Automated Parking System Market

Global Automated Parking System Market Research Report: By Component (Hardware, Software), By Structure Type (AGV System, Silo System, Tower System, Rail Guided Cart (RGC) System, Puzzle System, Shuttle System), By Platform Type (Palleted, Non-palleted), By Automation Level (Fully Automated, Semi-automated), By End Use (Residential, Commercial, Mixed-use), and Region (North America, Europe, Asia-Pacific, and Rest of the World) Global Industry Analysis, Size, Share, Growth, Trends, Regional Analysis, Competitor Analysis and Forecast 2024-2032.

Automobile & Transportation | January 2024 | Report ID: EMR00377 | Pages: 301

 

The global automated parking system market was valued at USD 2.86 billion in 2023 and is estimated to reach approximately USD 12.75 billion by 2032, at a CAGR of 18.0% from 2024 to 2032.

 

By incorporating cutting-edge technology into urban infrastructure, the market for automated parking systems has completely transformed conventional parking options. By optimizing parking space utilization, this novel method tackles the growing issue of restricted parking availability in highly populated urban areas. Automated parking systems make efficient use of robots, sensors, and IoT (Internet of Things) connectivity to move and park cars in pre-designated locations inside small, multi-story buildings. Unmatched benefits from these technologies include improved user convenience, decreased carbon impact, and space efficiency.

Automated parking systems optimize land use by doing away with traditional parking infrastructure, therefore meeting the growing need for parking spots in urban areas. Smart software integration makes it possible for smooth vehicle recovery and monitoring, giving users a quick and easy parking experience. In addition, the market is expanding due to urbanization, the implementation of smart city projects, and the growing emphasis on sustainable solutions. The market for automated parking systems is expected to grow as long as technology keeps developing; this will encourage innovation and change how infrastructure management and urban mobility are done in the future.

 

 

AUTOMATED PARKING SYSTEM MARKET: REPORT SCOPE & SEGMENTATION

Report Attribute

Details

Estimated Market Value (2023)

2.86 Bn

Projected Market Value (2032)

12.75 Bn

Base Year

2023

Forecast Years

2024 - 2032

Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- By Component, By Structure Type, By Platform Type, By Automation Level, By End Use, & Region

Segments Covered

By Component, By Structure Type, By Platform Type, By Automation Level, By End Use, & Region

Forecast Units

Value (USD Billion or Million), and Volume (Units)

Quantitative Units

Revenue in USD million/billion and CAGR from 2024 to 2032

Regions Covered

North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and the Rest of World

Countries Covered

U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others

Report Coverage

Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.

Delivery Format

Delivered as an attached PDF and Excel through email, according to the purchase option.

 

Global Automated Parking System Market Dynamics

Urbanization trends have increased demand for effective and space-saving parking solutions, especially in densely populated areas. Because there isn't enough room for traditional parking structures, automated solutions that make better use of vertical space are becoming more and more popular. Technological developments like robotics, IoT, and artificial intelligence have greatly increased the capabilities and effectiveness of these parking systems. Market expansion is further fueled by integration with smart city projects and the growing emphasis on sustainability. To ease traffic congestion and lessen its impact on the environment, governments and municipalities are offering incentives for the installation of automatic parking systems, which is encouraging their adoption.

The dynamics of the market are also impacted by shifting customer desires for easy and convenient parking experiences. Customers want easy parking options that allow them to get their cars back quickly and effectively. Thus, improvements in software interfaces and user-friendly applications are essential for influencing customer attitudes and propelling market expansion. With the arrival of new competitors and partnerships between tech companies and real estate developers or parking management companies, the competitive landscape is also changing. The market for automated parking systems is generally more dynamic because of this dynamic environment, which encourages ongoing innovation, pricing competitiveness, and the creation of varied solutions.

