New York, April 11, 2023 (GLOBE NEWSWIRE) -- According to Market.us, The global Automated Parking System market was valued at USD 1.8 Billion in 2022 and is expected to grow to USD 5.2 Billion in 2032. Between 2023 and 2032, this market is estimated to register a CAGR of 11.4%. An automated automobile parking system is a mechanical device designed to fit as many vehicles as possible into a small amount of parking space. Similar to a multi-story garage, an automated parking system stacks cars vertically on several floors to increase parking capacity while taking up less space. Drivers are no longer required because automatic parking systems (APS) are powered by a mechanical mechanism to move cars. APS should be called an automated storing and retrieval system for automobiles.
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Key Takeaway:
- By Automation level, in 2022, the Automated parking system market was dominated by the Fully Automated segment.
- By Component, the Hardware segment dominated the largest market share in the component segment and accounted for the largest revenue share in the Automated parking system market in 2022.
- By Platform Type, the Palleted segment is dominated with the highest revenue share of 65%.
- By end-user, the Commercial segment dominated the largest market share in 2022.
- In 2022, Europe dominated the market with the highest revenue share of 42%.
Factors Affecting the Growth of the Automated Parking System Market
There are several factors that can have an impact on the growth of the Automated Parking System. Some of these factors include:
- Cost: A major barrier to adoption is the cost of implementing and maintaining an automated parking system, but as the technology becomes more widely used, costs are likely to come down.
- Consumer demand: The demand for automated parking systems may increase. Because consumers become more environmentally conscious and interested in sustainable transportation options.
- Real estate development: The development of new properties can also drive the growth of automated parking systems, as property owners seek to maximize the use of limited space.
- Urbanization: As more people move into cities, the demand for parking spaces increases, making automated parking systems more attractive due to their space-saving capabilities.
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Market Growth
Automated parking systems use sensors, cameras, and robotics to park and retrieve vehicles without the need for human intervention. These systems can significantly reduce the amount of space needed for parking, increase efficiency, and improve safety by eliminating the need for drivers to navigate crowded parking lots. The report cites factors such as increasing urbanization, growing demand for green and sustainable infrastructure, and advancements in parking management technology are key drivers of the automated parking system market. Due to a number of variables, including effective parking management, rising parking space demand, and smart city initiatives, the market for automated parking systems is anticipated to develop significantly in the upcoming years.
Regional Analysis
In the automated parking system market, Europe held the largest revenue share with 42%. The initiatives taken by governments for the smart cities’ development and the rising demand for residential and commercial buildings will provide profitable opportunities for the region's market growth. Automated parking systems acceptance is also high in these countries to save space, and decrease vehicle emissions while parking vehicles. The presence of technologically-advanced infrastructure has further encouraged the public and private sectors to adopt automated solutions for eliminating parking problems.
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Scope of the Report
| Report Attribute | Details |
| Market Value (2022) | USD 1.8 Billion |
| Market Size (2032) | USD 5.2 Billion |
| CAGR (from 2023 to 2032) | 11.4% |
| Europe Revenue Share | 42.0% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
Growing smart city initiatives from governments worldwide are likely to set a positive trend for market growth. Real-estate developers, luxury projects, and high-rise structure inclination are accepting automated solutions. As a result, this market is expanding. An increasing fleet of commercial vehicles mixed with a shortage of parking space has resulted in traffic congestion in numerous places worldwide.
The increasing population places an important strain on the infrastructure of parking, necessitating the expansion of existing infrastructure in metropolitan areas. Behind that, enhance lifestyle and increasing per capita income have growing demand for personal mobility, resulting in increased vehicle sales in urban areas. As a result, many vehicles on the road outnumber the number of available parking spaces in cities. These are the key market drivers that are pushing automated parking systems ahead.
Market Restraints
Automated parking systems pose a unique set of challenges due to their complexity and inflexibility in quality control. When designing an automated parking system, many factors must be taken into account; hardware and software must work together seamlessly for optimal results. Any flaw in any system can lead to its failure. Automated parking systems rely on both software and hardware systems for safety, so safety must also be taken into consideration when designing them. These factors can restrain market growth. Many industries are investing in research and development to address safety concerns and offer comprehensive software and hardware solutions for automated car parking systems. Unfortunately, due to a lack of regulations governing their operation, quality control remains an issue for manufacturers.
