Global Automated Parking Systems Market Size By Type of System (Fully Automated, Semi-Automated), By Component (Hardware, Software), By Structure Type (AGV System, Silo System, Tower System), By End-User (Commercial, Residential), By Geographic Scope And Forecast

Automated Parking Systems Market Size And Forecast

Automated Parking Systems Market size was valued at USD 2.23 Billion in 2023 and is projected to reach USD 5.55 Billion by 2031, growing at a CAGR of 13.32% from 2024 to 2031.

• Automated Parking Systems (APS) are innovative solutions that manage and optimize parking spaces without requiring human interaction. These systems use a variety of technology, including sensors, robotics, and computer algorithms, to convey vehicles from the entry point to assigned parking spaces within a parking facility. APS reduces the need for drivers to look for parking places, reducing congestion and increasing space use. The system’s automated nature ensures that automobiles are parked more efficiently and securely than traditional parking methods.
• Automated Parking Systems are promising, thanks to increased urbanization and a growing demand for efficient parking solutions. As cities grow and vehicle ownership rises, space-efficient parking options will become more essential. Innovations like integration with smart city infrastructure, increased vehicle-to-everything (V2X) connectivity, and robotics advancements are projected to enhance APS capabilities. The rise of electric and self-driving vehicles will most certainly drive advancements in APS to accommodate these technologies, making parking more frictionless and ecologically beneficial.

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Global Automated Parking Systems Market Dynamics

The key market dynamics that are shaping the global automated parking systems market include:

Key Market Drivers:

• Rising Car Ownership: As global vehicle ownership grows, there is a demand for more effective parking solutions. According to the International Organization of Motor Vehicle Manufacturers (OICA), global vehicle production will reach 80.1 million units in 2021, despite pandemic-related constraints. The growing vehicle population is driving demand for automatic parking solutions that can fit more automobiles in restricted places.
• Smart City Initiatives: Governments worldwide are investing in smart city projects, including intelligent transportation and parking solutions. The International Data Corporation (IDC) predicts that global smart city spending will total USD 189.5 Billion by 2023. A large percentage of this investment goes into smart mobility solutions, such as automated parking systems, which help to minimize traffic congestion and improve urban living.
• Urbanization and Limited Parking Space: As urban populations rise, there is a greater need for effective parking alternatives. According to the United Nations Department of Economic and Social Affairs, 56.2% of the world’s population lived in urban areas in 2020, with this figure expected to rise to 68% by 2050. This urbanization trend is boosting the demand for automated parking systems that can enhance space use in densely populated city centers.

Key Challenges:

• Limited Infrastructure Compatibility: Many existing parking facilities are not built to handle automated parking systems (APS), necessitating extensive retrofitting or new construction. Retrofitting older buildings can be especially difficult due to structural limits, space constraints, and compliance with new safety regulations. This mismatch with existing infrastructure may deter potential adopters who might prefer to invest in more traditional parking solutions.
• Maintenance and Service Issues: In order to operate smoothly and prevent malfunctions, APS requires regular maintenance and servicing. Operators may be put off by the necessity for professional experts and the possibility of expensive repairs. Unexpected faults or downtime can interrupt parking services and reduce user happiness, therefore system dependability is essential.
• Safety and Security Concerns: The safety and security of vehicles and users is of the highest importance in APS. Technical malfunctions or system errors have the potential to cause accidents or vehicle damage. Additionally, the system’s security against hacking or unauthorized access is critical. Addressing these concerns necessitates strong safety regulations and cybersecurity protections, which can be difficult and expensive to implement.
• High Initial Costs: Automated parking systems (APS) require considerable financial expenditure for implementation, including advanced technology, construction, and maintenance. Many developers and governments may find the high initial costs prohibitive, limiting APS adoption. The cost includes purchasing advanced equipment, developing software, and adapting existing structures, resulting in a significant financial investment. This economic strain may hinder the widespread adoption of APS, especially in budget-constrained organizations.

