A structure that stacks cars vertically reduces the amount of space needed for parking cars is called an automated parking system. In a completely automated parking system, the device is meant to assist in moving cars from the entrance to a specified parking spot without the need for a driver. Ramps, steps, drive aisles, and building costs are all eliminated and less room is needed with this method.
Europe Car Parking System Market Driving Factors and Challenges
Drivers:- Rising smart city initiatives, high-rise buildings, luxury developments, and real estate developers' propensity to use automated solutions are all contributing to the market share growth of automated parking systems. The provision of sufficient parking places to guarantee easy and seamless traffic flow is currently one of the services necessary for any smart city. Furthermore, Parking spaces in cities are decreasing. Cities are seeing a sharp decline in the number of parking spots due to heavy traffic, high emissions, and the planning of new homes, workplaces, and other development projects.
Challenges:- This parking system's high initial installation costs present a challenge for the market. The ultimate cost of the product is increased by these systems' usage of sophisticated technological elements, which are typically expensive. This prevents many emerging and underdeveloped nations from planning to implement these kinds of parking systems. Addition, Increased Concern about Electrical and Mechanical Failures.
Impact of COVID-19 on Europe Car Parking System Market
The COVID-19 pandemic had a significant impact on virtually every industry, including the global economy. The pandemic impacted the supply chain, leading to delays in the development and delivery of various types of parking systems. This has resulted in longer lead times and greater costs for certain projects. Additionally, many people and organizations experienced budget restrictions as a result of the pandemic's economic collapse, which reduced investments in new parking infrastructure and technological advancements.
Europe Car 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 are; AJ Automated Parking Systems Co., Ltd., CityLift Parking, FATA Automation Inc., Klaus Multiparking, Parkmatic, Robotic Parking Systems, Inc., Skyline Parking (Fehr Lagerlogistik AG), U-tron, WESTFALIA TECHNOLOGIES, INC., Others.
Europe Car Parking System Market Segmentation:
By Component: Based on the Component, Europe Car Parking System Market is segmented as; Hardware, Software.
By Platform: Based on the Platform, Europe Car Parking System Market is segmented as; Semi-automated, Fully-automated.
By Automation Level: Based on the Automation Level, Europe Car Parking System Market is segmented as; Palleted, Non-palleted.
By End-User: Based on the End-User, Europe Car Parking System Market is segmented as; Commercial, Residential, Mixed-use.
By Region: This research also includes data for France, Germany, UK, Italy, Russia, Rest of Europe
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.