New York, March 11, 2024 (GLOBE NEWSWIRE) -- The global automated parking system market size is estimated to attain at ~14.06% CAGR from 2023 to 2035. The market is expected to garner a revenue of USD 9.47 billion by the end of 2035, up from a revenue of ~USD 1.73 billion in the year 2022.The size of the market is attributed to the increasing percentage of vehicles worldwide that need better parking solutions with enough space. 90% of the households in the U.S. have at least one, while nearly[MK1] 20% of households have three or more cars as of 2022.
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Further, the rising parking systems with vertical places or a planned planner to save space are boosting the market growth. The rising demand for parking solutions in the cities and parking systems is likely to boost market growth in the coming years. As of 2022, one[MK2] -third of the population lives in cities in India as of reports.
Reduction in the Space Availability in the Cities is Driving the Growth of the Automated Parking System Market
The growing population across the world is estimated to propel the market size in the coming years by reducing the size of the living space and parking spaces in apartments and households. Decreasing road spaces and parking systems in the projects that are under construction owing to the high land prices are fueling the market size. The rise in population[MK3] in 2030 is estimated to reach 9 billion and 10 billion in 2050.
Automated Parking System Market: Regional Overview
Establishment of New Policies to Manage Traffic of Vehicles and Maintain a Smart City Posture is Proliferating the Market Growth in the European Region
The European region automated parking system market is assessed to garner a market revenue of USD 2.81 billion in the year 2035. The growing number of policies to manage traffic on roads in the apartments and increasing smart cities is predicted to shoot up the market growth. Further, the demand for residential and commercial constructions with increasing economic living standards of people is surging the market size in the region. Over 58[MK4] % of the population across the world will be living in smart cities by 2050 as per the estimations.
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Expansion of the Market Expansion in the Asia Pacific Region
The Asia Pacific region market in the year 2035 is estimated to register a noteworthy market share with a CAGR of 15.67% due to the presence of a high percentage of vehicles. The increasing population and need for a personal vehicle are expanding the market size. The rise in the market size is credited to the development of urban areas with the implementation of smart city projects and initiatives to improve infrastructure. Over 37 million units of passenger cars were[MK5] sold in Asia in 2022.
Automated Parking System, Segmentation by Automation
- Semi-Automated
- Fully Automated
The fully automated segment of the automated parking system market is reckoned to register a significant market share with a CAGR of 14.24% during the forecast period. The rise in demand for fully automated parking systems in developing countries on account of their convenience, capacity, lower emission, high safety, and efficiency is boosting the market segment. The automated parking system requires only half the land required for conventional parking systems i.e., traditional concrete ramp garages need over 140,000 square feet of space while automated[MK6] systems need nearly 74,000 square feet of space.
Automated Parking System, Segmentation by End-User
- Residential
- Commercial
- Mixed
The commercial segment of the automated parking systems market is projected to secure the second-largest market share with a CAGR of 14.31% during the forecast era. The increasing size of the market segment is credited to the escalating demand for parking management in commercial complexes such as shopping malls, restaurants, theaters, departmental stores, and others. The rise in the construction of luxurious and costly buildings is also estimated to mount the market segment size. As of 2023, in India over 10 shopping malls are established[MK7] covering the top 10 cities occupying nearly 60,00,000 square feet of area.
A few of the well-known industry leaders in the market that are profiled by Research Nester are Robotic Parking System Inc., Unitronics (U-Tron), WOHR Autoparksysteme GmbH, Skyline Parking AG (Fehr Lagerlogistik AG), Klaus Multiparking GmbH, Park Plus, Inc., Parkmati, Cleverciti Systems GmbH, T2 Systems, Inc., and others.
Recent Development in the Market
- T2 Systems, Inc. introduced T2 Velocity, frictionless parking access, and financial revenue management solutions in the parking systems that link the LPR, permit enforcements, collections, and transitory payments into one integrated gateless system.
- Westfalls Technologies Inc. revealed a new parking application, an encompassing customer parking solution that includes all. The application provides efficiency, simplicity, and safety in the facilities of automated parking to the vehicles parked.
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