The Automated parking system (APS) market was valued at USD 1,519.4 Million in 2020 and is projected to witness a growth of 12.40% of CAGR during the forecast period (from 2018 – 2028). The major drivers of the growths are – Increasing number of vehicles, lesser land for parking, growing demand for green & sustainable parking solutions, strong demand for consumer comfort and convenience, increasing demand for high-rise building, and smart cities initiatives from the government.
An automated parking system (APS) is a mechanical system designed to optimize the area or volume required for parking vehicles. Like a multi-story parking space, an automated parking system (APS) provides parking for vehicles on multiple levels stacked vertically to maximize the available number of parking spaces while minimizing area usage. The automated parking system (APS), utilizes a mechanical system to transport vehicles to and from parking spaces in order to reduce space wasted in a multi-story parking. While a multi-story parking lot is similar to multiple parking lots stacked vertically, an automated parking system (APS) is more similar to an automated storage and retrieval system for cars.
Increasing urbanization is impacting positively the automated parking system market. The demand for premium residential buildings has also increased over the past few years. According to Christie’s International Real Estate report, the growth in luxury residential sales was 11% in 2017 and demand for automated parking system is high in luxury residential buildings. Further, according to the research conducted by INRIX (US based company provides location-based data and analytics), American citizen spend an average of 17 hours per year searching for parking space, resulting in a cost of ~$350 per driver in wasted time, fuel and emissions. Overpaying for parking costs American citizen more than $20 billion a year or ~$100 per driver. This is likely to fuel the demand of the automated parking system
The European regional market is equally expected to present significant growth opportunities for the automated parking system (APS) market, particularly owing to the favorable government initiatives being pursued by the EU in promoting the deployment of smart parking systems as part of the efforts to reduce the pollution and ensure a sustainable environment.
Get a sample of the report @ https://www.reportsanddata.com/sample-enquiry-form/2333
Further key findings from the report suggest-
For the purpose of this study, Reports and Data have segmented the industry by automation level, by structure, by type, by design, by system, by platform, by end user, by parking level and by Region:
Automated Parking System (APS) by Automation Level (Revenue, USD Million; 2018–2028)
Automated Parking System (APS) by Structure (Revenue, USD Million; 2018–2028)
Automated Parking System (APS) by Type (Revenue, USD Million; 2018–2028)
Automated Parking System (APS) by Design (Revenue, USD Million; 2018–2028)
Automated Parking System (APS) by System (Revenue, USD Million; 2018–2028)
Automated Parking System (APS) by Platform (Revenue, USD Million; 2018–2028)
Automated Parking System (APS) by End User (Revenue, USD Million; 2018–2028)
Automated Parking System (APS) by Parking Level (Revenue, USD Million; 2018–2028)
Automated Parking System (APS) by Region (Revenue, USD Million; 2018–2028)
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/automated-parking-system-aps-market
Read More Trending Reports
Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target and analyse consumer behavior shifts across demographics, across industries and help client’s make a smarter business decision. We offer market intelligence studies ensuring relevant and fact-based research across a multiple industries including Healthcare, Technology, Chemicals, Power and Energy. We consistently update our research offerings to ensure our clients are aware about the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise.
Head of Business Development
Reports and Data | Web:www.reportsanddata.com
Direct Line: +1-212-710-1370