Mechanical Parking Equipment Market Size, Share, Growth, and Industry Analysis, By Type (Lifting and Traversing Class, Simple Lift, Plane Movement and Others), By Application (Residential Area, Business District and Others), Regional Forecast From 2024 to 2031

Updated On: 08 April 2024

Mechanical Parking Equipment Market Report Overview

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The global mechanical parking equipment market size expanded rapidly in 2022, as per our research, the market is expected to generate substantial revenue by 2031, a robust CAGR during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lowerr-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

A multi-story car park (also known as a parking garage, parking structure, parking ramp, parkade, or parking deck) is a facility that is specifically intended for automobile parking and has a number of floors or levels on which parking takes place. It is essentially a stacked parking lot. A multi-story car parking system is an excellent substitute for a parking lot. Since in the current world, where space has become a major issue, and in the period of miniaturization, it has become a critical necessity to reduce space wasting in modern, large organizations and residences.

COVID-19 Impact: The Pandemic Caused Underlying Malady Downsized the Market Share

We can all see how the COVID-19 epidemic has brought about a great number of unanticipated and significant changes in every business, whether it be the automotive, hospitality, aviation, retail, or any other. As an economy becomes less stable, unemployment rates rise. Furthermore, COVID-19 is to blame for the high unemployment rate that is currently present globally. Setbacks and forced lockdown forbidding people to stay at home to harshly affect the mechanical parking equipment market growth. Here is how the situation stands, with the pandemic having a negative impact on the mechanical parking equipment market share.

LATEST TRENDS

"Mechanized Parking Being Simply Green and Environment Friendly to Bolster the Market Sales"

For the first time in history, the world's population is concentrated in cities rather than outside of them. By 2030, cities will house more than 60% of the world's population. This means that cities will have to become more imaginative in order to provide high-quality living and services while remaining environmentally responsible. Cities currently consume more than 75% of all energy generated and generate more than 80% of global greenhouse gas emissions. One strategy to reduce cities' carbon footprint is to lessen the need for parking. More automatic parking means fewer cars on the road, less traffic, and cleaner air for everyone.

Mechanized parking provides numerous environmental benefits. Saving ground area is one of the most significant advantages of conventional underground or open space parking. Gardening and landscaping, as well as additional buildings, can make good use of the extra outdoor area. It also decreases noise and other contaminants greatly.

Mechanical Parking Equipment Market Segmentation

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• By Type

Based on type the mechanical parking equipment market is classified as lifting and traversing class, simple lift, plane movement and others.

The type lifting and traversing class is the leading part of the type segment.

• By Application

Based on application the mechanical parking equipment market is classified as residential area, business district and others.

The part residential area is the leading type of the application segment.

DRIVING FACTORS

"Low Maintenance, Operating and Construction Cost to Evolve the Market Share"

Mechanical parking is less expensive to build. MLCPS are delivered pre-fabricated and assembled on-site. Because the system operates automatically, additional costs associated with underground parking, such as building structure, lighting, and security, are avoided. Because mechanical car parking systems use less energy to operate, operating costs are low. Because the cars are not driven in the parking lot, there is no need for energy-intensive ventilation systems. Cladding can be specially chosen to match the building's facade.

"A Wide Array of Benefits to the Vehicle Owners to Inflate the Market Share"

Mechanical parking provides so much more to both users and owners of parking spaces. For example, a mechanical park lift system is capable of expanding the capacity of a parking lot without much difficulty. In most places, increasing the amount of space that a parking lot takes is impossible because land is limited, but having a mechanical park lift system means increasing the number of spaces available without increasing the amount of land space needed.

RESTRAINING FACTORS

The COVID-19 Pandemic to Act as Barrier for the New Entrants and Market Players

As a result of the COVID-19 epidemic, many governments implemented stringent limitations by announcing complete lockdowns, resulting in a minor slowdown in growth activity. Furthermore, the governments of several countries invested heavily in their healthcare systems to help identify the signs of the virus and stop its spread, which included restrictions such as no crowding of public transport stations and vehicles, which temporarily slowed the growth of mechanical parking equipment. Concerns over COVID-19 arena to hinder the growth of the global mechanical parking equipment market share.

Mechanical Parking Equipment Market Regional Insights

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"North American region to Lead with Diversified Marketplace and Prominent Market Players"

In terms of value and volume, North America is the largest market for mechanical parking equipment. Demand from North America is predicted to increase due to rising auto manufacturing volumes and increased R&D investments (R&D). It is the fastest-growing region in terms of the size of the automotive industry. This region's demand is predicted to develop due to rising population and economic growth rates, which are leading to an increase in car ownership, as well as increased access to technology that supports the automotive industry's modernization initiatives. This region is home to a large number of automobile manufacturing plants and assembly lines, as well as various markets poised for sales volume expansion due to their strategic relevance to new vehicle makers. These factors are also propelling the region's mechanical parking equipment market growth.

KEY INDUSTRY PLAYERS

"Prominent Manufacturers to Contribute Towards Expansion of Market"

The report is an extensive research which presents the historic and futuristic performance of industry with competitive landscape analysis which incorporates prominent key players, and revenue trends of industry. The international, regional, and local players in the mechanical parking equipment market are well-diversified and the market is moderately competitive. The report provides substantial analysis of company profiling, growth insights, supply-demand chain, production and consumption demand, business expansion strategies adopted by top key players. The information is a collusion of latest technological developments, trends, production lines mergers and acquisitions, market study and other factors.

List of Market Players Profiled

• IHI (Japan)
• HITACHI (Japan)
• Taiwan TECO Group (China)
• Hangzhou Xizi Intelligent Parking (China)
• Shenzhen Yifeng Automation Technology (China)
• Shandong Laigang Taida Garage (China)
• Beijing Aerospace Huixin Technology (China)
• Zhejiang Zihua Parking Equipment (China)
• Henan Relaywell Parking System (China)
• Jiangsu Runbang Heavy Industry (China)
• Ocean Parking (U.K)
• Guangzhou Guangri Intelligent Parking Equipment (China)
• Shanghai Cibao Parking Equipment Manufacturing (China)
• Beijing Xinhuayuan Machinery Manufacturing (China).

REPORT COVERAGE

The report anticipates a detailed analysis of the glocal market size at the regional and national level, the ssegmentation market growth and market share. The prime objective of the report is to help user understand the market in terms of definition, market potential, influencing trends, and the challenges faced by the market. Analysis of sales, the impact of the market players, recent developments, opportunity analysis, strategic market growth analysis, territorial market expansion, and technological innovations are the subject matter explained in the report.