Automated Parking System Market Regional Analysis:
Europe Market Insights
European automated parking system market is likely to capture revenue share of over 35% by 2035. The growth of the market in the region can be ascribed to the rising government investment in establishing robust parking infrastructure. There has been an increase in the initiative for building smart cities and residential and commercial buildings in the region, further bolstering the market's growth. According to the European Commission in 2023, the number of EU-registered passenger cars exceeded 256 million. This is instilling the demand for adequate infrastructure for the parking system. Also, an increase in the initiative for building smart cities in the region and rising demand from residential and commercial buildings will offer significant growth to the market.
Asia Pacific Market Insights
The Asia Pacific automated parking system market is expected to witness exponential growth. The growth can be attributed to the high population and the existence of a high number of vehicles parking on roads. According to the United Nations Population Fund, currently, 4.3 billion people are living in the Asia Pacific region. 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 to derive benefits from this infrastructure.
