The North America automated parking system market is expected to grow from US$ 421.52 million in 2021 to US$ 1,022.63 million by 2028; it is estimated to grow at a CAGR of 13.5% from 2021 to 2028.
North America Automated Parking System Market Introduction
The North American automated parking system market, particularly strong in the US, is experiencing robust growth driven by several factors. These include the increasing number of vehicles, limited land availability for parking, a heightened emphasis on consumer comfort and convenience, and governmental support for smart city initiatives. The high level of urbanization across the region also plays a crucial role. Recent years have witnessed a surge in demand for luxury residential buildings. According to Redfin, US luxury residential sales increased by 41.6% year-over-year in Q1 2021, indicating a strong need for automated parking systems in such developments. These systems also offer the significant advantage of reducing emissions, thereby enhancing a project’s ecological footprint. Additionally, the pervasive inefficiency of traditional parking drives market demand. An INTRIX study revealed that the average American spends 17 hours annually searching for a parking spot, translating to a $345 per driver loss in wasted time, gas, and emissions. In major urban centers, this problem is amplified; drivers in New York, for instance, spend an average of 107 hours each year looking for parking, costing them approximately $2,243 in wasted time and resources.
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North America Automated Parking System Strategic Insights
Strategic insights for the North America Automated Parking System market offer a thorough, data-driven analysis of the industry landscape, encompassing current trends, major players, and specific regional characteristics. These insights provide practical recommendations, allowing readers to gain a competitive edge by identifying underutilized market segments or creating unique value propositions. Leveraging data analytics, these insights assist industry participants in predicting market shifts, regardless of their role as investors, manufacturers, or other stakeholders. A future-focused perspective is essential, helping stakeholders to anticipate market changes and position themselves for sustained success in this dynamic region. Ultimately, effective strategic insights empower readers to make well-informed decisions that foster profitability and help them achieve their business objectives within the market.
North America Automated Parking System Market Segmentation
North America Automated Parking System Market: By Component
- Hardware
- Software
North America Automated Parking System Market: By Automation Level
- Semi-Automated
- Fully-Automated
North America Automated Parking System Market: By Platform
- Palleted
- Non-Palleted
North America Automated Parking System Market: By End-User
Residential
Commercial
Mixed-Use
North America Automated Parking System Market: Regions and Countries Covered
North America
- US
- Canada
- Mexico
North America Automated Parking System Market: Market leaders and key company profiles
- AJ Automated Parking Systems Co., Ltd.
- CityLift Parking
- FATA Automation Inc.
- Klaus Multiparking
- Park Plus, Inc.
- Parkmatic
- Robotic Parking Systems, Inc.
- U-tron
- WESTFALIA TECHNOLOGIES, INC.
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