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Automated Parking System Market Trends

Report ID: GMI7694
Published Date: Dec 2023
Report Format: PDF

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Automated Parking System Market Trends

The use of advanced connectivity features and integration with the Internet of Things (IoT) is anticipated to rise. By connecting sensors, devices, and platforms, IoT enables real-time data collection, improving operational efficiency and user experience. Smart connectivity facilitates remote monitoring, predictive maintenance, and data-driven decision-making. This integration not only enhances the performance of automated parking systems but also aligns them with the broader trends of smart urban development, fostering sustainable and efficient urban mobility solutions.

Against this backdrop, in February 2023, Eleven-x, a Canadian IoT company, was chosen for a major municipal smart parking initiative in North America, situated in Arlington County, Virginia. This project aims to enhance parking efficiency and convenience for residents and visitors alike. Leveraging eleven-x's wireless technology, the smart parking system will monitor parking spaces, offering real-time availability data. This allows drivers to locate open spots promptly, minimizing the time spent searching for parking. Additionally, the data will optimize parking enforcement and alleviate congestion in the area. More initiatives in this direction will favorably impact the industry.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of automated parking system USD 2 billion in 2023 and is set to witness 16.5% CAGR between 2024 and 2032, due to the accelerating rate of urbanization and space constraints.

The commercial segment accounted for a market share of around 70% in 2023, propelled by the need for efficient space utilization, enhanced user experience, and a commitment to sustainable, smart infrastructure.

Europe market share was around 35% in 2023, owing to the increasing urbanization, limited parking space, and a commitment to environmental sustainability.

IHI Corporation, MHE Demag (S) Pte Ltd, Park Assist, Westfalia Parking, Lodgie Industries, Unitronics Corporation, Robotic Parking Systems, Inc., Fata Automation, Wohr Parking System Pvt. Ltd., and Parkmatic.