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

Market Outlook:

Automated Parking System Market exceeded USD 2.02 Billion in 2023 and is expected to exceed USD 8.05 Billion by end of the year 2032, observing around 16.6% CAGR between 2024 and 2032.

• Base Year Value (2023): USD 2.02 Billion
• CAGR (2024-2032): 16.6%
• Forecast Year Value (2032): USD 8.05 Billion
• Historical Data Period: 2019-2023
• Largest Region: Europe
• Forecast Period: 2024-2032

Market Dynamics:

Growth Drivers & Opportunity:

The increasing demand for parking space optimization in urban areas is a major growth driver for the automated parking system market. These systems are able to maximize the use of available space, providing a solution to the limited parking infrastructure in cities.

The growing focus on reducing traffic congestion and carbon emissions is driving the adoption of automated parking systems. These systems can efficiently park vehicles in a smaller footprint, thereby reducing the need for large parking lots and promoting sustainable urban development.

The advancements in technology, such as the integration of IoT and AI in automated parking systems, are enhancing the efficiency and convenience of these systems. This technological innovation is attracting more customers towards automated parking solutions.

Report Scope

Report Coverage	Details
Segments Covered	Type, Offering, Platform, And End-Use
Regions Covered	• North America (United States, Canada, Mexico) • Europe (Germany, United Kingdom, France, Italy, Spain, Rest of Europe) • Asia Pacific (China, Japan, South Korea, Singapore, India, Australia, Rest of APAC) • Latin America (Argentina, Brazil, Rest of South America) • Middle East & Africa (GCC, South Africa, Rest of MEA)
Company Profiled	AutoMotion Parking Systems, City Lift Parking, LLC, EITO&GLOBAL, Fata Automation, Klaus Multiparking, Lodgie Industries, Parkmatic, Robotic Parking Systems,, Skyline Parking, Unitronics, Westfalia Parking, Wohr Parking System Pvt.., IHI, MHE Demag (S) Pte, Park Assist, Dayang Parking Company, ParkPlus, Serva Transport Systems, Stolzer Parking System, TAPS

Industry Restraints:

The high initial costs associated with the installation of automated parking systems act as a major restraint to market growth. The capital investment required for implementing these systems can be a barrier for many businesses and municipalities.

The lack of awareness and understanding about the benefits of automated parking systems among consumers is another restraint for the market. Without adequate knowledge about the advantages of these systems, potential customers may be hesitant to invest in automated parking solutions.

Regional Forecast:

North America:

The Automated Parking System market in North America is driven by the increasing urbanization and the need for efficient use of space in cities such as the U.S. and Canada. The growing adoption of smart technologies and the rising demand for convenient parking solutions are propelling the market growth in this region.

Asia Pacific:

In Asia Pacific, countries like China, Japan, and South Korea are witnessing rapid urbanization and increasing vehicle ownership rates, leading to a significant demand for automated parking systems. The integration of advanced technologies and the focus on reducing traffic congestion are driving the market growth in this region.

Europe:

The Automated Parking System market in Europe, including the United Kingdom, Germany, and France, is experiencing steady growth due to the stringent parking regulations and the increasing investment in smart city infrastructure. The rising awareness about the benefits of automated parking systems in terms of space optimization and environmental sustainability is driving the market growth in these countries.

Segmentation Analysis:

In terms of segmentation, the global Automated Parking System market is analyzed on the basis of Type, Offering, Platform, And End-Use.

Automated Parking System Market:

Fully Automated:

The fully automated segment is expected to witness significant growth in the forecast period due to the increasing demand for efficient and convenient parking solutions. Fully automated systems offer seamless parking experience with minimal human intervention, thereby reducing the time and effort required for parking. These systems are particularly popular in commercial spaces where speed and convenience are essential for users.

Semi-automated:

The semi-automated segment is also projected to grow steadily as it offers a balance between automation and cost-effectiveness. Semi-automated parking systems require some level of human intervention, such as driving the vehicle onto a platform or into a designated space, before the automation takes over. These systems are commonly used in residential settings where users are comfortable with some level of manual operation.

Offering:

Hardware:

The hardware segment is anticipated to dominate the market as it includes the physical components of automated parking systems, such as sensors, cameras, conveyors, and lifts. The demand for high-quality hardware solutions that ensure smooth and efficient operation of automated parking systems is driving the growth of this segment.

Software:

The software segment is expected to witness substantial growth due to the increasing emphasis on smart parking solutions that rely on advanced algorithms and artificial intelligence. Software plays a crucial role in optimizing parking operations, managing traffic flow, and enhancing user experience in automated parking systems.

Services:

The services segment is projected to grow steadily as it encompasses installation, maintenance, and support services for automated parking systems. With the rising adoption of automated parking solutions, the demand for professional services to ensure the reliable operation and upkeep of these systems is expected to increase.

Platform:

Palleted:

The palleted platform segment is likely to experience rapid growth as it offers an organized and efficient parking solution that maximizes space utilization. Palleted platforms use automated lifts and conveyors to move vehicles to designated parking spots, allowing for high-density parking in a limited space.

Non-palleted:

The non-palleted platform segment is also expected to see growth as it provides flexibility in parking layout and design. In non-palleted systems, vehicles are parked on flat surfaces without the need for specialized pallets or platforms, offering convenience for users who prefer traditional parking arrangements.

End-use:

Residential:

The residential segment is projected to be a key market driver as automated parking systems become increasingly popular in residential complexes and high-rise buildings. Automated parking solutions offer residents convenience and security while optimizing parking space utilization in crowded urban areas.

Commercial:

The commercial segment is expected to witness substantial growth due to the growing need for efficient parking solutions in commercial buildings, airports, shopping malls, and office complexes. Automated parking systems help businesses streamline their parking operations, reduce wait times for customers, and enhance overall user experience.

Competitive Landscape:

The competitive landscape in the Automated Parking System Market is characterized by intense rivalry among key players striving to gain a competitive edge through product innovation, collaborations, and strategic partnerships. These companies are leveraging advanced technologies such as IoT, AI, and machine learning to enhance the efficiency and reliability of their automated parking solutions. Some of the top market players operating in the Automated Parking System Market include:

1. Westfalia Parking

2. Skyline Parking

3. Parkmatic

4. Unitronics

5. CityLift Parking

6. IEM

7. Robotic Parking Systems

8. Dayang Parking

9. Klaus Multiparking

10. SERAPID