An automated parking system is a technology that allows vehicles to be parked in a facility without the need for human interaction. The process involves a robotic transfer device that takes the vehicle from its parking space and puts it into a shuttle. It then moves it to a pre-determined location. This eliminates the need for pedestrians to walk, reducing the risk of injury or damage.
Several types of automated parking systems can be used in different settings. They are categorized by the type of vehicle that they can accommodate, the type of technology they use, and the region they are in. These systems are gaining in popularity because they offer many advantages. For example, a fully automated parking system requires less space than a traditional parking garage and can park twice as many cars in the same space.
Automated parking is a solution to a major problem in urban areas. Cities have been experiencing congestion and traffic overcrowding because of an influx of vehicles. Additionally, they can prevent car-pedestal accidents. Also, the system reduces emissions. Moreover, it provides better security for vehicles and personal property.
Some main factors driving the automated parking system market are the increasing demand for green parking solutions, the government’s smart city initiatives, and the growing demand for luxury buildings. In addition, the market is expected to experience robust growth in Asia Pacific and North America. As a result, the market is expected to grow at a CAGR of 13.1% during the projected period.
Automated parking systems are gaining traction in most metropolitan cities. They are more commonly used in Europe and Asia. However, they are also being adopted in North America. As a result, the automated parking market is expected to experience significant growth in these regions.
Currently, the automated parking market is mainly driven by advanced technology adoption. This is because it helps to reduce the time it takes to find a parking space. The system also improves the user’s experience by providing integrated software. Furthermore, it records all transactions and keeps cycle times short. It also provides inventory accuracy.
Another factor driving the automated parking market is the emergence of self-driving cars. Besides, the growing per capita income has improved lifestyles in many countries. Consequently, the adoption of high-end facilities is accelerating in the residential segment.
Furthermore, the need for vertical parking slots is rising. For example, Washington D.C. and New York City have installed driverless parking garages. But due to restrictions, they cannot increase the height of the building. Therefore, these parking spaces are very limited.
To address this issue, city planners are promoting the technology. However, there are concerns that this technology could discourage drivers from utilizing the parking facility. Moreover, the lack of raw materials in some parts of the world hinders the development of the market.