 

Global Automated Parking System Market Drivers

  • Urbanization and Population Density

There is a growing demand for available space for traditional parking facilities as cities across the globe continue to grow. Populations are congregated in smaller areas due to rapid urbanization, which increases the demand for effective and space-saving parking solutions. Urban planners and developers are compelled to look for creative alternatives to conventional parking infrastructure as a result of this demographic shift, which also makes traffic congestion and parking shortages worse. The demand for parking spaces is heightened by the direct correlation between rising vehicle ownership and densification of urban areas.

This problem can be strategically solved with automated parking systems, which maximize land utilization with compact and vertical parking structures. With the effective use of available space, these systems enable the parking of several cars in a smaller space than that needed for standard parking lots. Furthermore, the convenience of parking options becomes an increasingly important part of urban living as cities get more crowded. Automated solutions offer users faster and more convenient parking experiences in addition to addressing the spatial limits. As a result, the increase in population density and urbanization acts as a spur for the adoption and expansion of automated parking systems in order to satisfy the changing requirements of contemporary cities.

  • Space Optimization Demands

The limited amount of land available for conventional parking structures has become an urgent issue in growing metropolitan contexts. The necessity to efficiently maximize land utilization has increased as space becomes more valuable. The spatial dynamics of parking infrastructure are drastically changed by automated parking systems, which present a viable alternative. These systems use sophisticated robotics, compact designs, and vertical constructions to maximize available space. In contrast to traditional lots, which need a significant amount of space for driving lanes and ramps, automated systems effectively stack cars in multiple levels.

They make it possible to use smaller amounts of land to house more automobiles by lowering the physical footprint needed for each vehicle. Furthermore, the capacity to arrange cars vertically in a condensed area not only meets the immediate parking requirements in densely populated urban environments, but it also makes it possible to repurpose underutilized or irregularly shaped land areas that might not have been appropriate for conventional parking.

 

Restraints:

  • High Initial Investment

It costs a lot of money up front to integrate cutting-edge technologies like robotics, IoT connection, and specialized infrastructure. Not only does the price include hardware installation, but it also includes costs for software development, system customization, and site-specific modifications. To guarantee flawless operation, these systems also need careful engineering and planning, which raises the entire implementation costs.

The costs incurred in finding appropriate property or modifying already-existing buildings to allow automated parking have the potential to greatly increase the initial expenditure. The requirement for qualified technicians, software upgrades, and routine maintenance raises the long-term operating costs and turns off potential users who might be leery of recurring charges. Furthermore, there can be a delay in realizing the return on investment, which could be a financial obstacle for businesses or real estate developers thinking about implementing such systems. Even though space optimization and operational efficiency offer long-term benefits, the large upfront costs might be problematic, particularly for smaller companies or governments with tighter budgets.

  • Infrastructure and Space Limitations

The integration of sophisticated parking solutions is often hindered by the structural features or lack of design in existing urban infrastructure. The vertical stacking and automated retrieval techniques involved in these systems can be difficult for conventional parking structures to implement. Furthermore, structural integrity, load-bearing capacities, and safety precautions must be carefully taken into account while building new infrastructure or upgrading existing infrastructure to accommodate automated parking systems. It can be logistically difficult and needs significant changes to adapt existing structures or urban settings to accommodate these technologies, which could result in increased costs and longer implementation times. These difficulties are made worse by space constraints, particularly in crowded urban locations where parking spaces are already hard to come by. It can be difficult to find acceptable places to install automated parking systems because these systems often need a specialized but smaller footprint for their vertical structures. Despite their effectiveness in maximizing parking space, this constraint limits the viability of implementing such systems in locations where space is at a premium and may prevent their broad adoption.

