Global Automotive Automated Parking System market is expected to grow at CAGR of 15.0% during 2019-2027

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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Systems Covered:

• Hardware
• Software

End Users Covered:

• Commercial
• Residential

Regions Covered:

• North America
• US
• Canada
• Mexico
• Europe
• Germany
• France
• Italy
• UK
• Spain
• Rest of Europe
• Asia Pacific
• Japan
• China
• India
• Australia
• New Zealand
• South Korea
• Rest of Asia Pacific
• South America
• Argentina
• Brazil
• Chile
• Rest of South America
• Middle East & Africa
• Saudi Arabia
• UAE
• Qatar
• South Africa
• Rest of Middle East & Africa

What our report offers:

- Market share assessments for the regional and country-level segments

- Market share analysis of the top industry players

- Strategic recommendations for the new entrants

- Market forecasts for a minimum of 9 years of all the mentioned segments, sub-segments, and the regional markets

- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)

- Strategic recommendations in key business segments based on the market estimations

- Competitive landscaping mapping the key common trends

- Company profiling with detailed strategies, financials, and recent developments

- Supply chain trends mapping the latest technological advancements

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We offer a wide spectrum of research and consulting services with in-depth knowledge of different industries. We are known for customized research services, consulting services, and Full-Time Equivalent (FTE) services in the research world. We explore market trends and draw our insights with valid assessments and analytical views. We use advanced techniques and tools among the quantitative and qualitative methodologies to identify the market trends.

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SOURCE Stratistics Market Research Consulting Pvt Ltd