Car Parking System Market Analysis | 2021-2026

Market Insights

The car parking system market was estimated at USD 2.8 billion in 2020 and is likely to grow at a CAGR of 4.2% during 2021-2026 to reach USD 3.6 billion in 2026.

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Market Dynamics

Introduction

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.

Market Drivers

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

By Application Type

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 Insights

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.

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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).

Note: The above list does not necessarily include all the top players in the market.

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Research Methodology

This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s car parking system market realities and future market possibilities for the forecast period of 2021 to 2026. After a continuous interest in our car parking system market report from the industry stakeholders, we have tried to further accentuate our research scope to the car parking system market to provide the most crystal-clear picture of the market. The report segments and analyses the market in the most detailed manner to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors

Market Segmentation

This report studies the market, covering a period of 12 years of trends and forecasts. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The car parking system market is segmented into the following categories:

By Type

• Mechanical Systems
• Semi-Automated Systems
• Automated Systems

By Application Type

• Office Building
• Mall
• Residential
• Others

By Region

• North America (Country Analysis: the USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to [email protected].