 

Opportunities:

  • Smart City Integration

The goal of smart city programs is to use technology to enhance urban living in several areas, such as infrastructure and transportation. Automated parking systems are a sensible way to solve parking problems and advance the larger aims of smart urban development. They work in perfect harmony with these goals. Towns can improve traffic flow, limit emissions, and lessen congestion by incorporating automated parking into smart city ecosystems. Real-time data sharing is made possible by the interconnection of these systems with other elements of smart cities, such as IoT networks and traffic management systems. With the help of this integration, parking availability information can be dynamically adjusted, directing cars to available spots and cutting down on needless parking circles, which reduces emissions and traffic congestion. Moreover, the integration of smart cities promotes an all-encompassing strategy for urban development. It makes predictive analytics possible, which helps local government officials to foresee parking needs and more efficiently maximize parking space utilization. Additionally, these systems can support larger environmental projects within smart cities by supporting eco-friendly urban mobility and sustainable transportation habits, like encouraging the use of electric vehicles. This helps to minimize carbon footprints.

  • Expanding Capabilities through Networked Systems

Numerous benefits are made possible by linking these technologies via networks like the Internet of Things (IoT). A thorough picture of parking assets throughout a region or city can be obtained by utilizing networked automated parking systems, which can exchange real-time data on parking space availability, car whereabouts, and system statuses. Parking operations are more efficient because of this connectivity, which enables dynamic changes and optimizations. It makes centralized monitoring and control possible, which makes predictive maintenance and quick problem-solving possible. Additionally, real-time information on open parking spaces can be provided to consumers via interaction with mobile apps or navigation, directing them to available places and easing traffic congestion from pointless searches. These systems' networked structure creates opportunities for innovation and scalability. It makes it possible to gradually improve operating efficiency, forecast demand, and optimize parking patterns by integrating cutting-edge technology like artificial intelligence and machine learning. Additionally, by utilizing data analytics, city planners can make more educated decisions on future infrastructure improvements and urban growth by gaining insights into parking habits and traffic patterns.

 

Segment Overview

By Component

Based on components, the global automated parking system market is divided into hardware and software. The hardware category dominates the market with the largest revenue share in 2023. The physical components necessary for the operation of automated parking systems are referred to as hardware components. The mechanical components that allow for vertical car stacking or movement within the parking facility, such as ramps, lifts, conveyors, and platforms, make up the physical framework of the parking system. The machinery and robotic systems in charge of moving cars, parking them in specified spots, and recovering them when needed are known as robotics and automation equipment. Robotic arms, shuttles, and other automated devices are examples of this. Cameras and sensors are necessary for keeping an eye on and directing cars inside the parking structure. While cameras offer visual assistance and security monitoring, sensors identify the presence of vehicles, measure dimensions, and help with parking lot navigation.

The digital systems known as software components are those that oversee and synchronize the hardware parts, guaranteeing the smooth operation of the system.  The entire parking procedure is managed and coordinated by parking management software, which also assigns parking spots, manages vehicle entry, and supervises the retrieval process when users request their cars. Real-time communication, data sharing, and remote performance and status monitoring of the parking system are made possible by IoT connectivity and networking software, which also links the system to larger networks.

 

By Structure Type

Based on the structure type, the global automated parking system market is categorized into AGV system, silo system, tower system, rail guided cart (RGC) system, puzzle system, and shuttle system. The tower system category leads the global automated parking system market with the largest revenue share in 2023. Tower systems make use of lofty, vertical buildings with numerous levels for car storage. These systems move automobiles to and from assigned parking spots using elevators or lifts. Ground-level automated retrieval systems allow users to get into their cars. Autonomous, computer-driven vehicles are employed by AGV systems to move automobiles around a parking garage. These vehicles use guidance systems, including lasers, magnets, or cameras, to go along predetermined pathways.

They efficiently navigate through multi-level buildings to maximize space by picking up cars at access points and delivering them to open parking spaces. Vehicles are stored in vertical compartments using vertical parking towers seen in silo systems. The way they work is kind of like a vending machine, except that each automobile is stored in its bay. RGC systems guide autonomous carts to parking spots by using tracks or rails that are included into the parking structure. To efficiently navigate and park cars, these carts are driven by a central system and run on a network of tracks. Puzzle systems stack and maneuver vehicles in a small space using an arrangement like to a puzzle. These systems pack cars closely together to maximize space by shifting vehicles horizontally and vertically using lifts, conveyors, and turntables. Robotic shuttles are used by shuttle systems to lift and relocate parked cars to open spots by moving below them. They can function both vertically and horizontally, which makes parking and retrieval within multi-story buildings more efficient.

