaces and advanced transportation infrastructure continues to escalate. To tackle this issue and enhance overall transportation productivity, Automated Parking Systems (APS) are being integrated with smart city projects, such as traffic management systems. For instance, the Singaporean government's smart mobility initiative merges automated parking with traffic control to optimize traffic flow, reduce congestion, and boost efficiency. This system, which utilizes real-time data, achieves a 25% reduction in travel time and a 22% decrease in carbon emissions. Similarly, Los Angeles is integrating APS with a traffic management system to amplify transportation effectiveness in the city.
North America dominates the regional market because of The Automated Parking System (APS) market is experiencing significant growth due to the increasing demand for efficient and convenient parking solutions. Businesses are investing in APS to enhance customer experience, reduce operational costs, and optimize space utilization. Advanced technologies such as IoT, RFID, and AI are driving innovation in this market, enabling real-time monitoring, contactless payments, and automated vehicle guidance. The market is expected to continue its upward trajectory, with key players focusing on expanding their product offerings and enhancing system capabilities to meet evolving customer needs.
There are various factors that drive the Automated Parking System (Aps) Market market which are as following: In the context of global urbanization, which is projected to house approximately 70% of the world's population by 2050, according to the United Nations (UN), the demand for efficient urban infrastructure, particularly parking and transportation, has become increasingly pressing. With population density on the rise, the scarcity of parking spaces in urban areas has resulted in prolonged commutes, increased traffic congestion, and environmental concerns such as air pollution and carbon emissions. In response to these challenges, the market for Automated Parking Systems (APS) has emerged as a promising solution. APS technology optimizes parking space utilization, reduces traffic congestion, and minimizes environmental impact, making it a valuable investment for cities and businesses alike.
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Automated Parking System (Aps) Market Segmentation
The market witnesses several challenges, which are as follows Automated Parking Systems (APS) represent a cutting-edge solution to the intricacies of urban parking, offering increased efficiency and capacity. However, the substantial initial investment required for APS implementation may act as a significant barrier to entry for certain consumers. Factors influencing the cost of APS include system size, level of automation, and installation complexity. For instance, a fully automated 200-car parking garage can cost between USD4 million and USD7 million, whereas a conventional parking garage with comparable capacity might only cost between USD2 million and USD4 million. Moreover, APS may entail higher ongoing maintenance expenses compared to traditional parking solutions.
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Some of the key companies that have been profiled in the report include:
The Automated Parking System (APS) market is a segment of the larger industrial machinery and supplies and components market. This market encompasses businesses involved in the manufacturing of industrial machinery and components, including presses, machine tools, compressors, pollution control equipment, elevators, escalators, insulators, pumps, roller bearings, and other metal fabrications. According to Technavio, the global industrial machinery and supplies and components market size is determined by the consolidated revenue generated by manufacturers supplying equipment for industrial applications. Key growth drivers for this market include expanding industrial production in process and discrete industries, particularly in developing countries, which is fueling demand for energy, chemicals and petrochemicals, pulp and paper products, and processed food and beverages. - The Automated Parking System (Aps) Market is experiencing significant growth, fueled by the Increasing urbanization. Businesses are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
In today's world, pollution levels caused by idling vehicles in traffic jams have become a significant concern for vehicle owners and city planners. With rising urbanization, the scarcity of land for parking and the construction footprint of traditional parking structures have added to the problem. The car parking industry is facing challenges due to increasing traffic congestion, fuel wastage, and CO2 emissions, contributing to climate change. Automated Parking Systems (APS) are emerging as sustainable parking solutions for both commercial and residential sectors. These systems offer efficient use of space, reducing the need for expansive parking lots and minimizing energy consumption. By stacking cars vertically, APS can accommodate more vehicles in less space, making them an ideal choice for urban areas. Smart cities initiatives and luxury buildings are increasingly adopting APS to address the challenges of urban mobility. These systems save time and fuel, reducing the carbon footprint and contributing to a greener environment. As car sales continue to rise, the demand for innovative parking solutions is expected to grow, making APS a promising market for the future.
Technavio Research
Jesse Maida
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