Automated Parking System Market Forecasts to 2028 – Global Analysis By Component Type (Software and Hardware), Platform Type (Non-palleted and Palleted), Automation Level (Semi-automated and Fully Automated), Structure Type (Tower System, Automated Guided

Automated Parking System Market Forecasts to 2028 – Global Analysis By Component Type (Software and Hardware), Platform Type (Non-palleted and Palleted), Automation Level (Semi-automated and Fully Automated), Structure Type (Tower System, Automated Guided Vehicle (AGV) System and other types), End User and Geography

According to Stratistics MRC, the Global Automated Parking System Market is accounted for $2.12 billion in 2022 and is expected to reach $5.94 billion by 2028 growing at a CAGR of 18.7% during the forecast period. The Automated Parking System regulates parking in order to optimise the amount of space necessary for parking. The Automated Parking Mechanism is a system that reduces the amount of parking space necessary. The Automated Parking System is used to build multi-story parking structures that enhance the number of parking spaces while decreasing the amount of land required for parking lots. Parking structures that stack cars vertically to save space are known as automatic parking systems (APS). The designs of these one-of-a-kind systems enable vehicles to be carried from the entry to the parking area while the driver is not present.

According to the European Automobile Manufacturers Association, in 2019, there were 277.7 million motor vehicles on the road in the European Union.

Market Dynamics:

Driver:

Growing adoption of integrated solutions

Automation is becoming more popular in parking lots around the world, and it is a useful tool for improving parking efficiency. The procedure entails using machinery to automate the parking process. Machine-to-machine (M2M) communication, data analytics, advanced sensors, smart parking metres, and mobile applications for slot bookings and online payments are combined to create successful automated parking solutions. These technological advancements assist in identifying if a parking lot is empty or occupied, and they assess and transmit the information to mobile and web apps. These technological advances are expected to drive the market.

Restraint:

Issues with quality control and high complexity of the system

The installation of an automated parking system is complicated and requires careful consideration of several elements. The automated parking system's hardware and software systems are merged. The failure of one system can lead to the failure of the entire system. The lack of regulations to oversee the operation of an automated parking system presents a quality control difficulty for manufacturers. A high-quality automated parking system also necessitates a significant initial investment. When it comes to parking system automation, many construction companies opt for a less expensive, lower-capacity system over a more expensive, custom-designed, higher-capacity system. As a result, authorities must mandate and control the quality of the automated parking system.

Opportunity:

Sustainable and green parking influence

One of the key drivers of global warming and climate change is the increasing volume of pollutants in the automotive industry. The United States and China released a joint declaration to sign the Paris Climate Agreement. The agreement makes an effort to control climate change on a worldwide scale. Parking automation minimises pollutants, energy consumption, and the footprint of construction. Furthermore, as compared to a typical parking system, an automated parking system improves efficiency and allows for more vehicles to be parked in less space. Solar-powered automatic parking and parking spaces with electric vehicle charging stations can both contribute to environmentally friendly and sustainable solutions.

Threat:

High capital investment

The automated parking system is more effective, sustainable, and ecologically friendly than traditional parking systems. But the initial costs of construction are high. Because automated parking solutions are expensive, many firms prefer profits over customer experience. Furthermore, when customers park elsewhere on the street to avoid paying parking fees and to delay parking operations, commercial automated parking facilities may no longer be financially feasible. Such instances can be found in developing countries such as Thailand, Brazil, and India. Despite the growing market across several regions, the initial investment required to establish high-quality parking systems is high which is hampering market growth.

Covid-19 Impact

The outbreak of COVID-19 had a huge impact on the market for automated parking management systems. Activities such as new vehicle manufacturing and sales were impeded as a result of the government-enforced lockdown. Several automobile manufacturers have temporarily halted vehicle manufacturing around the world due to supply-chain issues. However, following the pandemic, people are likely to use their personal vehicles for travel to limit the chance of being infected with COVID-19, which is expected to worsen traffic congestion around the world. This increased traffic congestion is likely to raise demand for automated parking management systems, which will contribute to the market's growth during the forecast period.

The palleted segment is expected to be the largest during the forecast period

The palleted segment is estimated to have a lucrative growth, because automobiles cannot be moved or lifted without the driver, these methods make vehicle movement in the parking spot 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 cityscape, and provide better parking density than conventional car parks. These solutions do not require car size accommodations, which reduces the complexity of transport processes.

The fully automated segment is expected to have the highest CAGR during the forecast period

The fully automated segment is anticipated to witness the fastest CAGR growth during the forecast period, due to the advantages of fully automated parking systems over semi-automated options, such as higher efficiency, expanded capacity, lower emissions, and improved safety and convenience, are highly sought after in developing nations. However, the decision between completely automated and semi-automated systems is influenced by aspects such as project budget, location, and application. High-capacity systems are frequently fully automated, whereas low-capacity systems are semi-automated. Given the Covid-19 epidemic, fully automated parking solutions are absolutely touch less, working without human interaction.

Region with highest share:

Europe is projected to hold the largest market share during the forecast period owing to the rise in the initiatives for the development of smart cities and growing demand from commercial and residential buildings. In this region, automatic parking technologies are widely used to save space and reduce vehicle emissions while parking. The presence of technologically advanced infrastructure has further encouraged the public and private sectors to embrace automated solutions to parking challenges.

Region with highest CAGR:

Asia Pacific is projected to have the highest CAGR over the forecast period, owing to the huge population and prevalence of vehicle parking on the roads. The region is home to 40% of the world's population as well as some of the fastest-growing economies, including India. Furthermore, several smart city projects are being implemented to improve citizen services. These projects address issues related to transit, infrastructure, connectivity, and utilities, and are guaranteed to boost the market for automated parking systems.

Key players in the market

Some of the key players profiled in the Automated Parking System Market include Westfalia Parking, Skyline Parking, Klaus Multiparking, Unitronics Corporation, ParkPlus Inc., Wohr Parking, Fata Automation, Citylift, Eito and Global, Dayang Parking Company Ltd, ShinMaywa Industries, Lodgie Industries, Cleverciti Systems GmbH, Watry Design Inc. and Robotic Parking Systems Inc.

Key Developments:

In July 2021, Westfalia Technologies, Inc., a leading automated parking and storage solutions provider. (Westfalia) introduced the release of the Westfalia Parking App, an all-in-one parking solution for consumers that improves automatic parking facilities' efficiency, security, and convenience.

In March 2021, Westfalia Technologies, Inc., a leading provider of automatic parking systems (APS) and logistics solutions for warehouses and distribution centers. (Westfalia) announced the introduction of a fully automatic charging function for electric vehicles (EVs).

In February 2020, KLAUS Multiparking GmbH also provides a 3D model of the parking system for building information modeling (BIM) planning techniques. The company's BIM model is now available in two Parkers MultiBase 2072i and 2078i variants.

In December 2019, Robotic Parking Systems Inc. got the contract to plan and build this robotic parking system with 1,200 parking spaces for the Emirates financial tower inserted between the concrete structures of the two buildings.

Component Types Covered:
• Software
• Hardware

Platform Types Covered:
• Non-palleted
• Palleted

Automation Levels Covered:
• Semi-automated
• Fully Automated

Structure Types Covered:
• Tower System
• Automated Guided Vehicle (AGV) System
• Silo System
• Rail Guided Cart (RGC) System
• Shuttle System
• Puzzle System

End Users Covered:
• Residential Parking
• Commercial Parking

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements