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 in the U.S., is experiencing significant growth, driven by rising vehicle numbers, limited urban parking spaces, escalating consumer demand for convenience, and smart city initiatives. Urbanization plays a crucial role in this market’s expansion. The surge in demand for luxury residential buildings, which often integrate automated parking solutions, is notable. A Redfin report indicates a 41.6% increase in U.S. luxury home sales in Q1 2021. Such systems also offer a reduced environmental impact through emission reduction.
Inefficiencies associated with traditional parking are a key market driver. INTRIX data reveals that the average American wastes 17 hours annually searching for parking, costing $345 per driver. In densely populated cities like New York, this figure escalates to 107 hours and $2,243 per year. The total annual cost of overpaying for parking in the U.S. exceeds $20 billion, or $100 per driver. Projects like Parkplus’s planned 420-space automated robotic parking system at Miami’s Brickell House highlight the growing adoption of these solutions. These factors are expected to propel the demand for automated parking systems in the U.S. throughout the forecast period.
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North America Automated Parking System Strategic Insights
Strategic insights into the North America Automated Parking System market provide a comprehensive, data-driven analysis of the industry landscape, encompassing current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling businesses to differentiate themselves from competitors by identifying untapped market segments and developing unique value propositions. Leveraging data analytics, industry stakeholders can anticipate market shifts and adjust their strategies accordingly. A future-oriented perspective is vital for navigating this dynamic market, allowing stakeholders to strategically position themselves for long-term success. Effective strategic insights facilitate informed decision-making, driving profitability and achieving business objectives.
North America Automated Parking System Regional Insights
The regional scope of the North America Automated Parking System market requires an understanding of the specific areas in which businesses operate and compete. Recognizing local distinctions, such as diverse consumer preferences, varying economic conditions, and distinct regulatory environments, is essential for tailoring effective market strategies. Considering preferences for specific plug types in EV-compatible parking systems or varying demands for battery backup durations is crucial. Businesses can expand their reach by identifying underserved areas and adapting their offerings to meet local demands. A focused market approach enables efficient resource allocation, targeted marketing campaigns, and enhanced positioning against local competitors, driving growth in targeted regions.
NORTH AMERICA AUTOMATED PARKING SYSTEM MARKET SEGMENTATION
North America Automated Parking System Market: By Component
- Hardware
- Software
North America Automated Parking System Market: By Platform
- Semi-automated
- Fully-automated
North America Automated Parking System Market: By Automation Level
- Palleted
- Non-palleted
North America Automated Parking System Market: By End-User
- Commercial
- Residential
- Mixed-use
North America Automated Parking System Market: By Country
- US
- Canada
- Mexico
North America Automated Parking System Market: 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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