Key Trends:

• Integration with Smart City Infrastructure: Automated parking systems (APS) are rapidly being combined with smart city technologies such as traffic management and IoT. This integration improves efficiency by connecting parking operations with real-time traffic data and maximizing space utilization. It drives the market by increasing urban mobility and offering users seamless experiences. The expansion of smart cities and the need for more networked infrastructure encourage the use of APS, as cities seek solutions that improve traffic flow and minimize congestion.
• Sensor and Automation Technological Innovations: Advancements in sensor technology and automation are constantly improving APS capabilities. Improved sensors enable better car detection and management, while automation technologies simplify the parking procedure. These improvements fuel market growth by improving the efficiency and reliability of APS, making them more appealing to developers and end users looking for cutting-edge technology.
• Focus on Sustainability: Sustainability is becoming increasingly important in the APS market. Automated systems save car idling and fuel usage by removing the need to look for parking. This coincides with broader environmental goals and contributes to the reduction of urban carbon footprint. The market is being driven by an increase in demand for eco-friendly solutions, as cities and organizations aim to promote environmental sustainability through improved parking technologies.
• Advancements in Robotics and AI: The APS market is seeing a surge in the development of advanced robots and artificial intelligence (AI). These developments increase the accuracy and efficiency of parking systems, allowing for more accurate car control and greater space usage. AI-powered solutions improve predictive maintenance and automated decision-making, accelerating market growth by enhancing system dependability and operational efficiency. Robotics and AI advancements are making APS more interesting to developers and end users alike.

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Global Automated Parking Systems Market Regional Analysis

Here is a more detailed regional analysis of the global automated parking systems market:

Europe

• Europe’s dominance in the global Automated Parking Systems (APS) market is due to high urban congestion and limited space for traditional parking. Eurostat indicated that 74.9% of the EU population lived in cities in 2021, and that proportion is expected to climb to 83.7% by 2050. This development emphasizes the critical need for space-efficient parking alternatives. The European Commission’s Horizon Europe initiative, which has €95.5 billion allotted for research and innovation from 2021 to 2027, is actively funding smart mobility projects, including APS. This significant investment accelerates the development and implementation of automated parking technology.
• Environmental concerns fuel the market’s expansion. The European Environment Agency reported that road travel accounted for 21% of the EU’s CO2 emissions in 2022. APS can help reduce emissions by maximizing space use and limiting car movements, potentially lowering CO2 emissions by up to 40% when compared to standard parking solutions.
• The expanding vehicle population, which the European Automobile Manufacturers Association predicts will rise from 246 million in 2022 to 258 million by 2025, drives up the demand for effective parking solutions. These factors contribute to the growth of the APS market in Europe.

Asia Pacific

• The Automated Parking Systems (APS) market in Asia-Pacific is rapidly expanding, owing to increased urbanization and economic development in countries such as China, India, and Japan. According to the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP), the region’s urban population is expected to grow from 2.3 billion in 2020 to 3.5 billion by 2050, accounting for 63% of the global urban population. This boom in urbanization, along with a growth in car ownership, as indicated by the International Organization of Motor Vehicle Manufacturers (OICA) and the India Brand Equity Foundation (IBEF), creates an urgent demand for effective parking solutions.
• Government initiatives and smart city investments are accelerating market growth. Japan’s “Society 5.0” project, which seeks to include automated parking technologies in 40% of new large-scale parking facilities by 2030, is an example of this trend. The International Data Corporation (IDC) predicts that Asia-Pacific spending on smart city projects will total USD 45.3 Billion by 2025, including significant investments in smart transportation and parking solutions. The Asian Development Bank’s findings on reduced traffic congestion and carbon emissions with smart parking solutions match with the region’s commitment to the United Nations Sustainable Development Goals, resulting in increased adoption of APS.

Global Automated Parking Systems Market: Segmentation Analysis

The Global Automated Parking Systems Market is Segmented on the basis of Type of System, Component, Structure Type, End-User, And Geography.

Automated Parking Systems Market, By Type of System

• Fully Automated
• Semi-Automated

Based on Type of System, the market is fragmented into Fully Automated and Semi-Automated. In the automated parking systems (APS) market, the fully automated segment is currently dominating due to its advanced technology and increased efficiency in managing parking spaces without human intervention. Fully automated systems use robotics, sensors, and complex algorithms to park and retrieve vehicles autonomously, increasing space utilization and minimizing parking time. Semi-automated is the fastest-growing market, owing to its low cost and simplicity of connection with current parking infrastructure. Semi-automated systems use less complex technology and provide partial automation, making them an appealing alternative for institutions looking to modernize existing parking solutions without incurring the significant costs associated with fully automated systems.

