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 in the US, is expanding rapidly. This growth is attributable to an increasing vehicle count, diminishing land availability for parking, a paramount focus on consumer convenience and comfort, and government-led smart city initiatives. The high degree of urbanization across the region also plays a significant role. Recently, there has been a considerable uptick in demand for luxury residential buildings. A Redfin report indicated that luxury residential sales in the US surged by 41.6% year-over-year in Q1 2021. Automated parking systems are crucial for such luxury properties. These systems also significantly reduce emissions, enhancing a project's ecological footprint. Moreover, the substantial time and cost associated with finding parking provide a strong impetus. According to INTRIX, an average American wastes 17 hours annually searching for parking, resulting in $345 per driver lost in wasted time, fuel, and emissions. This problem is exacerbated in major metropolitan areas; New York drivers, for example, spend an average of 107 hours yearly seeking parking, leading to an approximate $2,243 in wasted resources.

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North America Automated Parking System Strategic Insights

Strategic insights for the North America Automated Parking System market offer a data-driven examination of the industry environment. This includes an analysis of current trends, major industry players, and regional specificities. These insights provide practical recommendations, allowing readers to differentiate themselves from competitors by identifying underserved segments or creating unique value propositions. By harnessing data analytics, these insights help industry participants predict market changes, whether they are investors, manufacturers, or other stakeholders. A forward-looking perspective is crucial, enabling stakeholders to anticipate shifts in the market and position themselves for long-term prosperity in this vibrant region. Ultimately, effective strategic insights empower readers to make astute decisions that boost profitability and contribute to achieving 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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