Automated Parking System Market

Global Automated Parking System Market Size (2024 to 2029)

The global automated parking system market is expected to be valued at USD 2.62 billion in 2024 and USD 4.85 billion by 2029, to grow at a CAGR of 13.10% from 2024 to 2029.

Automated parking systems may be a technique for mechanically parking and retrieving vehicles to accommodate the rise in interest in safe and convenient parking because the number of cars is growing every day. Automated parking systems limit the width and depth required for the parking lot and distances between parking spaces since no allowance must be made for driving the car into the parking lot or for the opening of car doors. Moreover, no driving lanes or ramps are required to drive the vehicle toward the parking lot.

Global Automated Parking System Market Drivers:

The expansion of the infrastructure industry drives the marketplace for an automated parking system, along with the growing number of luxury and high-rise buildings, rising support from government bodies, and the increasing willingness of developers to put in an automatic parking system. Limited availability of parking spaces and therefore the growing number of vehicles has resulted in traffic jams in several regions. Drivers checking out vacant parking spaces account for nearly 40% of the entire traffic jam. Additionally, the time spent finding parking lots leads to a waste of fuel and increased emissions. The automated parking system can issue sustainable emission parking spaces. The benefits of an automated parking system over a conventional parking system are to grow efficiency by 35%-40%, increase capacity by 40%-50%, 10%-12% return on investment (ROI), 85% lesser CO2 emissions generated by driving, and inherent safety and security. The expansion of the infrastructure industry is predicted to supply tremendous opportunities for installing an automated parking system in under-construction and newly constructed buildings.

Global Automated Parking System Market Restraints:

A key factor restraining the expansion of the automated parking system is the high complexity of the system, issues with internal control, and high capital requirements. The development of an automatic parking system is complex and requires deliberation of many factors. Within the absence of regulations to watch the working of an automated parking system, the difficulty of internal control also poses a challenge for manufacturers. However, a high initial investment is required for a high-caliber automated parking system. Thus, authorities must mandate and regulate the standard of the automated parking system. 

REPORT COVERAGE:

This research report on the global automated parking system market has been segmented and sub-segmented into the following categories. 

Global Automated Parking System Market - By Automation Level:

• Semi-automated
• Fully-automated

In the automated parking system (APS) market, the fully automated segment is the fastest-increasing part by automation level. The selection of an automatic parking system (APS) depends on several factors, such as the developer's available budget, the location of the project, and the application of the system. High-volume parking systems tend to be fully automated, while low-volume parking systems and throughout parking systems are semi-automated. Moreover, advantages like higher volume, better efficiency, less emission, and increased safety and convenience of a fully automated parking system are predicted to fuel the expansion of a fully automated parking system. 

Global Automated Parking System Market - By System Type:

• Hardware
• Software

By system, hardware systems contribute to the most significant share of the cost of the automated parking system. Resulting in the best market share within the automated parking system. The analytics solutions segment in the software segment is predicted to grow at a surged rate during the foreseen phase. The expansion of this segment is majorly driven by the power of the parking sensors affixed to the sunshine poles to systematically and reliably assemble information about the vacant and occupied parking areas in time and transmit it to the drivers and managerial personnel using an analytics solution.

Global Automated Parking System Market - By End-User:

• Commercial
• Residential
• Mixed-use

The automated parking system (APS) can considerably reduce emissions and increase the project's green footprint. As developers still specialize in decreasing emissions by offering low-emission sustainable houses, the demand for automated parking systems (APS) is predicted to extend to residential buildings.

Global Automated Parking System Market - By Design Model:

• Hydraulic
• Electro-mechanical

Global Automated Parking System Market - By Platform Type:

•  Palleted
• Non-palleted 

As the non-palleted system has superior speed and efficiency, the demand for this sort of system is predicted to witness growth at a rapid pace. 

Global Automated Parking System Market - By Parking Level:

• Less than Level 5
• Level 5-Level 10
• More than Level 15

Global Automated Parking System Market – By Region:

• North America 
• Europe 
• Asia Pacific
• Latin America
• Middle East and Africa  

The North American region is widely adopting digital technologies thanks to the main target of implementing smart cities and a better adoption rate for a sensible parking management system.

Europe is predicted to steer the automated parking system market. Europe features a state-of-the-art technology background and, therefore, the existence of major players in automated parking solutions. This further empowers private and public industries/ organizations to embrace automated parking system (APS) solutions to manage parking issues more efficiently.

In the Asia Pacific region, various smart city projects are unrolled to enhance citizen services. These smart city projects affect challenges associated with transit, infrastructure, connectivity, and utilities and are certain to reinforce the expansion of the automated parking system market.

KEY MARKET PLAYERS:

Some of the major key players dominate the global automated parking system market. Are Wohr (Germany), Nissei Build Kogyo (Japan), Klaus Multi Parking (Germany), CityLift (US), Westfalia (Germany), Robotic Parking Systems Inc. (the US), Skyline Parking, Unitronics (Israel). 

RECENT HAPPENINGS IN THE MARKET:

• Multiparker 740 by Wohr provides saved parking space by stacking cars beside each other and on top of every other to a high rack storage system. Longitudinal parking is enabled next to the storage and retrieval system.
• KLAUS Multiparking GmbH now also provides 3D models of its parking systems for developing Information Modeling (BIM). With this, KLAUS Multiparking is responding to the development industry's interest in an innovative planning theory with which projects are often realized faster and more accurately.
• CityLift Parking, the leading distributor of automated parking lift solutions, was granted LA Research Report ("LARR") approval for its last completed project in LA. This is often the initial approval for a 3-level automated puzzle parking system within the City's history.