Automated Parking Systems Market

The global Automated Parking Systems Market is valued at USD 1.92 Billion in 2022 and is projected to reach a value of USD 5.22 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 13.3% between 2023 and 2030.

Premium Insights

The growth of the Automated Parking Systems market is driven by the rapid urbanization, the increasing population density, and the resulting scarcity of parking spaces in urban areas. As cities become more congested, there is a growing need for efficient utilization of space, and automated parking systems offer a solution by maximizing parking capacity. Furthermore, the rising demand for smart and sustainable infrastructure, along with advancements in technology like IoT integration and real-time data management, also contributes to the adoption of automated parking systems.

• The potential benefits of reducing traffic congestion, lowering carbon emissions, and improving overall parking efficiency also make automated parking systems an attractive solution for modern urban environments as the market continues to grow.
• Europe generated more than 38.50% of revenue share in 2022
• Asia Pacific is expected to grow at the quickest rate from 2023 to 2030
• Fully automated segment accounted for the largest market growth. It contributed over 62.3% of the total revenue share in 2022
• Hardware segment revealed the most significant market growth in 2022
• Commercial segment will dominate the market in 2022
• Palleted platform type will account for largest market share of 65.2% in 2022

Economic Insights

The Automated Parking Systems market is experiencing growth and innovation due to various factors including the increasing urbanization poses challenges to traditional parking infrastructure, leading to a rising demand for automated parking solutions and contributing to economic expansion. Smart city initiatives in Europe and other technologically advanced regions are further fueling economic growth in this market. Government support and favorable policies encouraging the adoption of automated parking systems play a significant role in stimulating market development. Economic considerations, such as cost-effectiveness, long-term sustainability, and potential job creation, are crucial as technology evolves in the automated parking system industry.

‹›

Report Coverage & Deliverables

PDF report & online dashboard will help you understand:

• Real-Time Data Updates:
• Competitor Benchmarking
• Market Trends Heatmap
• Custom Research Queries
• Market Sentiment Analysis
• Demographic and Geographic Insights

Book Demo

Get Access Now

Top Market Trends

• Technological advancements in automated parking systems: Continuous advancements in automated parking system technology are consistently improving its efficiency, reliability, and cost-effectiveness as new and groundbreaking designs are constantly being developed.
• Supportive government policies and regulations: The automated parking system industry is benefiting from the implementation of supportive policies and regulations by governments worldwide, which is facilitating a more favorable market environment.
• Increasing demand for luxury parking: As the number of individuals buying premium vehicles continues to rise, there is a growing need for luxury parking. Automated parking systems provide a more opulent and effortless parking option, catering to the demands of these consumers.
• Growing interest in green parking solutions: Automated parking systems are becoming more appealing to governments and businesses seeking to diminish their environmental impact as they can effectively decrease emissions and enhance air quality in urban areas.

Market Segmentation

Automated Parking Systems The global Automated Parking Systems market can be categorized into Automation Level, System Type , End User, Design Model, Platform Type, Parking level, Region. The Automated Parking Systems market can be categorized into Semi-automated, Fully Automated based on Automation Level. The Automated Parking Systems market can be categorized into Hardware , Software based on System Type . The Automated Parking Systems market can be categorized into Commercial, Residential, Mixed-use based on End User. The Automated Parking Systems market can be categorized into Hydraulic, Electro-mechanical based on Design Model. The Automated Parking Systems market can be categorized into Palleted, Non-palleted based on Platform Type. The Automated Parking Systems market can be categorized into Less Than Level 5, Level 5-Level 10, More than Level 15 based on Parking level. The Automated Parking Systems market can be categorized into North America, Europe, Asia Pacific, Latin America, Middle East & Africa based on Region.

Based on Automation Level

Fully automated holds the largest share

Fully automated parking systems currently dominate the market for Automated Parking Systems, accounting for the largest share due to their numerous advantages like convenience they provide to users, as they require no driver input. Individuals can simply drive their vehicles into the parking system, and the system takes care of parking autonomously. Furthermore, fully automated parking systems are more efficient and can accommodate a greater number of vehicles in a smaller area. Safety is also a key feature, as the risk of human error is eliminated.

Based on System Type

Hardware will dominate the market during Forecast Period

Hardware will dominate the Automated Parking Systems market because hardware plays a crucial role as the most important element of an automated parking system. This includes essential components like sensors for detecting vehicles and objects, motors for precise movement, and controllers for managing system operations. The indispensability of hardware in the functionality of automated parking systems is not only significant but it also results in the highest cost.

Based on End User

Commercial will dominate the market

The commercial segment is expected to dominate the Automated Parking Systems market due to there is a high demand for automated parking systems, particularly in commercial buildings dealing with traffic congestion and parking issues. Commercial and retail businesses are increasingly adopting these systems to improve parking convenience and efficiency for both customers and employees. Supportive government policies worldwide also contribute to the growth of the market in the commercial segment.

Based on Platform Type

Palleted will account for largest market share

Palleted automated parking systems are anticipated to dominate the Automated Parking Systems market due to their affordability compared to other systems such as shuttle and tower systems, which gives them a favorable position. Additionally, palleted automated parking systems are highly flexible and can be installed in various locations including above ground, below ground, and indoors. They are known for their durability and ability to withstand heavy usage, making them suitable for commercial, residential, and airport parking scenarios.

Based on Region

Europe will lead the market

Europe is expected to dominate the Automated Parking Systems market due to the increasing challenges in traffic management and parking in European cities have led to a higher demand for automated parking systems, which help alleviate congestion and improve efficiency. Both commercial and residential buildings in Europe are increasingly adopting automated parking systems to enhance convenience for occupants and visitors. Supportive government policies and regulations also contribute to the growth of the automated parking system market in Europe. Germany, as the largest economy in Europe, is heavily investing in smart city technologies, including automated parking systems.

Competitive Landscape

The Automated Parking Systems market is highly competitive, with key players striving for market leadership through innovation and strategic initiatives. Both established companies and emerging entrants are actively developing advanced solutions to meet the growing global demand for efficient and space-saving parking options. These companies employ various competitive strategies, such as product development, partnerships, mergers, and acquisitions, to expand their market presence and offer comprehensive solutions. Technological advancements, including smart sensors, IoT connectivity, and artificial intelligence, are significant factors shaping competition in the industry.

The players in the global Automated Parking Systems market include Klaus Multiparking, Boomerang Systems, Westfalia, Unitronics, Parkmatic, APS, Citylift, TAPS, FATA Automation, Robotic Parking Systems. among others.

Recent Market Developments

• January 2023: NTT DATA, a prominent player in digital business and IT services on a global scale, has teamed up with Valeo and Embotech, a software start-up focused on autonomous driving systems. The consortium they have formed, known as VEN.Al, is dedicated to offering automated parking solutions. Their ultimate goal is to become the preferred provider for parking automation systems that are ready for production and can be implemented worldwide.

Segmentation of the Global Automated Parking Systems Market