The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

The Business Research Company’s Automated Parking System Global Market Report 2024 offers crucial insights into the automated parking system market help businesses analyse and build stronger strategies.

Current Market Dynamics

• The automated parking system market has experienced rapid growth in recent years.
• Surging from $2.11 billion in 2023 to $2.39 billion in 2024, the market displays a notable CAGR of 13.4%.
• Drivers include space constraints, environmental concerns, and the need for enhanced safety and security.

Anticipated Growth: Insights into the Future

• Forecasts predict rapid expansion, with the market projected to reach $4.18 billion by 2028, showcasing a CAGR of 15.0%.
• Factors driving this growth include the rise in electric vehicles, consumer demand for convenience, and smart city integration.
• Emerging trends encompass urbanization, technological advancements, and safety enhancements.

Fueling Market Growth: Rising Passenger Car Demand

• The increasing demand for passenger cars propels the growth of the automated parking system market.
• Automated parking systems enhance convenience and safety by autonomously maneuvering vehicles into parking spaces.
• Sales data from major manufacturers like Honda and Nissan underscore the growth in the passenger car market.
• Globally, over 68 million passenger cars were manufactured in 2022, reflecting a significant increase.

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Technological Advancements: Driving Innovation

• Advancements in technology are a key trend in the automated parking system market.
• Companies integrate intelligent systems such as sensors to sustain market position.
• Evergrande Auto’s automated valet parking system (AVP) utilizes sensor technologies for enhanced functionality.
• Continental AG’s acquisition of a stake in Kopernikus Automotive strengthens its automated driving portfolio.

Market Segmentation and Regional Growth

• The automated parking system market is segmented by component, structure type, platform, automation level, and end-use.
• Components include hardware and software, while structure types range from AGV systems to puzzle systems.
• Western Europe dominated the market in 2023, with Asia-Pacific expected to lead in growth.

Conclusion: Steering Towards Innovation

The automated parking system market reflects the growing demand for efficient parking solutions in urban environments. As cities grapple with space constraints and environmental concerns, automated parking systems offer a sustainable and convenient alternative. The rise in passenger car demand further drives market growth, prompting innovations in technology and infrastructure. Advancements such as sensor integration and autonomous driving technologies propel the industry forward, enhancing safety and accessibility.

As major players invest in technological innovation and strategic acquisitions, the market is poised for significant expansion. Smart city initiatives and the integration of electric vehicles contribute to the market’s upward trajectory, offering solutions for urban mobility challenges. With Western Europe leading the market and Asia-Pacific emerging as a key growth region, the automated parking system market continues to evolve to meet the demands of modern urban living.

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The Automated Parking System Global Market Report 2024  provides a comprehensive outlook of the automated parking system market for the historic years (2010 – 2021) and ten years forecast (2023 – 2032). The automated parking system market forecast offers a thorough analysis on automated parking system market size, automated parking system market share, prominent players and their strategies.

The Table Of Content For The Automated Parking System Market Include:
1. Automated Parking System Market Executive Summary
2. Automated Parking System Market Segments
3. Automated Parking System Market Size And Automated Parking System Market Growth Rate
4. Key Automated Parking System Market Trends
5. Major Automated Parking System Market Drivers
……
25. Key Mergers And Acquisitions In The Automated Parking System Market
26. Top Automated Parking System Companies
27. Automated Parking System Market Opportunities And Strategies
28. Automated Parking System Market, Conclusions And Recommendations
29. Appendix

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