The global automated parking system market was estimated at USD 1.67 billion in 2022 and expected to hit USD 6.78 billion by 2032, poised to grow at a compound annual growth rate (CAGR) of 15.1% during the forecast period 2023 to 2032.
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The increasing investments in the development of the infrastructure across the globe is driving the adoption of latest and innovative automated parking systems. The increasing number of commercial and residential buildings owing to the rapid urbanization and rising awareness regarding the automated parking system among the real estate developers is encouraging them to install automated parking systems in their projects. The improving economic conditions of the consumers and demand for better standard of living is encouraging the consumers to own a flat or residential space in high-rise and luxury buildings that has enhanced and parking systems. The automated parking systems helps to save space. The innovations in the parking space and garage designs have facilitated the adoption of automated parking systems. The rising demand for the cars among the population owing to rising disposable income and growing demand for personal commute solutions is boosting the adoption of automated parking systems across the globe.
The limited availability of parking spaces coupled with growing number of vehicles on road is resulting traffic jams across the globe. Moreover, the automated parking systems can help to reduce fuel consumption and pollution, and can save time, as enormous amount of time and fuel is wasted while searching for a suitable parking space. Moreover, rapidly growing urban population is necessitating the adoption of the automated parking systems owing the availability of less spaces especially in the public places.
Report Scope o fthe Automated Parking System Market
|Market Size in 2023||USD 1.91 Billion|
|Market Size by 2032||USD 6.78 Billion|
|Growth Rate from 2023 to 2032||CAGR of 15.1%|
|Fastest Growing Market||Asia Pacific|
|Forecast Period||2023 to 2032|
|Segments Covered||Platform Type, Automation, Component, Structure Type, Region|
|Companies Mentioned||Skyline Parking AG, Westfalia Parking, Robotic Parking Systems, Inc., Klaus Multiparking GmbH, Wohr Parking System Pvt. Ltd, AutoMotion Parking Systems, Unitronics Ltd., Parkmatic, Park Plus Inc., City Lift Parking, LLC.|
Platform Type Insights
Based on platform type, the palleted segment accounted for around 61% of the market share in 2022. This platform type offers increased capacity, occupies less building area, offers improved safety, and reduces utility cost. It is suitable to the buildings that have less spaces for parking and hence its adoption is higher due to these features.
On the other hand, the non-palleted segment is expected to be the fastest-growing segment during the forecast period. The non-palleted type uses robots and lifts that increases the efficiency. It requires only one system to handle cars unlike the palleted type that requires two systems. The non-palleted type can reduce the time of movement and helps in time saving.
Based on application, the fully automated segment dominated the global automated parking system market in 2022, in terms of revenue and is estimated to sustain its dominance during the forecast period. This can be attributed to the benefits such as efficient handling, more safety, higher capacity, and low emission. The demand for these systems is growing in the developing countries owing to the presence of high population and rapid urbanization. However, the cost of this system is high which may potentially act as a restraining factor.
On the other hand, semi-automated segment is expected to grow at a substantial rate owing to its lower cost and easy maintenance. These systems are compatible for the buildings that have a limited number of cars to be parked.
Based on component, the hardware segment accounted for around 74% of the market share in 2022. The hardware includes various components such as microcontrollers, displays, sensors, motors, GSM modules, and various others. This may differ depending on type of parking systems. The wider variety of components results in the generation of higher revenue from this segment.
On the other hand, the software segment is estimated to be the most opportunistic segment during the forecast period. It is the major component that maintains the proper functioning of the hardware components of the automated parking systems. The software is the main organizer of the entire automated parking orchestra. The technological advancements in the software is expected to enhance the functioning and efficiency of the automated parking systems.
Structure Type Insights
Based on structure type, the silo segment accounted for over 20% of the market share in 2022 and is anticipated to remain its dominance during the forecast period. This is attributed to the increased adoption of silo systems in the commercial spaces across the globe. The rising number of commercial spaces such as shopping malls is expected to drive the adoption of this system during the forecast period.
On the other hand, the tower system is estimated to be the most opportunistic segment during the forecast period. This is attributed to its increased efficiency in handling cars and it save horizontal spaces. Further these systems can easily be built in the spaces that has height restrictions.
Based on region, Europe accounted for more than 40% of the market share in 2022 and is projected to remain its dominance during the forecast period. The presence of the several top market players significantly influences the market growth in this region. The developed infrastructure and higher demand for automation and latest technologies has fostered the growth of the automated parking system market in Europe.
Asia Pacific is estimated to be the most opportunistic market during the forecast period. Asia Pacific is characterized by rapid urbanization, rising government investments in the development of sophisticated infrastructure, rising demand for the cars, and rising penetration of commercial complexes that is expected to boost the growth of the market in the region.
Key Companies & Market Share Insights
The market is moderately fragmented with the presence of several local companies. These market players are striving to gain higher market share by adopting strategies, such as investments, partnerships, and acquisitions & mergers. Companies are also spending on the development of improved products. Moreover, they are also focusing on maintaining competitive pricing.
Some of the prominent players in the global automated parking system market include:
Segments Covered in the Report
By Platform Type
By Structure Type
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