Industry Background:
The rising unavailability or the limited availability of parking spaces coupled with the increasing number of vehicles have resulted in heavy traffic congestion in several regions and countries. Moreover, it is observed that the drivers searching for vacant parking spaces account for approximately 40% of the total traffic congestion. Thus enhancing the need for a robotic Parking system across the countries. In addition to that, the main reason people want this parking space is that the time spent in finding parking space, results in wastage of fuel and increased emission. As per the study done in the market, it is seen that the German driver spends, on average, 41 hours on searching parking spaces each year. Hence causing the country to cost around USD 45 billion which included the cost of wasted time, fuel, and emission. Hence all the aforementioned reasons are sufficient to drive the market forces.
This growth is primarily driven by The Growing Population in Urban Areas has put Enormous Pressure on Parking Infrastructure and Necessitated the Expansion of the Available Infrastructure and Increasing per Capita Income, Improved Lifestyle, and Increasing Demand for Personal Mobility has Increased the Sales of Vehicles in Metropolitan Cities.
Globally, a noticeable market trend is evident The adoption of smart cities with high-rise buildings has grown significantly. Thus implementing the need for smart parking. As per the Council on Tall Buildings and Urban Habitat, the developers are focusing on reducing emissions and offering low emission sustainable homes. For example, the Beacon residential facility in London offers zero-emission sustainable homes with a fully automated parking system with 320 parking spaces. Hence, increasing the trend in this market space.. Major Manufacturers, such as Parkplus (United States), Serva Transport Systems (Germany), Shenzhen Yeefung Automation Technology (China), MHE-Demag (Singapore), Stanley Robotics (France), AIM Inc. (United States), Fata Automation (United States), A.P.T. Parking Technologies (United States), LoDige Industries (Germany) and Smart City Robotics (Abu Dhabi) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
On July 23, 2019, Daimler and Bosch have been granted approval to roll out an automated parking system in Stuttgart, Germany. German auto giant Daimler said that the automated valet service would be introduced at the parking garage of the Mercedes-Benz Museum. It will be accessed using a smartphone app and will not need a safety driver. Moreover, it also said that it is the “world’s first fully automated driverless SAE Level 4 parking function to be officially approved for everyday use.
Market Drivers
- The Growing Population in Urban Areas has put Enormous Pressure on Parking Infrastructure and Necessitated the Expansion of the Available Infrastructure
- Increasing per Capita Income, Improved Lifestyle, and Increasing Demand for Personal Mobility has Increased the Sales of Vehicles in Metropolitan Cities
Market Trend
- The adoption of smart cities with high-rise buildings has grown significantly. Thus implementing the need for smart parking. As per the Council on Tall Buildings and Urban Habitat, the developers are focusing on reducing emissions and offering low emission sustainable homes. For example, the Beacon residential facility in London offers zero-emission sustainable homes with a fully automated parking system with 320 parking spaces. Hence, increasing the trend in this market space.
Restraints
- High Complexity of the System and Issues With Quality Control
- Concern Related to the Malfunctioning of Electronic Components
Opportunities
The rising benefits and advantages of the robotic parking system coupled with the increasing number of vehicles are providing an opportunity in this market. For example, global automotive sales reached a record-breaking 90 million in 2017 which was 2.7 percent growth since 2016. In addition to that, the advantages of the automated parking system over conventional parking systems are increased efficiency by 35%-40% and have increased capacity by 40%-50%.
Challenges
High Capital Requirement
AMA Research follow a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcase the spontaneously changing Manufacturers landscape impacting the growth of the market. Furthermore, our market researchers extensively analyse the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts, but also include significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Robotic Parking Systems Study Sheds Light on
The Robotic Parking Systems Market status quo and key characteristics. To end this, Analyst at AMA organize and took survey of the Robotic Parking Systems industry Manufacturers. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Robotic Parking Systems industry is heading and what are the top priorities. Insights are drawn from financial analysis, the survey and interviews with key executives and industry experts.
How every company in this diverse set of Manufacturers can best navigate the emerging competition landscape and follow a strategy that helps them position to hold value they currently claim, or capture the new addressable opportunity.