ALBANY, New York, May 22, 2018 (GLOBE NEWSWIRE) -- According to a new market report published by Transparency Market Research titled the ‘Automated Parking Management System Market – Software and Hardware – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018 – 2026, ’ the global automated parking management system market is expected to expand at a CAGR of more than 13.00% during the forecast period in order to reach US$ 4.5 Bn by 2026.
The global automated parking management system market is projected to expand at a CAGR of more than 13.00% between 2018 and 2026, according to a new research report by Transparency Market Research (TMR). According to the report, the global automated parking management system market is projected to be influenced by a range of macroeconomic and microeconomics factors, rise in urbanization, infrastructure development in metropolitan cities, increase in new vehicle registration, and increase in migration of people from rural areas to urban areas. North America is likely to continue to be at the forefront of global demand, with the market in the region expanding at a CAGR of more than 15.00% during the forecast period.
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Rise in the number of new registrations of vehicles across the world is increasing demand for an effective system that offers parking solutions to vehicles. Traffic and congestion are rising globally due to a rise in new registrations of vehicles. This is boosting demand for effective and flexible vehicle parking solutions. According to a survey of the automotive industry, more than 35% of traffic congestion occurs due to people looking for parking space for their vehicles. This, in turn, is driving the necessity of automated parking management systems. Automated parking management systems provide convenience to vehicle drivers.They also simplify and automate business operations and administrative functions of the parking sectors.
The sensor technology segment holds a prominent share of the global automated parking mismanagement system market. Rise in technological advancement in the automated parking management systems market is likely to boost demand for sensor technology. Sensors are used to identify available parking space for vehicles and vehicle size and dimension to avoid collisions in the parking lot.
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In terms of geography, the automated parking management system market has been classified into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America dominated the global automated parking management system market. The report projects the automatic parking management system market is anticipated to expand at a CAGR of more than 13.00% to reach a value of more than US$ 4.5 Bn by 2026. In 2017, North America dominated the automated parking management system market with more than 30% share in the global market, in terms of revenue. The trend is expected to continue during the forecast period. The demand for passenger vehicles in the region is projected to increase owing to rapid urbanization, stable economic conditions, development of financial districts, and increase in migration of people from rural areas to suburban and urban areas.
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The automated parking management system market is highly fragmented and each region of the market is dominated by a selected number of players. For instance, the automated parking management system market in North America is dominated by CityLift and Robotic Parking Systems, Inc., which hold more than 32% share of the market. Furthermore, the market in Europe and Asia Pacific is fragmented and is dominated by regional players. In these regions, giants such as Skyline Parking and PARK ASSIST are anticipated to hold a significant share of the automated parking management system market. Key players operating in the global automated parking management system market are UNITRONICS, Dayang Parking Co. Ltd, Klaus Multiparking Systems Pvt. Ltd., and AUTOMOTION PARKING SYSTEMS EITO&GLOBAL INC.
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Global Automated Parking Management System Market is segmented as follows:
- Global Automated Parking Management System Market, by Mode of Automation
- Semi-automated Parking System
- Fully automated Parking System
- Global Automated Parking Management System Market, by Technology
- Sensor Technology
- Mobile Technology
- RFID Technology
- Other Technology
- Global Automated Parking Management System, by End-user
- Residential
- Commercial
- Global Automated Parking Management System, by Service & Solution
- Integrated Payments
- Vehicle Detection Solutions
- Space Reservation Services
- Monitoring & Reporting Services
- Global Automated Parking Management System, by System
- Software
- Hardware
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