Market Opportunities
Global action has spurred the creation of smart cities, where IoT technology is used to improve mobility and transportation. These initiatives have created new business opportunities around the world. Smart cities feature parking management systems that make it simple, flexible, and efficient for drivers to park their cars. For example, Xerox Corporation (US) developed a smart grid system that enables drivers to find an available spot using their smartphone app; sensors register it as occupied once parked; payment for parking is made through a meter which they pay using their same mobile application; you may extend parking time using same app tool.
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Report Segmentation of the Automated Parking System Market
Component Insight
The hardware segment holds the largest market share. These components include microcontrollers and RF modules, GSM modules, displays, motor drivers as well as DC motors, ultrasonic sensors, and camera units. All these elements are employed in different parking system projects. Software plays an integral role in its operation - software that coordinates movements involved with parking and retrieving cars. Parking sensors provide information using analytics to determine vacant and occupied spots using analytics.
Automation Level Insight
Fully automated parking commands hold the biggest market share in the automated parking system market. The residential segment will continue to dominate during the projection period due to rising luxury project activity, rising customer desire for comfort and convenience, and rising residential segment utilization of completely automated parking facilities. Low penetration and slow development characterize the semi-automated market. The segment will experience a drop during the forecast period due to a shortage of parking spaces. Semi-automated systems are inexpensive to implement initially and simple to maintain.
Platform Type Insight
The palleted segment dominates the automated parking system with the highest revenue share. The solutions clarify the movement of vehicles in the parking space as the vehicles cannot be moved or lifted without the driver. Many people prefer to work from home hence work from home option is increasing, parking options are predicted to expand favorably in the future as they improve cityscape, rise vehicle security, and have a higher parking density than traditional car parks. These methods reduce the complexity of transportation systems by not requiring changes in car size.
The non-palleted sector is anticipated to grow at a sizable CAGR, Over the course of the forecast period. These methods remove the need to move empty pallets and increase system efficiency by directly lifting, moving, and parking the vehicle in available spaces. These elements are anticipated to impulse market expansion in the years to come, along with the increasing number of cars on the planet.
End User Insight
The commercial segment is dominant in the end users with the highest revenue share. The increasing need for parking spaces in office structures and shopping centers can be blamed for this. Due to the rising many vehicles on the road, there were spaces available, which causes traffic jams and an increase in air pollution in big cities all over the globe. Automated parking system offers many benefits in resolving this problem, along with benefits like optimal space utilization and rising security, it is predicted that demand and acceptance for these systems will grow rapidly in the business sector in the near future. Over the forecast period, the residential sector is expected to grow at a significant CAGR. The increase in high-rise residential buildings and the expanding use of these solutions in upscale residential facilities around the world are both responsible for the segment's development.
Recent Development of the Automated Parking System Market
July 2021- Westfalia Technologies, Inc. is the leading automated parking and storage solutions provider. Westfalia Introduced the launch of the parking App, an all-in-one parking solution for consumers that enhance automatic parking facilities' efficiency, security, and convenience.
March 2021- Westfalia Technologies, Inc., a main provider of automatic parking systems (APS) and logistics solutions for warehouses and distribution centers. (Westfalia) announced the introduction of a fully automatic charging function for electric vehicles.
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Market Segmentation
By Component
- Hardware
- Software
By Platform
- Palleted
- Non-Palleted
By Automation
- Fully Automated
- Semi-Automate
End User
- Commercial
- Residential
- Mixed-Use
By Geography
- North America
-
- The US
- Canada
- Mexico
- Western Europe
-
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
-
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
-
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
-
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Competitive Landscape
The global automated parking system market is fairly fragmented, with many large and medium-sized players accounting for a majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, and developing, testing, and introducing more effective automated parking system solutions. Some major players included in the global automated parking system market
- Fata Automation, Inc.
- Fehr Lagerlogistik AG
- Unitronics 1989 RG Ltd.
- Klaus Multiparking GmbH
- Westfalia Technologies Inc.
- Amano Corporation
- Flowbird Group
- IBM Corporation
- Robotic Parking Systems, Inc.
- Siemens AG
- Skidata Gmbh
- Streetline, Inc.
- Swarco AG
- T2 Systems
- Xerox Corporation
- City Lift Parking, LLC
- Wohr Parking System Pvt. Ltd.
- Park Plus, Inc.
- Other Market Key Players
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