The Global Automated Parking System Market size is expected to reach $6.4 billion by 2030, rising at a market growth of 17.4% CAGR during the forecast period.
The increasing urbanization and population growth in North America's major cities may lead to a higher demand for efficient parking solutions. Therefore, the North America segment generated $558.7 million revenue in the market in 2022. Automated parking systems can optimize space usage and provide a convenient solution in densely populated urban areas. Government initiatives promoting smart city concepts and sustainable urban development may encourage the adoption of innovative parking solutions, including automated parking systems. These factors will lead to increased demand in the segment. Some of the factors impacting the market are rising traffic congestion in urban spaces, technological advancements in parking systems and high initial costs of automated parking systems.
Traffic congestion often leads to increased travel times and delays. Automated parking systems can provide time savings for drivers by streamlining the parking process. With quicker and more efficient parking, drivers spend less time navigating crowded streets, improving overall traffic flow. Traditional parking infrastructure, such as large parking lots, may contribute to congestion by occupying valuable urban space. Automated parking systems optimize land usage and free up space for other urban development or transportation infrastructure, indirectly contributing to traffic management. Additionally, Advances in sensor technologies, such as LiDAR (light detection and ranging) and computer vision, enhance the accuracy and precision of automated parking systems. This ensures that vehicles are guided to parking spaces with high reliability, minimizing errors and optimizing the system's overall efficiency. Automation and robotics enable the integration of advanced safety features in automated parking systems. By implementing collision detection, obstacle avoidance, and real-time monitoring systems, parking facilities can safeguard vehicles and pedestrians effectively. These aspects will drive the demand for the market and these factors will help expand the market.
However, installing automated parking systems requires a substantial capital investment to purchase robotic infrastructure, sensors, automation technologies, and other associated equipment. This initial expenditure can be a deterrent for property developers, businesses, or municipalities, especially when compared to traditional parking solutions. Some potential adopters may be hesitant to invest in automated parking systems due to uncertainty about the timeframe for realizing a return on investment. The benefits of reduced land usage, increased efficiency, and potential long-term cost savings may not be immediately apparent or measurable. These factors are expected to hamper the growth of the market.
Based on component, the market is bifurcated into hardware and software. The hardware segment held the largest revenue share in the market in 2022. As more parking facilities and urban developments integrate automated parking solutions, the demand for the associated hardware components increases. Ongoing advancements in hardware technologies play a critical role in enhancing the performance and capabilities of automated parking systems. Owing to these factors, there will be increased demand in the segment.
Based on platform type, the market is divided into palleted and non-palleted. In 2022, the non-palleted segment witnessed a substantial revenue share in the market. Non-palleted solutions might be more cost-effective in certain scenarios, especially when the need for standardized pallets is eliminated. This can lead to a more economical overall solution. As the automotive landscape evolves, with new and diverse vehicle types, non-palleted systems can adapt more easily to different vehicle sizes and shapes. These aspects will fuel the growth of the segment.
By automation level, the market is segmented into fully automated and semi-automated. The fully automated segment procured the highest revenue share in the market in 2022. Fully automated parking systems offer convenience and a better user experience. Users can drop off their vehicles at a designated location, and the system takes care of parking, retrieval, and sometimes even charging (for electric vehicles). This can be particularly appealing in busy urban areas. These factors will help in the expansion of the segment in future.
On the basis of end use, the market is divided into residential, commercial, and mixed-use. In 2022, the residential segment witnessed a substantial revenue share in the market. In dense urban areas, the availability of land for traditional parking spaces is limited and often expensive. Automated parking systems use vertical space more effectively, enabling developers to optimize land usage and potentially reduce overall construction costs. Therefore, the segment will grow rapidly in the upcoming years.
On the basis of structure type, the market is divided into AGV system, silo system, tower system, rail guided cart (RGC) system, puzzle system, and shuttle system. The shuttle system segment procured a promising growth rate in the market in 2022. Shuttle systems in automated parking offer efficient and space-optimized solutions. These systems typically use robotic shuttles to transport vehicles within the parking facility, enabling high-density parking without traditional ramps and driving lanes. Automated parking systems, especially those incorporating shuttle systems, can maximize available space in urban environments. As a result, there will be increased growth in the segment.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 1.8 Billion |
| Market size forecast in 2030 | USD 6.4 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 17.4% from 2023 to 2030 |
| Number of Pages | 300 |
| Number of Tables | 529 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Component, Platform Type, Automation Level, Structure Type, End Use, Region |
| Country scope |
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| Companies Included | Skyline Parking, Westfalia Technologies, Inc., Unitronics (1989) (R”G) Ltd, KLAUS Multiparking GmbH, Robotic Parking Systems Inc., Park Plus, Inc., WOHR Autoparksysteme GmbH, Parkmatic, and EITO&GLOBAL INC. |
| Growth Drivers |
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| Restraints |
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By region, the market is segmented into North America, Europe, Asia Pacific, and LAMEA. In 2022, the Europe segment acquired the highest revenue share in the market. European countries often prioritize sustainability and environmental concerns. Automated parking systems can contribute by reducing the need for large parking lots, leading to more green spaces and lower environmental impact. Governments may enact policies and regulations to mitigate carbon emissions and address traffic congestion in Europe. Automated parking systems can align with these goals by optimizing traffic flow and decreasing the time spent searching for parking spaces. These factors will help in the expansion of the segment.
Free Valuable Insights: Global Automated Parking System Market size to reach USD 6.4 Billion by 2030
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Skyline Parking, Westfalia Technologies, Inc., Unitronics (1989) (R”G) Ltd, KLAUS Multiparking GmbH, Robotic Parking Systems Inc., Park Plus, Inc., WOHR Autoparksysteme GmbH, Parkmatic, and EITO&GLOBAL INC.
By Component
By Platform Type
By Automation Level
By End Use
By Structure Type
By Geography
The Market size is projected to reach USD 6.4 billion by 2030.
Rising traffic congestion in urban spaces are driving the Market in coming years, however, High initial costs of automated parking systems restraints the growth of the Market.
Skyline Parking, Westfalia Technologies, Inc., Unitronics (1989) (R'G) Ltd, KLAUS Multiparking GmbH, Robotic Parking Systems Inc., Park Plus, Inc., WOHR Autoparksysteme GmbH, Parkmatic, and EITO&GLOBAL INC.
The expected CAGR of this Market is 17.4% from 2023 to 2030.
The Palleted segment is generating the highest revenue in the Market by Platform Type in 2022; thereby, achieving a market value of $4.1 billion by 2030.
The Europe region dominated the Market by Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $2.1 billion by 2030.
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