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 automated parking system market in North America, particularly within the US, is expanding rapidly due to a confluence of factors. These include a growing vehicle fleet, diminishing land availability for parking, a pronounced focus on user comfort and convenience, and governmental impetus for smart city development. Significant urbanization throughout the region also contributes to this growth. There's been a recent uptick in demand for high-end residential buildings, with luxury home sales in the US rising by 41.6% year-over-year in Q1 2021, as per Redfin. Automated parking systems are essential for these premium properties. Furthermore, these systems significantly reduce emissions, improving a project's ecological footprint. The inefficiency of traditional parking is another significant market driver. A study by INTRIX found that the average American spends 17 hours annually searching for parking, costing $345 per driver in wasted time, fuel, and emissions. This problem is especially severe in major cities; New York drivers, for example, spend an average of 107 hours each year looking for parking, resulting in an estimated $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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