Robotic Parking System Market is relied upon to achieve an estimation of US$ 221.59 million by 2025, developing at a CAGR of 17.6% amid 2017-2025.
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The Robotic Parking System Market, which was esteemed at US$ 51.46 million in 2016, is relied upon to achieve an estimation of US$ 221.59 million by 2025, developing at a CAGR of 17.6% amid 2017-2025. The development of sensors is one of the prime growth factor for this market.
The new advanced sensors are being used by the vendors to improve and capitalize their belongings. Reduction of sensors has led to reduction in costs and further leads to the emergence of affordable robotic parking systems.
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Moreover, sensors are experiencing upgrades to improve their adaptive and intelligent capabilities such as improved laser scanners which allow the development of accurate parking and safety laser scanners to prevent collisions. These sensors can adjust to the varying car specific dimensions and movement directions and speeds which can be saved in the system’s software for further use.
The Global Robotic Parking System Market is enhanced by factors such as:
- Increase in technological advancements.
- Growing focus on safety and cost-effectiveness.
- Rising entry of new players in the market.
From the type-wise segments, the robotic parking systems using AGVs with peripherals segment accounted for the major revenue and dominated this market in the preceding years. Factors such as the augmented focus on safety and cost-effectiveness assure that this segment will dominate the market over the prognosis period.
The peripherals used with AGVs include elevators, software systems, transfer stations, and automated terminals for generating tickets which afford better services to the customers.
Based on application, the commercial segment dominated the market due to increased number of public parking space, car rental companies, old office spaces, hotels, and restaurants opting for these systems. Factors such as insufficient parking space in large establishments that have a huge number of employees and the necessity for effective parking contribute to the growth of this segment.
Furthermore, the minimum cost required to install these systems in old buildings will likewise enhance the growth of this market segment.
Divided by region, the market is segmented into North America, Europe, Asia-Pacific, Middle East & Africa and Latin America. Among these, Europe and Middle East & Africa are the dominant regions of the market, projected to be responsible for generating both the highest revenue and maximum incremental growth over the conjecture period.
The increasing number of robotic garages in commercial enterprises is a key factor boosting the adoption of robotic parking systems in Europe and Middle East & Africa.
Some of the significant players functioning in the Global Robotic Parking System Market include Boomerang Systems, Parkplus Inc., Serva Transport Systems, Shenzhen Yeefung Automation Technology, MHE-Demag Pte. Ltd., Applied & Integrated Manufacturing, Fata Automation, A.P.T.
Parking Technologies, LoDige Industries, Smart City Robotics, Westfalia Parking Solutions, Unitronics PLC, Worldwide Robotic Automated Parking, Shaanxi Long Xiang Parking Equipment Group, Hangzhou Hikrobot Technology, Stanley Robotics, CityLift Parking and so on.
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