Automated Parking System Market Share

European Market Forecast

The Europe automated parking system market is projected to surpass USD 2.81 billion by the end of 2036. This is owing to the fact that the European Union has implemented policies to improve traffic, parking, and pollution such as the Action Plan on Urban Mobility, 2009. The increase in the initiative for building smart cities and increasing demand from residential and commercial buildings will offer significant growth to the market in the region. In these nations, automated parking technologies are widely used to conserve space and cut down on vehicle emissions while parking. The existence of smart parking has driven both the public and private sector to incorporate automated parking systems in their space.

APAC Market Statistics

The Asia Pacific automated parking system market is expected to witness growth at a CAGR of 15.67% during the forecast period. This can be seen owing to the high population and the existence of vehicle parking on roads. Asia is home to 40% of the world's population, highly populated countries such as India and China. Also, many smart city development projects are being initiated for citizens. The development of an automated parking system is also a part of this initiative. Mostly the government of the region runs these programs towards making smart cities in order to derive benefits from this infrastructure.