North America Smart Parking Systems Market Share, Trends, Demand, Revenue, Growth Drivers, CAGR Status, Challenges, Opportunities and Future Competition Till 2033


North America Smart Parking Systems Market Share, Trends, Demand, Revenue, Growth Drivers, CAGR Status, Challenges, Opportunities and Future Competition Till 2033: SPER Market Research

 Published: Mar-2024
 Author: SPER Analyst

North America Automated Parking System Market is projected to be worth USD XX Billion by 2033 with a CAGR of 16.1%.

To minimise space, vehicles in automatic parking systems are stacked vertically or in a planned fashion. The unique architecture of these systems allow cars to be moved from the entry to their parking area without the driver present. Because there is no human intervention, this saves space and enables for the efficient use of both horizontal and vertical spaces. With increasing demand on cities and parking systems, automatic parking systems assist save space and enable for more automobiles to be stored. When used properly, automated parking systems can save up to 50% on parking space.

North America Automated Parking System Market Driving Factors and Challenges
The market is defined by dynamic tendencies that dictate its direction of growth. These trends address current issues while anticipating future needs, positioning APS as a critical component of the urban mobility ecosystem. The use of artificial intelligence (AI) and machine learning (ML) into automated parking systems is a key trend. AI technologies improve parking operations by predicting user behaviour, improving traffic flow within the facility, and adapting to shifting patterns.

Furthermore, the Internet of Things (IoT) plays a critical role in improving the connection and utility of automated parking systems. IoT-enabled sensors and equipment connect seamlessly, providing real-time data on parking space availability, customer preferences, and system performance. This link increases user comfort by enabling for remote monitoring and management of APS facilities. The user experience is becoming increasingly crucial in the development of automated parking systems.

Furthermore, Canadian cities, particularly those in densely populated areas like the Greater Toronto Area (GTA) or Vancouver, suffer challenges due to limited urban space. Automated parking solutions are especially appealing in areas where traditional parking infrastructure may be impractical. 

However, several problems exist in the North American market for automated parking systems. One significant barrier is the high initial installation cost, which is due to the use of advanced technology features, which inevitably raises the final product price. As a result, the budgetary barrier prevents the implementation of such parking systems in many developing and undeveloped countries. Furthermore, there is increased concern about mechanical and electrical breakdowns, which raises questions about system reliability. Furthermore, continual maintenance requires consistent money and effort, which adds to the issues faced by stakeholders. Overall, solving these difficulties necessitates novel techniques to lower installation costs, improve system dependability, and optimise maintenance processes in order to encourage more use of automated parking systems in North America.

Impact of COVID-19 on North America Automated Parking System Market
COVID-19 had the most severe consequences in the United States in 2020, with lockdowns and travel restrictions resulting in production facility closures and staff shortages, harming North American car makers. The automated parking business saw major disruptions, affecting supply chains, manufacturing, and sales. Automakers are rethinking their financial goals in light of the pandemic's economic impact, diverting resources away from car production and technology advancements. Challenges such as social alienation and reduced reliance on mass transit or ridesharing impede the return of North Americans to offices, schools, and sports venues. This trend may postpone the shift from personal vehicle ownership to alternate modes of transportation, emphasising the ongoing requirement for parking space.

North America Automated Parking System Market Key Players
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; EITO&GLOBAL INC., KLAUS Multiparking GmbH, Park Plus, Inc., Parkmatic, Robotic Parking Systems Inc., Skyline Parking, Unitronics (1989) (R”G) Ltd, Westfalia Technologies, Inc., WOHR Autoparksysteme GmbH, Others.

North America Automated Parking System Market Segmentation

By Component: Based on the Component, North America Automated Parking System Market is segmented as; Hardware, Software.

By Platform Type: Based on the Platform Type, North America Automated Parking System Market is segmented as; Palleted, Non-Palleted.

By Automation Level: Based on the Automation Level, North America Automated Parking System Market is segmented as; Fully Automated, Semi-Automated.

By End Use: Based on the End Use, North America Automated Parking System Market is segmented as; Commercial, Residential, Mixed-Use.

By Region: This research also includes data for Canada, Mexico, US, Rest of North America.

This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.

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