 

By Platform Type

Based on platform type, the global automated parking system market is segmented into palleted, non-palleted. The palleted segment dominates the automated parking system market. Cars are parked on standard pallets or platforms in a palleted automated parking system. Cars are transported and stored inside the parking garage using these pallets, which also serve as the vehicles' bases. When the cars are lifted, transported, and positioned inside the parking structure, they stay on these pallets. Vehicles can be accommodated by palletized systems using trays or pallet handling devices, which facilitate effective stacking and retrieval. Vehicles are stored and moved without the use of traditional pallets or platforms in non-palleted automated parking systems. Rather, the cars are moved, raised, and parked inside the parking structure without the assistance of an additional pallet or base.

 

By Automation Level

Based on the automation level, the global automated parking system market is divided into fully automated, and semi-automated. The fully automated category dominates the market with the largest revenue share in 2023. A fully automated parking system eliminates the need for human interaction throughout the whole parking process, from car drop-off to storage and retrieval. Customers drive their automobiles to an entry terminal or drop-off location, where they are exited. From there, the vehicle is moved to a parking spot within the building by the system, which uses robots, conveyors, lifts, or other automated systems. A semi-automated parking system combines human intervention and automation at different stages of the parking procedure. The system uses automated parking and retrieval techniques, however there might be some parts that need monitoring or human interaction.

 

By End Use

Based on the end use, the global automated parking system market is categorized into residential, commercial, and mixed-use. The commercial category leads the global automated parking system market with the largest revenue share in 2023. Office buildings, retail centers, and business districts are examples of locations where commercial automated parking systems are commonly deployed. These settings are primarily focused on business operations. These parking systems serve the needs of patrons, staff members, and guests of businesses. In order to maintain effective parking operations for businesses, it may be necessary to manage increased traffic volumes, optimize space for frequent turnover, and provide visitors with easy parking options. Apartment buildings, condominiums, and housing complexes are the target markets for automated parking systems. Residents' parking demands within their living areas are met by these solutions. They make the best use of available space by optimizing parking in constrained residential areas and offering residents convenient parking options. In a single development, mixed-use areas incorporate retail, commercial, residential, and occasionally cultural or recreational facilities. In mixed-use environments, automated parking systems are designed to meet the varied parking requirements of complex users, visitors, staff, and residents for a range of activities.

 

Global Automated Parking System Market Overview by Region

The global automated parking system market is categorized into North America, Europe, Asia-Pacific, and the Rest of the World. Europe emerged as the leading region, capturing the largest market share in 2023. Advanced parking solutions have become more popular as a result of the region's proactive attention to sustainability and strict parking restrictions. Space-constrained European towns place a high priority on effective land use, which is fueling the need for creative parking solutions. A tech-savvy populace, significant investments in smart city development, and supportive government initiatives have all contributed to the increasing adoption of automated parking systems. Europe is leading the way in modern parking infrastructure revolution because of its dedication to sustainable urban development and technical innovation.

 

In the automated parking system market, the Asia-Pacific area is anticipated to grow at the fastest rate (CAGR) over the projected years. The area is rapidly becoming more urbanized and has a growing population, which increases the need for parking in crowded cities and increases the number of vehicles owned. The adoption of creative parking options is also aided by governments' emphasis on infrastructure development and smart city programs. The need for effective and practical parking solutions is fueled by the growing middle class, technology improvements, and rising disposable money.

 

Global Automated Parking System Market Competitive Landscape

In the global automated parking system market, a few major players exert significant market dominance and have established a strong regional presence. These leading companies remain committed to continuous research and development endeavors and actively engage in strategic growth initiatives, including product development, launches, joint ventures, and partnerships. By pursuing these strategies, these companies aim to strengthen their market position, expand their customer base, and capture a substantial share of the market.

