Global Automated Parking

Systems Market 2017-2021 -

Expected to Grow at a CAGR of
11.42%

The "Global Automated Parking Systems Market 2017-2021" report has been added
to ResearchAndMarkets.com'soffering.

Global automated parking systems market to grow at a CAGR of 11.42% during the
period 2017-2021.

One trend in the market is trends in smart parking. The future of the parking industry will
primarily be driven by the adoption of smart parking solutions. The deployment of
advanced sensor technologies, and innovations in wireless communications, data
analytics, induction loops, and smart parking meters will be major developments
contributing to the growth of the market.

One driver in the market is increase in automobile sales. Passenger car sales have
been increasing at a tremendous rate over the years, owing to the high disposable
incomes and the rising consumer aspirations. This has, in turn, led to an increase in
demand for infrastructure to park these vehicles. It has been noted that a large
proportion of passenger vehicle accidents involving property damage have occurred in
parking spaces that require multiple maneuvering actions. While on-street and off-street
parking have been widely adopted across the globe, there is a considerable demand for
parking spaces that use less land area, while ensuring that space is optimized.

One challenge in the market is regulatory requirements for operations of automated

parking systems. Manufacturers in the market are subject to various regulations
depending on the country where the products are manufactured and sold for
commercial purposes. They are required to gain the necessary approvals and
clearances before implementing automated parking systems. For instance, in Europe,
automated parking systems are governed by the machinery directive 2006/42/EC, and
their basic technical requirements are specified in the European standard EN 14010.
Vendors are expected to comply with these regulations to ensure that the parking
systems are optimized.
The report has been prepared based on an in-depth market analysis with inputs from
industry experts. The report covers the market landscape and its growth prospects over
the coming years. The report also includes a discussion of the key vendors operating in
this market.