Automated Parking System Industry Overview
The global automated parking system market size was valued at USD 1.79 million in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 16.7% from 2022 to 2030. The key drivers for the growth are the increasing number of vehicles, scarcity of land for parking, rising urbanization, growing demand for green & sustainable parking solutions, and smart cities initiatives by the governments. However, the outbreak of the COVID-19 pandemic significantly affected the sales volume of automated parking systems.
Automated parking system solutions are best fitted in the current situation as the influx of technology in vehicles has increased significantly over the last two years. These factors could work well for the market in the post-pandemic era. According to the World Construction Network, the infrastructure industry (commercial and residential) is anticipated to register a significant CAGR of 13.6% over the forecast period. This is also expected to contribute to the growth of the global market in the forthcoming years.
Gather more insights about the market drivers, restraints, and growth of the Global Automated Parking System Market
The high demand for domestic and commercial vehicles and the limited availability of parking spaces are leading to a rise in traffic jams in several regions globally. According to industrial reports, nearly 35% to 40% of the total congestion in several major cities worldwide results from vehicle owners searching for vacant spaces. The automated parking system is expected to reduce pollution levels. According to INTRIX studies on drivers’ parking behavior in 30 cities in the U.K., the U.S., and Germany in 2021, it is projected that the combined cost in wasted time, fuel, and carbon emissions to the economies of these countries was closed to USD 200 billion a year.
The growing population and widespread use of cars throughout the world have generated concerns about parking infrastructure and necessitated the development of the available infrastructure in urban areas. Furthermore, an increase in per capita income, coupled with improved lifestyles, has enhanced the demand for personal mobility, thereby driving automobile sales in metropolitan cities. Due to the increasing scarcity of available free space, there will be a challenge for parking capacity in metro cities, while decreasing the demand will subdue the citizen’s mobility experience.
The number of high-rise constructions has increased significantly in the past few years. According to the Council on Tall Buildings and Urban Habitat (CTBUH), the growth in the number of buildings larger than 200-meter was 141% between 2010 and 2018. Real estate developers are increasingly focusing on offering sustainable homes with reduced emissions, particularly in luxury projects, as these parking systems are most effective in coping with the intensifying problem of insufficient parking spaces. For instance, the Beacon residential facility in London offers sustainable homes with zero-emission, facilitating a fully automated solution with 320 parking spaces. The steady rise in the number of luxury construction projects globally is likely to favor market growth.
With the expansion of automated solutions across various geographies, the initial investment for developing high-caliber parking solutions is significantly high. The requirement for the construction of such systems may limit the growth of the market to a certain extent. Moreover, these are highly complex solutions with quality control issues. Furthermore, the construction and management of these systems are also high and require the consideration of many factors. The absence of regulation for monitoring the working of these systems and quality control issues also pose significant challenges for manufacturers. Nevertheless, enforcing regulations related to quality control to avoid accidents and damages could help overcome these challenges.
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Transportation Management Systems Market - The global transportation management systems market size was valued at USD 10.45 billion in 2022 and is expected to register a compound annual growth rate (CAGR) of 14.8% from 2023 to 2030.
Smart Parking Systems Market - The global smart parking systems market was valued at USD 6.49 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 22.1% from 2023 to 2030.
Automated Parking System Industry Segmentation
For this study, Grand View Research has segmented the global automated parking system market based on component, structure type, platform type, automation level, end-use, and region.
Automated Parking System Component Outlook (Revenue, USD Million, 2017 - 2030)
- Hardware
- Software
Automated Parking System Structure Type Outlook (Revenue, USD Million, 2017 - 2030)
- AGV System
- Silo System
- Tower System
- Rail Guided Cart (RGC) System
- Puzzle System
- Shuttle System
Automated Parking System Platform Type Outlook (Revenue, USD Million, 2017 - 2030)
- Palleted
- Non-palleted
Automated Parking System Automation Level Outlook (Revenue, USD Million, 2017 - 2030)
- Fully Automated
- Semi-automated
Automated Parking System End-use Outlook (Revenue, USD Million, 2017 - 2030)
- Residential
- Commercial
- Mixed-use
Automated Parking System Regional Outlook (Revenue, USD Million, 2017 - 2030)
- North America
- Europe
- Asia Pacific
- Latin America
- MEA (Middle East & Africa)
Market Share Insights:
November 2021, Westfalia Parking hosted a webinar to educate on Automated Parking Demystified. The event described the automated parking system that can operate for the safety and welfare of users, where users can go to the park and pick up their cars in a contactless system in the time of COVID-19, and how an architect or developer can find an automated parking vendor.
Key Companies profiled:
Some prominent players in the global Automated Parking System Industry include
- Skyline Parking
- Westfalia Parking
- Unitronics (1989) (R” G) Ltd.
- Klaus Multiparking GmbH
- Robotic Parking Systems, Inc.
- City Lift Parking, LLC
- Park Plus Inc.
- Wohr Parking System Pvt. Ltd.
- AutoMotion Parking Systems
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