Multi-Storey Car Parks Market Summary
Multi-storey car parks, also called automated (car) parking system (APS), is a mechanical system designed to minimize the area and/or volume required for parking cars. Like a multi-story parking garage, an APS provides parking for cars on multiple levels stacked vertically to maximize the number of parking spaces while minimizing land usage. The APS, however, utilizes a mechanical system to transport cars to and from parking spaces (rather than the driver) in order to eliminate much of the space wasted in a multi-story parking garage. While a multi-story parking garage is similar to multiple parking lots stacked vertically, an APS is more similar to an automated storage and retrieval system for cars.
According to the new market research report "Global Multi-Storey Car Parks Market Report 2023-2029", published by QYResearch, the global Multi-Storey Car Parks market size is projected to grow from USD 2,997.15 million in 2023 to USD 3,569.37 million by 2029, at a CAGR of 2.95% during the forecast period.
- Global Multi-Storey Car Parks MarketSize(US$ Million), 2018-2029
Based on or includes research from QYResearch: Global Multi-Storey Car Parks Market Report 2023-2029.
Market Drivers:
- Increased demand for urbanization and urban transportation: With the acceleration of global urbanization, the number of vehicles in cities continues to increase, and the space within cities is limited, resulting in an imbalance in the supply and demand of parking spaces. Multi-storey car parks can effectively utilize limited space to meet the parking needs of urban residents and visitors, and are therefore driven by the increasing demand for urban transportation.
- Land use efficiency and economy: Multi-storey parking lots can accommodate more vehicles in limited land space and improve land use efficiency. Compared with traditional flat parking lots, multi-storey parking lots can be constructed more economically because parking spaces can be stacked vertically, reducing land occupation costs and thus being driven by economics.
- Urban planning and traffic management: Governments and urban planners usually regard multi-story parking lots as part of urban traffic management. Through reasonable layout and construction of multi-story parking lots, urban traffic flow can be optimized, congestion reduced, traffic environment improved, and city image enhanced. , and therefore driven by urban planning and traffic management.
- Commercial and commercial real estate needs: Commercial and commercial real estate projects such as commercial centers, shopping malls, hotels, office buildings, etc. usually need to provide a large number of parking spaces to meet the parking needs of customers and employees. Multi-storey car parks can provide convenient parking services for these commercial and commercial real estate projects, improve customer and employee satisfaction, and are therefore driven by commercial and commercial real estate needs.
Restraint:
- High construction costs: The construction costs of multi-storey parking lots are usually high, involving land acquisition, structural design, equipment installation and other aspects. Especially in urban central areas, land costs are high, and the technology and equipment required to build multi-storey parking lots are relatively expensive, which may limit the willingness of developers and investors to invest.
- Maintenance and management costs: The maintenance and management of multi-storey parking lots requires a certain amount of cost investment, including regular inspections, maintenance and repairs, safety monitoring, cleaning services, etc. High costs of maintenance and management can impact an operator's profitability, especially in areas with insufficient parking demand or high competition.
- Global Multi-Storey Car Parks Top7Players Ranking and Market Share（Continually updated）
Based on or includes research from QYResearch: Global Multi-Storey Car Parks Market Report 2023-2029.
This report profiles key players of Multi-Storey Car Parks such as XIZI Parking System, Wuyang Parking, Dayang Parking, Yeefung Industry Equipmen, Tongbao Parking Equipment, IHI Parking System, etc.
In 2023, the global top five Multi-Storey Car Parks players account for 16.63% of market share in terms of revenue. Above figure shows the key players ranked by revenue in Multi-Storey Car Parks.
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