Automated Parking Systems Market – Industry Analysis and Forecast (2024-2030)

Automated Parking Systems Market size was valued at US$ 1.82 Bn. in 2023 and the total revenue is expected to grow at 15.2% of CAGR through 2024 to 2030, reaching nearly US$ 4.90 Bn.
Automated Parking Systems Market Overview:
An automated car parking system is a mechanical device designed to fit many vehicles into the smallest amount of space. An automated parking system stacks vehicles vertically on several levels, similar to any multi-story garage, by increasing parking space while using less land. There is no longer a need for drivers as the Automated Parking Systems APS is run by a mechanical system to move vehicles. APS is more appropriately referred to as an automated storage and retrieval system for cars.

Major countries have seen exponential growth in the number of on-road vehicles, which has led to issues with parking and traffic congestion, which is driving parking solutions demand across the world. By automatically parking the vehicles in free space in the system, an automated solution also increases convenience for vehicle owners or drivers. Additionally, the lack of parking spaces and growing traffic congestion in cities are driving the automated parking systems market growth.

The growing number of automobiles of various sizes in urban areas is a challenge to the automated parking systems market's growth. And the large initial investment necessary for smart facility construction and maintenance per parking space boosts the initial maintenance and running costs of these spaces, thus restricting the market growth. However, the growing number of luxury and high-rise structures, growing government support, and increasing developer willingness drive the demand for an automated parking system. Additionally, the rise of the infrastructure industry is expected to provide enormous potential for implementing an automated parking system in under-construction and recently constructed buildings.To know about the Research Methodology :- Request Free Sample Report
Automated Parking Systems Market Report Scope:
The Global Automated Parking Systems Market report analyses market characteristics, volume and growth, segmentation, regional breakdowns, market shares, trends, and business strategies of major players. The research also focuses on both the demand and supply sides of the market. The report has covered the market trends, technology trends, parking problems in different cities of the world as a potential market, and competitive landscape analysis, and key manufacturers like FATA Automation, TAPS, APS Westfalia, Citylift, Robotic Parking Systems, Parkmatic, Klaus Multiparking, and Unitronics. Key players or automated paring solution manufacturing companies often face legal and different various restrictions in different regions, the report will help the decision makers to get acquainted with cultures of the automated parking systems market with the legal compliance in each country.
Automated Parking Systems Market Dynamics
Game changer Robotic Parking

Robot car parking is the most recent invention, allowing cars to use a parking lot that is operated by robotic-powered devices. It means that automobile parking is available at the click of a button and is automated, from automatic ramps and barriers to other developing technology, which is expected to enhance the car parking experience in the future, which in turn expected to drive the automated parking systems market growth through the forecast period.

Sustainable and green parking influence people

The increasing volume of emissions in the automotive industry is one of the primary causes of global warming and climate change. In large automobile markets such as China, India, and the United States, vehicle emissions account for a significant portion of total emissions. Several government agencies are launching steps to reduce car emissions. For example, the European Union and the G8 nations agreed on a plan to cut CO2 emissions by at least 80% by 2050. China and the United States issued a joint declaration to sign the Paris Climate Agreement. The accord attempts to keep global climate change under control. As a result, the industry's attention has switched toward the development of environmentally friendly solutions.

The time spent looking for a parking space when parking a car leads to fuel loss and increased emissions. According to research published by the British Parking Association (BPA), the average UK person spends 90.5 hours per year looking for parking places. This wastes fuel, and time, and increases emissions, all of which can be decreased with the assistance of an automated parking system. Parking automation reduces emissions, energy consumption, and construction footprint. Additionally, as compared to a traditional parking system, the automated parking system boosts efficiency and can park more vehicles in less space. Solar-powered automatic parking and parking spots with electric vehicle charging stations can both contribute to green and sustainable solutions. As a result, these factors are driving the growth of automated parking systems market.
Automated Parking Systems Market Restraint
Issues with quality control and the high complexity of the system

An automated parking system's construction is complex and involves careful consideration of numerous elements. The hardware and software systems that make up the automated parking system are combined. The collapse of one system can result in the collapse of the entire system. In some instances, the motorist received the incorrect vehicle from the automatic parking system. The availability of space is crucial in the development of an automated parking system, in addition to dependency on software and hardware components. Another important concern with an automated parking system is safety. Moving from one spot to another in an automatic parking system might cause harm to an automobile. To address safety concerns and deliver complete software, many businesses are focusing on research and development of automated parking systems. As a result, these factors are hampering the growth of automated parking systems market across the world.

