Car Parking System Market Report

Market Insights

The Car Parking System market is projected to grow from USD 2.8 billion in 2020 to USD 3.6 billion by 2026 at a CAGR of around 4.2% during the forecast period.

Figure: Global Car Parking System Market Size, 2020-2026 (USD Billion)

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What is Car Parking System?

A car parking system can be defined as a mechanical device that multiplies parking capacity inside a parking lot. These parking systems are being powered by hydraulic pumps or electric motors which move the vehicle into a storage position. Car parking systems can be categorized as mechanical systems, semi-automated systems, and automated systems.

Key Players

Key players operating in the Car Parking System market are-

• IHI Corporation (Japan),
• Klaus Multiparking Systems Pvt. Ltd. (India),
• Unitronics (Israel),
• Lödige Industries GmbH (Germany),
• Zhejiang Tianchen Intelligence Technology (China),
• Westfalia Technologies, Inc. (The U.S),
• MHE-Demag (S) Pte Ltd. (Singapore),
• STOPA Anlagenbau GmbH (Germany),
• FATA Automation, Inc. (The U.S), and
• Park Plus (India).

Market Dynamics

The growth of the car parking system market is primarily driven by increased investment in infrastructural activities.

• The rising number of domestic and commercial vehicles particularly in developing countries is expected to propel the growth of the car parking systems at a significant rate.
• In addition to this, the growing emphasis on the deployment of automated solutions in high-rise buildings is expected to create lucrative opportunities for the players operating in the global market in the coming years.

Segments' Analysis

Application Trends

By application, the car parking system market has been bifurcated into office buildings, malls, residential and others.

• Under these, the office building segment accounted for the largest market share in 2020 and is projected to register significant growth during the review period.
• The market growth can be attributed to the increasing number of people taking vehicles to the offices resulting in an increased need for a proper parking system.

Regional Trends

By region, the market in Europe accounted for the largest market share in 2020 and is projected to grow at a significant CAGR during the assessment period. The regional growth can be attributed to the presence of technologically advanced infrastructure and the presence of key market players such as Lödige Industries GmbH (Germany) and STOPA Anlagenbau GmbH (Germany). The market growth in the Asia-Pacific region is expected to be driven by the increasing adoption of automated solutions in buildings, particularly in China and India.

COVID-19 Impact on Car Parking System Market

The covid-19 outbreak posed significant challenges to infrastructure development across geographies. It impacted the growth of the car parking system market negatively as the imposition of lockdown and trade restrictions affected the product supply and demand amid pandemics.

Critical Questions Answered in the Report

• What are the key trends in the Car Parking System market?
• How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in the next five years?
• What is the impact of COVID-19 on the Car Parking System market?
• What are the key strategies adopted by the major vendors to lead in the Car Parking System market?
• What is the market share of the top vendors?

Target Audience

Here is the list of the group of customers that the Car Parking System market hopes to have the greatest opportunity to convert-

• Car parking system distributors
• Car parking system suppliers
• Car parking system manufacturers
• Logistics organizations
• Government bodies

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