The global automated parking system market size is expected to reach USD 6.66 billion by 2030, registering a CAGR of 16.7% from 2022 to 2030, according to a new report by Grand View Research, Inc. The number of on-road vehicles has increased exponentially across major countries and has given rise to traffic congestion and parking space problems. This has resulted in the emergence of automated parking systems. Moreover, an automated solution improves convenience for vehicle owners or drivers by automatically parking the vehicles at a vacant spot available in the system. Additionally, increasing traffic congestion and inadequate parking space availability in the cities are driving the market growth.
Automated Parking System Market Report Highlights
- The hardware components contribute to the most significant share of the entire cost of the automated parking system. As a result, the hardware component segment accounts for a market share of over 80% in 2021
- The tower system segment accounted for the largest revenue share over 25%, in 2021. These systems are the most efficient as they save significant horizontal space and take full advantage of the vertical space in a parking facility. Thereby, the segment is anticipated to register significant growth over the forecast period
- The non-palleted segment is expected to gain significant traction over the forecast period at a CAGR of 14.1%. The growth can be attributed to the fact that these platforms require a single system to handle the movement of vehicles and reduce the overall parking cycle time by 30% to 35%
- The fully automated segment is expected to witness the fastest CAGR of 13.9% during the forecast period. Fully automated parking solutions offer advantages such as high efficiency, increased capacity, reduced emission, and high safety and convenience
- The residential end-use segment is expected to witness a significant CAGR of 14.5% during the forecast period. The growth can be attributed to the rising demand for luxury residential facilities and the increasing number of high-rise buildings with inbuilt parking systems across several urban settings globally
- The Asia Pacific regional market is expected to reach USD 2.44 billion by 2030. Increasing vehicle fleet, coupled with the low availability of spaces, is anticipated to create significant demand for automated parking systems in the region
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The expansion of the infrastructure drives the marketplace for an automated parking system, along with the growing number of luxury and high-rise buildings and rising support from government bodies. Owing to these benefits, the demand for automated parking systems is anticipated to extend in residential and commercial buildings. Moreover, smart city initiatives across several countries are also driving the demand for advanced and smart automated solutions to reduce parking and pollution problems, the local public faces.
However, the rising number of vehicles of varying sizes in urban areas challenges the growth of the market. Moreover, the high initial investment is required for construction and maintenance per parking space in smart facilities, which increases the initial maintenance and operating costs of these spaces, which could also hinder the growth. However, the growing number of luxury and high-rise buildings, rising support from government bodies, and the increasing willingness of developers drive the marketplace for an automated parking system. Furthermore, the expansion of the infrastructure industry is expected to supply tremendous opportunities for installing an automated parking system in under-construction and newly constructing buildings.
Automated Parking System Market Insights By Geographical Regions
Europe held the largest revenue share of over 30%. The rise in the initiatives for the development of smart cities and growing demand from commercial and residential buildings will provide beneficial opportunities for the growth of the market in the region. The Asia Pacific region is anticipated to witness significant growth over the forecast period. This can be attributed to the huge population and prevalence of vehicle parking on the roads. The region is home to 40% of the global population and some of the fastest-growing economies, such as India.
Industry Share Analysis By Major Companies:
Leading companies operating in the market are increasingly focusing on R&D activities to explore long-term growth opportunities. Companies have adopted new product development, partnerships, and supply contracts as major strategies to gain traction in the market. Some of the prominent players operating in the global automated parking system market are:
- Skyline Parking AG
- Westfalia Parking
- Unitronics (1989) (R”G) Ltd.
- Klaus Multiparking GmbH
- Robotic Parking Systems, Inc.
- City Lift Parking, LLC
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Automated Parking System Market 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)
- Automated Parking System Structure Type Outlook (Revenue, USD Million, 2017 – 2030)
- Automated Parking System Platform Type Outlook (Revenue, USD Million, 2017 – 2030)
- Automated Parking System Automation Level Outlook (Revenue, USD Million, 2017 – 2030)
- Automated Parking System End-use Outlook (Revenue, USD Million, 2017 – 2030)
- Automated Parking System Region Outlook (Revenue, USD Million, 2017 – 2030)
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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