U.S. Automated Parking System Market Size, Share & Trends Analysis Report By Component, By Structure Type, By Platform, By Automation Level, By End-use And Segment Forecasts, 2024 - 2030

U.S. Automated Parking System Market Size, Share & Trends Analysis Report By Component, By Structure Type, By Platform, By Automation Level, By End-use And Segment Forecasts, 2024 - 2030

U.S. Automated Parking System Market Growth & Trends

The U.S. automated parking system market size is anticipated to reach USD 1,332 million by 2030 and is expected to grow at a CAGR of 18.4% from 2024 to 2030, according to a new report by Grand View Research, Inc. Automated parking systems are increasingly recognized as a transformative solution to the challenges of urban parking, particularly in the context of urbanization and denser population.

These systems play a crucial role in maximizing space utilization, enhancing security, and reducing the complexities associated with traditional parking methods. By efficiently stacking and organizing cars in tight configurations, automated parking systems offer a high-density, space-saving solution that is particularly appealing for urban areas facing limited space availability.

U.S. Automated Parking Market Report Highlights

• Hardware segment held the largest market share of 83.7% due to the high demand for physical components.
• The software segment is expected to exhibit the fastest growth rate in 2023. The segment growth is driven by the management and coordination of parking operations utilizing parking sensors to facilitate parking and vehicle retrieval while providing real-time availability data.
• Based on structure type segment, the tower system held the highest market share in 2023. Tower systems are highly efficient as they save significant horizontal space and capitalize on vertical space advantages.
• The puzzle system segment is projected to experience the fastest CAGR in 2023. This growth is driven by the rising demand for space-efficient parking solutions, lower installation and maintenance costs, and enhanced safety features.
• Based on the platform type, palleted segment dominated the market in 2023. With the increasing preference for remote work options, these parking solutions are expected to witness significant growth in the future due to their ability to enhance vehicle security, improve city aesthetics, and higher parking density as compared to traditional parking.
• The non-palleted segment is projected to expand at a considerable CAGR in 2023. These solutions directly lift, transfer, and park vehicles in available spots, eliminating the need for moving empty pallets and enhancing overall system efficiency.
• Based on end-use, commercial held the largest market share in 2023. The increasing number of vehicles on the roads has reduced parking availability.
• The residential sector is projected to witness the fastest CAGR over the forecast period. This growth is driven by the growing prevalence of high-rise residential buildings and the escalating adoption of these solutions in luxury residential complexes.
• In March 2023, AUTOParkit proposed a high-tech parking structure for Dilon town. This is a valet system without an actual valet, wherein car is deposited in loading bay and gets racked to a parking lot. It provides users with a seamless driverless parking experience. For delivery of vehicles, mobile application is being developed for safety reasons and only the authorized person can schedule delivery.

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