Some of the prominent players in the global automated parking system market include,

  • Skyline Parking AG
  • Westfalia Parking
  • Unitronics
  • Klaus Multiparking GmbH
  • Robotic Parking Systems, Inc.
  • City Lift Parking, LLC
  • Park Plus Inc.
  • Wohr Parking System Pvt. Ltd.
  • Parkmatic
  • AutoMotion Parking Systems, and various others.

 

Global Automated Parking System Market Recent Developments

  • In November 2023, HYUNDAI MOBIS uses a self-learned pathway to develop technology for one-touch automated parking. Introduced "Memory Parking Assist," which uses surround view and ultrasonic monitor cameras to perform parking after learning the driving route. Gaining the upper hand in the industry by incorporating sensors into the next-generation parking control system, a crucial piece of equipment for the electrification and autonomous driving age.
  • In February 2023, A strategic partnership was established between BMW and Valeo to collaborate on the development of the upcoming Level 4 autonomous parking technology. Based on sensors and automobile technology, the system offers automatic deployment assistance up to level 4 automated valet parking.
  • In January 2023, The Indian airport at Thiruvananthapuram International has installed a completely automated parking system. According to airport authorities, this technology is a major improvement in terms of vehicle security, passenger safety, and general convenience of the airport experience.

 

Scope of the Global Automated Parking System Market Report

Automated Parking System Market Report Segmentation

ATTRIBUTE

DETAILS

By Component

  • Hardware
  • Software

By Structure Type

  • AGV System
  • Silo System
  • Tower System
  • Rail Guided Cart (RGC) System
  • Puzzle System
  • Shuttle System

 

By Platform Type

  • Palleted
  • Non-palleted

By Automation Level

  • Fully Automated
  • Semi-automated

By End Use

  • Residential
  • Commercial
  • Mixed-use

By Geography

  • North America (USA, and Canada)
  • Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
  • Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
  • Latin America (Brazil, Mexico, and Rest of Latin America)
  • Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)

Customization Scope

  • Available upon request

Pricing

  • Available upon request

 

Objectives of the Study

The objectives of the study are summarized in 5 stages. They are as mentioned below:

  • Global Automated Parking System Market Size and Forecast: To identify and estimate the market size for the global automated parking system market segmented by component, by structure type, by platform type, by automation level, by end use, region and by value (in U.S. dollars). Also, to understand the consumption/ demand created by consumers of automated parking system between 2019 and 2032.
  • Market Landscape and Trends: To identify and infer the drivers, restraints, opportunities, and challenges for the global automated parking system market
  • Market Influencing Factors: To find out the factors which are affecting the sales of automated parking system among consumers
  • Impact of COVID-19: To identify and understand the various factors involved in the global automated parking system market affected by the pandemic
  • Company Profiling:  To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company's past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.

Intended Audience

  • Urban Planners and City Officials
  • Real Estate Developers
  • Parking Facility Operators and Managers
  • Automotive Industry Professionals
  • Technology Providers and Manufacturers
  • Consultants and Research Firms
  • Governments, Associations, and Industrial Bodies
  • Investors and Trade Experts

 

Research Methodology

Our research methodology has always been the key differentiating reason which sets us apart in comparison from the competing organizations in the industry. Our organization believes in consistency along with quality and establishing a new level with every new report we generate; our methods are acclaimed and the data/information inside the report is coveted. Our research methodology involves a combination of primary and secondary research methods. Data procurement is one of the most extensive stages in our research process. Our organization helps in assisting the clients to find the opportunities by examining the market across the globe coupled with providing economic statistics for each and every region.  The reports generated and published are based on primary & secondary research. In secondary research, we gather data for global Market through white papers, case studies, blogs, reference customers, news, articles, press releases, white papers, and research studies. We also have our paid data applications which includes hoovers, Bloomberg business week, Avention, and others.

Data Collection

Data collection is the process of gathering, measuring, and analyzing accurate and relevant data from a variety of sources to analyze market and forecast trends. Raw market data is obtained on a broad front. Data is continuously extracted and filtered to ensure only validated and authenticated sources are considered. Data is mined from a varied host of sources including secondary and primary sources.

Primary Research

After the secondary research process, we initiate the primary research phase in which we interact with companies operating within the market space. We interact with related industries to understand the factors that can drive or hamper a market. Exhaustive primary interviews are conducted. Various sources from both the supply and demand sides are interviewed to obtain qualitative and quantitative information for a report which includes suppliers, product providers, domain experts, CEOs, vice presidents, marketing & sales directors, Type & innovation directors, and related key executives from various key companies to ensure a holistic and unbiased picture of the market. 

Secondary Research

A secondary research process is conducted to identify and collect information useful for the extensive, technical, market-oriented, and comprehensive study of the market. Secondary sources include published market studies, competitive information, white papers, analyst reports, government agencies, industry and trade associations, media sources, chambers of commerce, newsletters, trade publications, magazines, Bloomberg BusinessWeek, Factiva, D&B, annual reports, company house documents, investor presentations, articles, journals, blogs, and SEC filings of companies, newspapers, and so on. We have assigned weights to these parameters and quantified their market impacts using the weighted average analysis to derive the expected market growth rate.

Top-Down Approach & Bottom-Up Approach

In the top – down approach, the Global Batteries for Solar Energy Storage Market was further divided into various segments on the basis of the percentage share of each segment. This approach helped in arriving at the market size of each segment globally. The segments market size was further broken down in the regional market size of each segment and sub-segments. The sub-segments were further broken down to country level market. The market size arrived using this approach was then crosschecked with the market size arrived by using bottom-up approach.

In the bottom-up approach, we arrived at the country market size by identifying the revenues and market shares of the key market players. The country market sizes then were added up to arrive at regional market size of the decorated apparel, which eventually added up to arrive at global market size.

This is one of the most reliable methods as the information is directly obtained from the key players in the market and is based on the primary interviews from the key opinion leaders associated with the firms considered in the research. Furthermore, the data obtained from the company sources and the primary respondents was validated through secondary sources including government publications and Bloomberg.

Market Analysis & size Estimation

Post the data mining stage, we gather our findings and analyze them, filtering out relevant insights. These are evaluated across research teams and industry experts. All this data is collected and evaluated by our analysts. The key players in the industry or markets are identified through extensive primary and secondary research. All percentage share splits, and breakdowns have been determined using secondary sources and verified through primary sources. The market size, in terms of value and volume, is determined through primary and secondary research processes, and forecasting models including the time series model, econometric model, judgmental forecasting model, the Delphi method, among Flywheel Energy Storage. Gathered information for market analysis, competitive landscape, growth trends, product development, and pricing trends is fed into the model and analyzed simultaneously.

Quality Checking & Final Review

The analysis done by the research team is further reviewed to check for the accuracy of the data provided to ensure the clients’ requirements. This approach provides essential checks and balances which facilitate the production of quality data. This Type of revision was done in two phases for the authenticity of the data and negligible errors in the report. After quality checking, the report is reviewed to look after the presentation, Type and to recheck if all the requirements of the clients were addressed.

Frequently Asked Questions

Based on Geography, the automated parking system market is classified into North America, Europe, Asia Pacific, and the Rest of the world.
According to automated parking system market research, the market is expected to grow at a CAGR of ~18.0% over the coming years.
Asia-Pacific is expected to register the highest CAGR during 2024 - 2032.
Europe held the largest share in 2023.
The major players operating in the global automated parking system market include Skyline Parking AG; Westfalia Parking; Unitronics; Klaus Multiparking GmbH; Robotic Parking Systems, Inc.; City Lift Parking, LLC; Park Plus Inc.; Wohr Parking System Pvt. Ltd.; Parkmatic; AutoMotion Parking Systems, and various others.