North America Automated Parking System Market

Market Introduction

In North America, particularly in the US, the automated parking system market growth is primarily driven by the increasing number of vehicles, lesser land availability for parking, strong emphasis on consumer comfort and convenience, and smart cities initiatives from governments. The high extent of urbanization is contributing to the market in this region. In recent years, there has been an upsurge in demand for high-end residential buildings. According to the Redfin report, luxury residential sales in the US rose by 41.6% over the year in the first quarter of 2021. The automated parking systems are needed in luxury residential buildings. The automated parking systems can significantly reduce emissions, thereby increasing the project's ecological footprint. Furthermore, according to a study conducted by INTRIX, a US-based firm that delivers location-based data and analytics, an average American citizen spends 17 hours per year looking for a parking spot, costing US$ 345 per driver in wasted time, gas, and emissions. Drivers in big cities spend a lot more time looking for a parking spot. Drivers in New York spend an average of 107 hours looking for parking every year, costing ~US$ 2,243 in wasted time, gas, and emissions. The cost of overpaying for parking in the US is more than US$ 20 billion per year or US$ 100 per driver. Such high unnecessary expenses are fueling the demand for automated parking systems. Parkplus plans to retrofit the world’s largest and tallest 420-space, 13-story automated robotic parking system at Brickell House, a 46-story residential building in Miami, Florida, by 2021. These developments and concerns about high resource wastage would further propel the demand for automated parking systems in the US during the forecast period.

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.

North America Automated Parking System Strategic Insights

Strategic insights for the North America Automated Parking System provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.

North America Automated Parking System Report Scope

North America Automated Parking System Regional Insights

The geographic scope of the North America Automated Parking System refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.

Market Overview and Dynamics

The automated parking system market in North America is expected to grow from US$ 421.52 million in 2021 to US$ 1,022.63 million by 2028; it is estimated to grow at a CAGR of 13.5% from 2021 to 2028. Development of smart cities; there is a surge in the construction of smart cities and green spaces in buildings across the region, which is creating lucrative growth opportunities for the developers of automated parking systems. As a part of the smart city projects, the construction of luxury buildings accommodating green spaces is anticipated to augment the demand for APS systems, which help save space and lower car emissions. Reclaiming valuable spaces for amenities, and additional living by owners, and architects will offer ample opportunities for the automated parking system market players to provide customized solutions with enhanced functionalities for improving the profitability of commercial buildings. 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 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.

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 North America 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.; Unitronic Corporation Inc.; and Westfalia Technologies, Inc. among others.

Reasons to buy report

• To understand the North America automated parking system market landscape and identify market segments that are most likely to guarantee a strong return
• Stay ahead of the race by comprehending the ever-changing competitive landscape for North America automated parking system market
• Efficiently plan M&A and partnership deals in North America automated parking system market by identifying market segments with the most promising probable sales
• Helps to take knowledgeable business decisions from perceptive and comprehensive analysis of market performance of various segment form North America automated parking system market
• Obtain market revenue forecast for market by various segments from 2021-2028 in North America region.

NORTH AMERICA AUTOMATED PARKING SYSTEM MARKET SEGMENTATION

By Component

• Hardware
• Software

By Platform

• Semi-automated
• Fully-automated

By

Automation Level

• Palleted
• Non-palleted

By

End-User

• Commercial
• Residential
• Mixed-use

By Country

• US
• Canada
• Mexico

Company Profiles

• AJ Automated Parking Systems Co., Ltd.
• CityLift Parking
• FATA Automation Inc.
• Klaus Multiparking
• Park Plus, Inc.
• Parkmatic
• Robotic Parking Systems, Inc.
• U-tron
• WESTFALIA TECHNOLOGIES, INC.