Global Automated Parking System Market- Market Size & Forecast To 2032

Global Automated Parking System Market- Market Size & Forecast To 2032

The global automated parking system market is estimated to be worth of USD 3.04 Billion in 2023 and is growing at a CAGR of 14.55% during the forecast period from 2023 to 2032. An automated parking system (APS) is a mechanical device that reduces the amount of space required to park automobiles. An automated parking facility (APF) offers parking places for cars on numerous levels stacked vertically to maximize the number of parking spots accessible while minimizing area use, much like a multi-story parking space. In addition, the vehicle transportation system saves space in multi-story parking garages by using a mechanical system to move cars to and from parking slots.

Finding a free parking spot for a car has become a mind-numbing task in the twenty-first century, especially for those who commute to work in the morning or are going about their daily routines. These people find it extremely tough and challenging to secure a parking spot for their automobiles. Additionally, parking spaces are never user-friendly and offer no rational information regarding the spot's availability until the user actively visits it. Everybody encounters challenges of this nature on a frequent basis since there is a high level of ambiguity and there aren't many viable answers to the problem that may save the users' time or maintain their positive and carefree mental state.

Finding a parking spot in densely populated towns and neighborhoods is getting more and more challenging as traffic grows. Drivers waste their valuable time, fuel, and are more likely to cause accidents by turning around and around in search of parking places. The automatic guiding and remote parking monitoring using wireless network technology, which will assist save a lot of time. It is observer that the parking mechanism in the current setup needs some monitoring and isn't entirely automated. The driver must ensure that the vehicle is parked in a location that won't interfere with other people's convenience.

The market for automated parking management systems is expanding as a result of rising worldwide vehicle numbers, rising desire for green parking options, and rising urbanization. The market's expansion, however, is being hampered by hefty initial investment. Additionally, the factor anticipated to present potential prospects throughout the projection period is initiative for smart cities. The market is growing as a result of high-rise buildings, opulent projects, and the propensity of real estate developers to use automated solutions. The real estate sector is anticipated to expand at a sizable CAGR throughout the projected period, according to the World Construction Network. Traffic congestion is a global problem brought on by an expanding fleet of personal and commercial cars and a lack of parking spots. Additionally, the time and energy spent searching for vacant spaces considerably increases emissions and air pollution.

Some prominent players of the market are CityLift (India), Cleverciti Systems GmbH (Germany), KLAUS Multiparking GmbH (Germany), Park Plus Inc. (U.S.), Robotic Parking System (U.S.), Skyline Parking (Switzerland), T2 System Inc. (U.S.), Unitronics (Israel)., U-Tron (U.S.), Westfalia (Germany), Wohr Parking Systems Pvt. GmbH (Germany), and others.

Based on automation level, the market is bifurcated into fully-automated, and semi-automated.

Among these, the fully-automated subsegment is anticipated to held a notable share in the market. A fully automated parking system can autonomously park and retrieve a vehicle from a parking garage. The market for completely automated parking systems is being driven by the strong demand for comfort and convenience from customers, the rise in luxury projects, and the expanding use of fully automated parking systems by construction firms. Increased capacity, great efficiency, less emissions, and improved safety and convenience are all benefits of the fully automated parking system.

On the basis of Platform, the market is categorized into palleted, and non-palleted.

Among these, the non-palleted subsegment is expected to held a notable share in the market. The non-pallete automated parking system parks and retrieves the automobile in the parking garage using elevators, transfer trucks, and robots. A non-palleted system just needs one system to manage the vehicle, as opposed to a palleted system, which often needs two systems to handle the pallet and cars.

On the basis of end user, the market is segregated into residential, commercial, and mixed use.

Among these, the commercial subsegment is anticipated to held a significant share in the market owing to the increased need for parking spaces in office complexes and shopping centres. The steady growth in the number of vehicles on the road has diminished the availability of parking spaces, resulting in traffic congestion and increasing pollution in major cities throughout the world. The demand for auto parking systems is anticipated to increase quickly in the business sector because to the many benefits and advantages that these systems have in resolving these issues, including enhanced space usage and security.

Sources - QMI Research Practice, Primary & Secondary Insights

On the basis of system type, the market is divided into hardware, and software.

Among these, the hardware subsegment is anticipated to held a significant share in the market. The type of autonomous parking system will determine the structural and hardware improvements. AGV, Tower, Puzzle, RGC, and others are several robotic parking systems. The automated parking facility's main hardware elements include a CPU, RF module, display, GSM module, motor driver, DC motor, ultrasonic sensors, and camera units. Depending on the budget, several solutions can be added to the systems, such as web-based parking solutions, parking guidance systems, mobile-based parking and license plate recognition systems, sensor-based parking identification systems, and RFID systems. The majority of an automated parking facility's overall cost is incurred by the hardware equipment.

Based on parking level, the market is categorized into less than level 5, level 5-level 10, and more than level 10.

The more than level 10subsegment is anticipated to held a notable share in the market. The most flexibility is provided by parking systems to get the best parking solution. Highest levels of comfort and security are ensured by a quick parking procedure that doesn't need the driver to reposition his vehicle or drive backward. The smallest amount of space is taken up by a single elevator that serves 6 to 12 parking spaces per level. Fast parking and retrieval times are guaranteed by synchronous vertical and horizontal motions that save time.

Based on structure type, the market is categorized into AGV system, silo system, tower system, rail guided cart system, puzzle system, and shuttle system.

The silo system subsegment is anticipated to held a notable share in the market. The most widely used technologies, which are used mostly for commercial applications, are silo systems. Adopting these methods can improve parking space use because the number of cars on the road exceeds the number of parking spots that are accessible in cities. Furthermore, as real estate developers increasingly concentrate on providing sustainable houses with lower emissions, the number of high-rise developments has increased dramatically. Over the course of the projection period, market development is anticipated to be aided by the steadily rising number of building projects globally.

Based on region, the Automated Parking System Market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. In 2022, the Europe accounted for the significant share xx.xx% in the global Automated Parking System Market. This region was valued at USD xx.xx million in 2022, and it is projected to grow at a CAGR of xx.xx% during the forecast period, reaching USD xx.xx million by 2032.

European region is anticipated to held a notable share in the market. In the UK, Germany, Denmark, Norway, Switzerland, Spain, and the Netherlands, automatic parking systems are widely used. Growing use of automated parking systems is anticipated to improve parking options, conserve space, and lower vehicle emissions while the vehicle is being parked. Europe has a history of cutting-edge technology and is home to some of the top providers of automated parking systems. This has further prompted both the public and private sectors to use automated parking systems for efficiently managing parking issues.

However, North America is expected to have sizeable market expansion. The increase in sales of automated parking systems and North America's early adoption of cutting-edge technologies the industry is anticipated to increase rapidly as a result of the region's rising automobile population. Civic officials in the U.S. and Canada are striving to reduce traffic congestion, which has gotten worse as more automobiles have been added to the road. One of the goals is to employ robotic parking systems more frequently, which aid in providing companies and private automobiles with safe and legal parking. Regional market expansion will be fueled by the rising popularity of smart cities and related technologies like self-driving automobiles.