The automated parking system market is expected to grow from US$ 1,411.59 million in 2021 to US$ 3,543.77 million by 2028; it is estimated t
The automated parking system market is expected to grow from US$ 1,411.59 million in 2021 to US$ 3,543.77 million by 2028; it is estimated to grow at a CAGR of 14.1% from 2021 to 2028.
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The automated parking system market in APAC is further segmented into China, India, Japan, Australia, and South Korea. The automated parking systems use AI and robotics to provide a0020smarter, more advanced car parking experience. This ensures next-level convenience for drivers as their vehicles can be automatically parked within a few minutes without the need to look for a parking place. The cutting-edge facility allows drivers to simply place their vehicles on the pallet inside the allocated chamber and then confirm at the kiosk to begin the parking procedure using a one-time passcode provided. The pallet and the car will be transported to a vacant parking space by an automated guided vehicle (AGV). To retrieve the vehicle, drivers simply needs to enter the allotted password into the kiosk, and the vehicle will be moved by the AGV to the specified chamber for pickup. Drivers can also use the robotic parking system apps to schedule car retrieval, view parking availability, and track the vehicle status. Furthermore, the growing number of smart cities and technical improvements in autonomous vehicles are expected to provide significant growth opportunities for the companies operating in the automated parking system market in APAC.