The challenge of quality control for manufacturers arises from the lack of regulations to oversee the operation of an automated parking system. A high-quality automated parking system also requires a large initial expenditure. When it comes time to automate the parking system, many construction companies choose a less expensive, lower-capacity system rather than a more expensive, custom-designed, higher-capacity system. As a result, the quality of the automated parking system must be mandated and regulated by authorities.

High capital investment is required

Compared to a traditional parking system, the automated parking system is more effective, sustainable, and environmentally beneficial. However, construction has a large initial cost. Many businesses do not appreciate automated parking systems due to the expensive cost and prioritize profits over user experience. Additionally, when customers park elsewhere on the streets to avoid paying parking fees and delay parking operations, commercial automated parking facilities may no longer be financially viable. Such instances can be seen in developing nations like Thailand, Brazil, and India.

The capital needs for the industry's sustainable growth of automated parking systems are significant as compared to a conventional parking lot, which requires up to 30-40% less cost per parking place. An underground automated parking system is approximately 30% more expensive to build than an above-ground automated parking system.

However, when installing a big number of parking spots, the cost of an automated parking system per parking place decreases significantly (more than 200). Private users, such as luxury apartment buildings, hotels, and business complexes, can benefit from such an automated parking system. However, the hourly parking prices are not yet high enough to justify the high expense of automation for public usage. As a result, for the long-term use of an automated parking system, the company should develop new goods and clever software solutions to reduce total costs and boost efficiency. These factors are major challenges to the automated parking systems market growth.
Automated Parking Systems Market Segment Analysis:
By the Automation level, the fully automated segment held the largest revenue share of over xx% of CAGR in 2023. A fully automated parking system is a type of automated parking system that is similar to robotic valet parking. The driver must drive the vehicle until it reaches the entry area of an APS. The car must be vacated, with the driver and all passengers exiting. The driver pays at a nearby automated terminal and receives the ticket.

When all of the passenger’s exit the entry area, the automobile is lifted by the mechanical system and moved to a pre-determined parking location in the system. The more sophisticated completely automated APS gathers car dimensions and locates a suitable location for them. The operator tries to squeeze the car into the smallest parking space. The driver gets the car by entering the ticket or code he obtained previously into an automated terminal. The APS removes the car from the parking slot and transports it to the exit area. The primary goal of a completely automated APS is to eliminate the necessity for parking attendants.

Microcontrollers, GSM, RF, displays, motor drivers, ultrasonic sensors, DC motors, camera units, and other hardware elements are included in a parking system's hardware, and the structure of the overall system varies between projects. Numerous solutions, including navigation systems, web-based solutions, sensor-based identification, license plate recognition, mobile-based parking, and RFID solutions, can be added to the systems, depending on the budget. The automated parking system's hardware systems make up the largest portion of its overall cost. As a result, the segment is expected to maintain its leadership in the automated parking systems market during the forecast period.

By Platform Type, the palleted segment dominated the automated parking systems market, by xx % of CAGR during 2023. Because automobiles cannot be moved or lifted without the driver, these methods make vehicle movement in the parking space easier. As the number of people opting to work from home grows, these parking solutions are expected to develop in the future as they improve vehicle security, improve the cityscape, and provide better parking density than conventional car parks. These solutions do not require car-size accommodations, which reduces the complexity of transportation processes.

By Component Type, the automated parking systems market is divided into hardware and software segments based on components. The market for smart parking systems is dominated by the hardware segment, which includes pucks, cameras & LPRs, smart meters, signs, and parking gates. Smart meters and cameras are frequently used in on-street parking. Cities' growing need for on-street parking has led to widespread hardware adoption. Governments are placing more equipment and cameras on the road to maintain traffic flow because most people leave their cars parked there for several hours, which is causing smart parking systems to become more popular. In July 2022, Sony released a new demonstration of how its IMX500 sensors, supported by AI processing, are at the center of three "smart city" experiments in Rome, Italy.
Regional Insights:
The automated parking systems market in Europe is expected to reach a CAGR of 10.11% during the forecast period (2024-2030). Urban regions are constantly developing due to their popularity for services, labour, leisure, commerce, and culture, posing challenges for municipalities and inhabitants alike. Smart cities are exploring more sustainable mobility solutions to reduce pollution, reduce congestion by dividing public and private spaces, reduce time spent circling vehicles looking for parking spaces, and increase overall accessibility and city canter attractiveness. Concerns about insufficient parking places are one of the key drivers of industry growth. For example, the International Road Transport Union (IRU) took part in an EU-funded study that found that a lack of Safe and Secure Parking Areas (SSTPAs) is a major concern in Europe, with roughly 90% of drivers and transport operators stating that the current parking supply is insufficient.

