Covid-19 Impact on Car Parking System Market Set for Rebound from 2021 till 2026
This market research report provides in-depth information on trends, dynamics, revenue opportunities, competitive landscape, and recent developments in the global Car Parking System market. The historic years considered for the study are 2016-2019, the base year is 2020, and the forecast period is 2021-2026.
Detroit, Michigan, Jan 27th 2022. The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Car Parking System Market.
The Car Parking System market is projected to grow from USD 2.8 billion in 2020 to USD 3.6 billion by 2026 at a CAGR of around 4.2% during the forecast period.
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.
Car parking system distributors, Car parking system suppliers, Car parking system manufacturers, Logistics organizations, Government bodies are the target audience in the car parking system market.
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Application Trends:
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 Trends:
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.
COVID-19 Impact on Global Car Parking System Market
The covid-19 outbreak posed significant challenges to infrastructure development across geographies. It impacted the growth of the car parking system market negatively as the imposition of lockdown and trade restrictions affected the product supply and demand amid pandemics.
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).
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Features of the Report:
This report offers high-quality insights and is the outcome of 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.
The Car Parking System Market analysis report discusses the following heads in great detail:
- Market structure: Overview, industry life cycle analysis, supply chain analysis
- COVID-19 Impact Assessment
- 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, product portfolio, product launches, etc.
- Attractive market segments and associated growth opportunities
- Emerging trends
- Strategic growth opportunities for the existing and new players
- Key success factors.
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