Automated Parking Systems Market, By Component

• Hardware
• Software

Based on Component, the market is segmented into Hardware and Software. The hardware segment is currently leading due to its essential function in system functionality, which includes components such as conveyor belts, lift systems, and storage racks. Hardware is the physical foundation of APS, and its superior technology is critical for efficient and dependable vehicle handling. However, the fastest-growing area is software, which is being driven by rising demand for sophisticated control systems, real-time monitoring, and data analytics. Software developments improve system efficiency, user interface, and interaction with smart city technology, resulting in a rapidly increasing field as facilities seek to use digital advancements to optimize parking operations.

Automated Parking Systems Market, By Structure Type

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

Based on Structure Type, the market is segmented into AGV System, Silo System, Tower System, Rail Guided Cart (RGC) System, Puzzle System, and Shuttle System. The tower system is currently leading the automated parking systems (APS) market owing to its space-saving design and great efficiency in urban situations. Tower systems take advantage of vertical space, allowing for high-density vehicle storage in a small footprint, making them excellent for cities with limited land. The puzzle system is the fastest-growing area, owing to its adaptability and cost-effectiveness. Puzzle systems stack and retrieve vehicles using a combination of horizontal and vertical movements, providing a blend of automation and affordability that appeals to a wider range of facilities seeking to upgrade parking options without making significant investments.

Automated Parking Systems Market, By End-User

• Commercial
• Residential
• Mixed-Use Developments

Based on End-User, the market is segmented into Commercial, Residential, and Mixed-Use Developments. The commercial category is currently dominant due to the strong need for efficient and space-saving parking solutions in office buildings, shopping malls, and other commercial facilities. Commercial premises frequently require enhanced APS to handle high volumes of vehicles and maximize space use in congested urban settings. The mixed-use construction segment is expanding at the fastest rate, owing to the growing trend of combining residential, commercial, and recreational spaces in single buildings. These mixed-use complexes benefit from APS since they improve parking efficiency and ease for several users within the same complex, making them more popular in urban planning and construction.

Automated Parking Systems Market, By Geography

• North America
• Europe
• Asia Pacific
• Rest of the World

On the basis of Geography, the Global Automated Parking Systems Market is classified into North America, Europe, Asia Pacific, and the Rest of the World. Europe currently dominates the automated parking systems market, owing to crowded urban areas, advanced technology, and government support for smart cities. However, the Asia-Pacific area is experiencing the highest development, owing to growing urbanization, increased automobile ownership, and government measures to solve parking issues. As nations like as China, India, and Japan expand, demand for automated parking solutions is expected to rise, cementing the Asia-Pacific region’s position as a worldwide market leader.

Key Players

The “Global Automated Parking Systems Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are 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, Bosch, Valeo SA, SKIDATA AG, and McParking Systems, Inc. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Automated Parking Systems Market Recent Developments

• In November 2023, Utron announced the completion of a project for slide system vehicle parking operations at one of Boston’s commercial skyscrapers in the Financial District. The company’s automated parking system has six parking floors, 256 conveyors, 235 parking spaces, and 24 EV charging stations throughout the structure.
• In May 2023, China’s Shijiazhuang Shopping Center unveiled its latest fully automated subterranean parking system. The project includes 156 vehicle parking spots, as well as additional upgrade capacity to meet future parking demand.
• In January 2023, Following the launch of an automated parking system at Stuttgart Airport, Germany announced plans to commence statewide infrastructure construction. APCOA and technical partner Bosch have announced plans to install this system in 15 more garages across the country.
• In January 2023, NTT DATA, a global leader in digital business and IT services announced a partnership with Valeo and Embotech, a software scale-up for autonomous driving systems, to develop automated parking solutions. The three startups have formed a partnership called VEN.AI, which wants to be the go-to solution provider for production-ready parking automation with worldwide deployment capabilities.

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