Vancouver, Sept. 18, 2023 (GLOBE NEWSWIRE) -- The global automated parking system market size was USD 1319.9 Million in 2021 and is expected to register a revenue CAGR of 15.1% during the forecast period, according to latest analysis by Emergen Research. Rising demand for sustainable parking solutions and rapid urbanization is a key factor driving market revenue growth.
Rapid adoption of integrated solutions, such as Machine-to-Machine (M2M) connectivity, advanced sensors, data analytics, smart parking meters, and mobile applications for slot bookings and payment purposes for automated parking solutions, is one of the primary factors expected to drive growth of the market. In addition, increasing implementation of automation solutions for parking solutions as well as smart parking systems for proper management of dispersed parking spaces and provision of easy assistance to drivers for quickly locating available parking spots are also driving market revenue growth. Moreover, fully automated parking systems are more efficient, capable, and secure, which is driving revenue growth of the market. Furthermore, fully automated parking systems lower costs by lowering carbon emissions and eliminating the need for manpower.
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Automated parking systems aid in reducing energy use, pollutants, and building footprint. Surge in number of Electric Vehicles (EVs), owing to rising demand for environment-friendly and sustainable solutions, is increasing demand for automated solar parking systems and parking spaces with EV charging stations. Furthermore, high initial investments required for development of high-quality parking solutions and highly complex solutions with quality control issues are restraining growth of the market.
Scope of Research
| Report Details | Outcome |
| Market Size in 2021 | USD 1391.9 Million |
| CAGR (2022–2030) | 15.1% |
| Revenue Forecast to 2030 | USD 4927.3 Million |
| Base Year for Estimation | 2021 |
| Historical Data | 2019–2020 |
| Forecast Period | 2022–2030 |
| Quantitative Units | Revenue in USD Million and CAGR in % from 2022 to 2030 |
| Report Coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments Covered | Component, application, structure type, automation level, platform type, and region |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Country Scope | U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa |
| Key Companies Profiled | Robotic Parking Systems, Inc., Skyline Parking, Klaus Multiparking, Westfalia Parking, FATA Automation, Park+, Unitronics Inc., Parkmatic, Wohr Parking Systems Pvt. Ltd., and T2 Systems |
| Customization Scope | 10 hours of free customization and expert consultation |
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Major Companies and 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, developing, testing, and introducing more effective automated parking system solutions. Some major players included in the global automated parking system market report are:
- Robotic Parking Systems, Inc.
- Skyline Parking
- Klaus Multiparking
- Westfalia Parking
- FATA Automation
- Park+
- Unitronics Inc.
- Parkmatic
- Wohr Parking Systems Pvt. Ltd.
- T2 Systems
Strategic Development
- On 28 March 2022, Bosch partnered with Mercedes-Benz to demonstrate the ability of cars to automatically navigate themselves to and from remote parking spaces, which requires driver assistance capability, also referred to as SAE Level 4 in parking garage of InterContinental Los Angeles Downtown hotel by employing a network of supplemental sensors in the reception area and garage of hotel
- On 2 August 2021, Westfalia Technologies, Inc., which is a provider of automated parking and storage solutions launched Westfalia Parking App, which is an all-in-one consumer parking solution that is expected to increase efficiency, convenience, and safety in automated parking facilities. Parking solution completely automates parking experience, increasing capacity while using less square footage than a conventional garage
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Some Key Highlights From the Report
- The hardware segment accounted for a significant revenue share in 2021. Increasing demand for RF modules, microcontrollers, displays, ultrasonic sensors, DC motors, motor drivers, and camera units for installation and management of automated parking systems is one of the key factors driving revenue growth of this segment. Increasing car parking concerns owing to limited parking space are increasing implementation of IR sensors and Internet of Things (IoT) technologies for automation and easy tracking of available parking spots.
- The commercial parking segment accounted for largest revenue share in 2021 owing to rapid urbanization and rising demand for parking facilities in increasing commercial buildings such as shopping malls. Rising number of automobiles on the road is resulting traffic congestion and high amount of emissions, thereby increasing need for more parking spaces in commercial areas.
- The silo system segment accounted for largest revenue share in 2021. High demand for silo systems for increasing commercial applications is one of the key factors driving revenue growth of this segment. Silo parking systems can also be installed underground and in unfavorable soil conditions. Lifting or rotating mechanism comprises core and facilitates vehicle placement, often enabling just one vehicle to be controlled at a time.
- The fully automated segment accounted for largest revenue share in 2021. Fully automated parking systems offer efficiency, increased capacity, and enhanced security compared to semi-automated solutions, which is driving revenue growth of this segment. Fully automated parking systems help in reducing carbon emissions and non-requirement of labor force, thereby reducing cost.
- The palleted segment accounted for a significant revenue share in 2021. Ability to simplify movement of automobiles without requiring a driver and increasing work-from-home norms, which have resulted in high demand for increased security and higher parking capacity are major factors driving growth of this segment.
- The Europe market accounted for largest revenue share in 2021 owing to rapid adoption of automated parking system for enhanced parking solutions as well as growing utilization of robotic parking systems in various countries of this region. Furthermore, presence of leading global providers of automated parking systems is one of the key factors driving growth of the market. Growing concerns for carbon emissions are also increasing demand for automated parking systems as well as increasing adoption of automated solutions across private and public sectors.
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Emergen Research has segmented the global automated parking system market based on component, application, structure type, automation level, platform type, and region:
- Component Outlook (Revenue, USD Million; 2019-2030)
- Hardware
- Software
- Application Outlook (Revenue, USD Million; 2019-2030)
- Commercial parking
- Residential parking
- Structure Type Outlook (Revenue, USD Million; 2019-2030)
- Silo system
- Tower system
- Puzzle system
- Shuttle system
- Rail Guided Cart (RGC) system
- Automated Guided Vehicle (AGV) system
- Automation Level Outlook (Revenue, USD Million; 2019-2030)
- Semi-automated
- Fully automated
- Platform Type Outlook (Revenue, USD Million; 2019-2030)
- Palleted
- Non-palleted
- Regional Outlook (Revenue, USD Million; 2019-2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of Middle East & Africa
- North America
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