GAITHERSBURG, Md., July 25, 2020 /PRNewswire/ -- According to Stratistics MRC, the Global Automotive Automated Parking System market is growing at a CAGR of 15.0% during the forecast period.
Some of the key players in Automotive Automated Parking System Market include Citylift, Dayang Parking Company Ltd, Eito and Global, Fata Automation, Lodgie Industries, ShinMaywa Industries, Skyline Parking, Unitronics Corporation, Westfalia Parking and Wohr parking.
Some of the key factors propelling the market growth are escalating number of vehicles, lesser amount of space for parking in cities with high population and smart city proposals by the governments. However, huge installation cost necessary is the restraining factor for the growth of the market.
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Automotive Automated parking systems are ecological as they do not start the engine of the car during parking, which reduces the atmosphere pollution as well as the sound pollution in the region. It is estimated that a fully automated parking system reduces air pollution compared to conventional parking systems. This system allows use of the parking space better than the conventional parking system as it allows more vehicles to be parked in the available space as circulation space and space to open doors in not required as in conventional parking.
By system, hardware segment is estimated to have a lucrative growth owing to many significant components like camera systems, different sensors, display systems, connectivity solutions etc. The main players in the segment are spending highly in research and development to improve the user experience and safety while parking the vehicles. The system will allow visitors to reserve vehicles from the facility using the application on their smartphones. Their vehicles will arrive to the designated pick-up spot in the parking garage autonomously.
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On the basis of geography, Europe is estimated to have a lucrative growth in the forecast period due to raise more traffic on the road and eventually more parking space would be required for vehicles. With the presence of many big players of automated parking systems in the region and the attitude of people living in the region towards adaption of new technologies which are also environment friendly, This region is likely to be the largest market for this market.
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