Europe automated parking systems market is moderately fragmented, with numerous competitors holding significant market shares. There is a high barrier to entry in the market due to the large investment cost required for entry. BMW I Ventures, Daimler Mobility, Cleverciti, and others are among the notable businesses in the smart parking sector.

In European countries, Germany is a major city that is expected to hold xx% of CAGR during the forecast period. German cities are developing their smart city strategies and figuring out how to use them in their own circumstances. Cities are currently establishing smart city regulations for integrated urban development, including Munich. In the European lighthouse project on "Smart Cities & Communities," Cologne is one of the German partner cities (SCC). Additionally, it is a member of the Grow Smarter project consortium. In order to become a digital capital, Hamburg established an ambitious strategy, and Norderstedt, which is close to Hamburg or Ulm in Baden-Württemberg, is successfully implementing innovation. Urbiotica announced the acquisition of Fastprk, a parking management solution from World sensing, in June 2022. With its dual detection and LoRa communication protocol, Fastprk's technology complements Urbiotica's range of smart parking solutions, increasing its leadership position in the field and providing up new potential to access new markets.

The objective of the report is to present a comprehensive analysis of the Automated Parking Systems Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.
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Global Automated Parking Systems Market


Report Coverage
Details


Base Year:
2023
Forecast Period:
2024-2030


Historical Data:
2018 to 2023
Market Size in 2023:
US $ 1.82 Bn.


Forecast Period 2024 to 2030 CAGR:
15.2%
Market Size in 2030:
US $ 4.90 Bn.


 Segments Covered:
by Automation Level
Semi-automated
Fully-automated


by Platform Type
Palleted
Non-palleted


by Component
Handwear
Software



Automated Parking Systems Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Key Players are:
1. Parkmatic (US)
2. Robotic Parking Systems, Inc. (US)
3. AutoMotion Parking Systems (US)
4. CityLift (US)
5. DESIGNA (US)
6. Parking Systems (US)
7. FATA Automation (US)
8. Park Plus Inc. (US)
9. T2 Systems Inc. (US)
10.U-Tron (US)
11.Parkmatic (US)
12.Klaus Multiparking GmbH (Germany)
13.Cleverciti Systems GmbH (Germany)
14.Westfalia (Germany)
15.Wohr (Germany)
16.SKIDATA GmbH (Germany)
17.Palisa Automatic Parking GmbH & Co. KG (Germany)
18.Skyline Parking AG (Switzerland)
19.Dayand Parking Co., Ltd. (China)
20.Eito & Global Inc. (Japan)
21.Amano Corporation (Japan)
22.Unitronics (Israel)

Frequently Asked Questions:

1. Which region has the largest share in Global Automated Parking Systems Market?
Ans: Europe region held the highest share in 2023.

2. What is the growth rate of Global Automated Parking Systems Market?
Ans: The Global Automated Parking Systems Market is growing at a CAGR of 15.2% during forecasting period 2024-2030.

3. What is scope of the Global Automated Parking Systems Market report?
Ans: Global Automated Parking Systems Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.

4. Who are the key players in Global Automated Parking Systems Market?
Ans: The important key players in the Global Automated Parking Systems Market are – Parkmatic (US), Robotic Parking Systems, Inc.  (US), T2 Systems Inc. (US), U-Tron (US), Parkmatic (US), Klaus Multiparking GmbH (Germany), Cleverciti Systems GmbH (Germany), Westfalia (Germany), Wohr (Germany), SKIDATA GmbH (Germany), Palisa Automatic Parking GmbH & Co. KG (Germany), Skyline Parking AG (Switzerland), Dayand Parking Co., Ltd. (China), Eito & Global Inc. (Japan), Amano Corporation (Japan), and Unitronics (Israel)

5. What is the study period of this Market?
Ans: The Global Automated Parking Systems Market is studied from 2024 to 2030.