Automated Parking System Market Size - By Type (Fully Automated, Semi-automated), Offering (Hardware, Software, Services), Platform (Palleted, Non-palleted), End-use (Residential, Commercial), Growth Prospects, Regional Outlook & Forecast, 2024 - 2032

Automated Parking System Market Size - By Type (Fully Automated, Semi-automated), Offering (Hardware, Software, Services), Platform (Palleted, Non-palleted), End-use (Residential, Commercial), Growth Prospects, Regional Outlook & Forecast, 2024 - 2032

Automated parking system market size is projected to expand at over 16.5% CAGR from 2024 to 2032. The rising urbanization and the resultant scarcity of parking spaces in city centers is fueling the adoption of automated solutions to optimize available space efficiently. The surging demand for smart and convenient parking solutions coupled with the rapid advancements in sensor technology and automation will also amplify the product demand. For instance, in December 2022, Bosch and Mercedes-Benz Group received approval for a fully automated self-parking system for allowing cars to autonomously navigate to reserved spots in the Mercedes-Benz Museum parking garage in Stuttgart, Germany.

Additionally, the rising environmental concerns and the growing need to reduce emissions will also boost the adoption of automated parking systems, due to their contribution in reducing vehicle circulation and idling. The increasing government initiatives for promoting smart city infrastructure and sustainable urban mobility will also compliment the industry growth.

The automated parking system market is segregated into type, offering, platform, end-use, and region.

Based on type, the industry value from the fully automated type segment is projected to rise at substantial CAGR from 2024 to 2032, owing to the increasing demand for hands-free and efficient parking solutions. The rising urbanization, limited parking space, and the increasing advancements in sensor technology, AI, and connectivity are also contributing to enhanced reliability and effectiveness of fully automated systems.

Automated parking system market share from the residential end-use segment is estimated to exhibit significant CAGR between 2024 and 2032. The growth can be ascribed to the rising demand for efficient and space-saving parking solutions, increasing urbanization and limited residential parking spaces. The growing desire for convenience, security, and streamlined parking experiences will also fuel the product adoption in residential areas.

Regionally, the Asia Pacific automated parking system industry is projected to expand at rapid pace from 2024 to 2032. This is due to the rapid urbanization, escalating vehicle ownership, and the growing need for efficient parking solutions. Moreover, the increasing awareness of smart city initiatives, technological advancements, and government support will further contribute to the widespread adoption of automated parking systems across the region.