Internet of Things (IoT) has come of age, and now complex solutions can be executed seamlessly within the urban governance and management frameworks and procedures. Cities with augmenting car ownership owing to growing disposable income are rendering parking accessibility a challenge and lowering the superiority of life through augmented the carbon emissions. Hence, advancement of smart parking solutions has become the requirement of the hour, to decrease the time spent looking for parking and complete greenhouse gas emissions. The challenges of parking are mainly imperative, as majority of individual prefer private car ownership. Due to this, search for a parking spot in hectic cities is a daunting endeavor, leading to time wastage and unwarranted consumption of fuel, which in the end underwrites to the complete climate change. With the implementation of the Smart City model in most urban locations, smart digital solutions have emerged during the past few years. Among them smart parking system is one such solution. Barcelona, a Smart City, has accomplished a broad range of the merits through investments in IoT, involving the smart parking technology.
According to the report analysis, ‘Automated Parking System Market: Current Analysis and Forecast (2021-2027)’ states that some of the foremost players functioning in the market include Mitsubishi Electric Corporation, Robotics Parking System Inc., AJ Automated Parking Systems, Unitronics Corporation, Wohr parking, Klaus Multi Parking, City Lift, Skyline Parking AG, Parkmatic, Park Plus Inc. and many more are the key companies which presently working in the automated parking system market more efficiently for keep maintaining the governing position, leading the highest market growth, ruling around the globe, registering the great value of market share, generating the highest percentage of revenue and obtaining the competitive edge by analysing the strategies and policies of government as well as contenders, spreading the awareness connected to the applications and advantages of automated parking system, implementing the policies of profit making and strategies of expansion, increasing the features and benefits of automated parking system, establishing the several research and development programs, delivering the better customer satisfaction, decreasing the associated prices of such, and improving the qualitative and quantitative measures of such.
Based on Components, the global Automated Parking System Market is classified into Hardware, Software. Presently, hardware segment registers the market and is predicted to maintain its dominance throughout the forecast duration. Structure and hardware contrast according to the type of automated parking system. Hardware systems underwrites to greatest share of the cost of the automated parking system; hence, it registers the market.
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The foremost drivers for the market are the growing number of vehicles, scarcity of land for parking, augmenting the urbanization, increasing demand for green & sustainable parking solutions, augmenting demand for luxury buildings, and smart cities initiatives from the government. Therefore, it is predicted that during in the near future the market of automated parking system will augment more proficiently around the globe over the review period.
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Global Automated Parking System Market: Ken Research
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