Automated Parking System Market Trends

Growth Drivers

• Growing Rate of Urbanization Across the World - With cities expanding and rural landscapes disappearing, urbanization is rapidly happening across the world. It will be followed by a growing number of residential and commercial buildings, all of which need efficient parking systems. According to the UN, from 55% in 2018, 68% of the world population is expected to live in urban environments
• Decreasing Parking Space in Cities With tremendous pressure on roads and high emission rates, along with charting out land for residences, offices and other development projects, parking spaces in cities are rapidly declining. China, one of the countries with most vehicles in the world was short of at least 51 million parking spaces, according to research.
• Growing World Population - According to the UN, the population of the world is projected to rise by 2 billion people during the next 30 years, from 7.7 billion people today to 9.7 billion in 2050, with a potential peak of approximately 11 billion people around the year 2100.
• Need for Sustainable Solutions - According to research, American people spend about 20 hours per year looking for a place to park their cars. Carbon emissions increased from 34.7 billion tons in 2020 to 36.5 billion metric tons in 2021. Governments around the world are looking for eco-friendly solutions to mitigate their carbon emissions, and automated parking systems can help by reducing the fuel emissions produced while searching for a spot and parking a vehicle

Challenges

• High Initial Cost of Installation - The cost of initial installation of these parking systems is high which emerges as a challenge for the market. These systems use advanced technology features which are usually of high cost, thereby raising the final price of the product. Owing to this, many developing and under-developed countries, are not able to plan out to deploy such parking systems.
• Greater Concern for Mechanical and Electrical Failures
• Constant Cost and Effort Required in Maintenance