SNS Insider’s research highlights the burgeoning expansion of Automated Parking Systems, driven by urbanization and the increasing demand for environmentally sustainable parking solutions.
The SNS Insider report indicates that the Automated Parking System Market was valued at USD 1.78 Billion in 2022, and it is projected to achieve a market size of USD 5.14 Billion by 2030, with a compound annual growth rate 14.19% expected over the forecast period from 2023 to 2030.
Key Companies in the Automated Parking System Market:
- Wohr (Germany)
- Boomerang Systems
- Klaus Multi Parking (Germany)
- FATA Automation
- AJ Automated Parking System
- CityLift (US)
- Mitsubishi Electric Corporation
- Westfalia (Germany)
- Expert Parking
- TAPS
- Robotic Parking Systems Inc. (US)
- Unitronics
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Market Report Scope:
The Automated Parking System market is experiencing significant growth driven by several key factors. Firstly, the exponential rise in the number of automobiles globally has created a pressing need for innovative parking solutions to alleviate congestion and optimize space utilization. Additionally, the scarcity of available parking land, particularly in densely populated urban areas, has further underscored the urgency for efficient parking systems.
Moreover, rapid urbanization trends have intensified the demand for smart parking solutions capable of accommodating the burgeoning urban population while minimizing environmental impact. This growing emphasis on sustainability and green initiatives has propelled the adoption of Automated Parking Systems, which offer eco-friendly alternatives to traditional parking infrastructure.
Furthermore, the evolution of smart buildings and the broader smart city movement have acted as catalysts for market expansion, with governments worldwide investing in initiatives aimed at developing technologically advanced urban environments. These efforts include the integration of Automated Parking Systems as integral components of smart city infrastructure, further driving market growth.
Market Analysis:
The increasing emphasis on eco-friendly practices and sustainability has significantly influenced the evolution of the Automated Parking System industry. Governments worldwide are implementing stringent regulations aimed at reducing emissions and mitigating environmental impact, driving the adoption of eco-friendly product development within the industry. Automated parking systems, characterized by their efficient use of space and reduced reliance on fossil fuels, align closely with these objectives. By optimizing space utilization and minimizing the need for large parking lots, these systems contribute to the preservation of green spaces and reduce urban sprawl.
Moreover, the environmental benefits of Automated Parking Systems extend beyond reduced emissions. By streamlining the parking process and eliminating the need for manual search for parking spots, these systems help reduce traffic congestion and associated air pollution. The time saved by drivers in finding parking spaces translates into reduced fuel consumption and lower emissions, further contributing to environmental sustainability.
Furthermore, the advancement of smart city initiatives worldwide has created a conducive environment for the adoption of innovative parking solutions. Governments are increasingly investing in smart infrastructure, including automated parking systems, as part of broader efforts to create sustainable and efficient urban environments. Adjustable parking meters, for example, are being introduced in many cities, enabling dynamic pricing based on demand and location. This not only optimizes parking utilization but also incentivizes alternative modes of transportation, such as public transit and cycling, reducing reliance on private vehicles and promoting sustainable mobility solutions.
Segment Analysis:
Fully automated systems dominate due to their efficiency and minimal human intervention. Hardware-based solutions are prevalent, reflecting the demand for physical infrastructure. Among end-users, commercial sectors lead adoption, emphasizing the need for efficient parking in business areas. Electro-mechanical designs are favored for reliability and maintenance ease. Palleted systems are more common, offering better organization within parking facilities. In terms of parking level, systems ranging from Level 5 to Level 10 are in demand, providing substantial capacity while ensuring efficient vehicle retrieval.
By Automation level:
- Semi-automated
- Fully automated
By System type:
- Hardware
- Software
By End-user:
- Commercial
- Residential
- Mixed-use
By Design Model:
- Hydraulic
- Electro-mechanical
By Platform type:
- Palleted
- Non-palleted
By Parking level:
- Less than level 5
- Level 5- Level 10
- More than level 15
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Key Regional Development:
North America is anticipated to witness significant market growth due to widespread automation technology adoption and initiatives to manage parking space efficiently, particularly for on-road fleets. In East Asia, countries like Japan and China are poised to emerge as industry leaders, driven by increasing consumer preference for automated parking systems. Europe is expected to experience substantial growth, fueled by the demand for convenient parking solutions amidst urbanization.
Key Takeaways for Automated Parking System Market Study:
- The Automated Parking System Market is set to witness exponential growth, surpassing USD 5.14 Billion by 2030, driven by urbanization and the demand for sustainable parking solutions.
- Fully automated systems, hardware-based solutions, and electro-mechanical designs dominate the market, catering primarily to commercial end-users.
- North America, East Asia, and Europe are key regions driving market growth, fueled by technological advancements and increasing consumer preference for automated parking solutions.
Recent Developments:
- Affordable Robotic and Automation Limited (ARAPL) has announced its expansion into machine shop automation with the introduction of two power train robots. These three-axis automatic solutions are set to be tested in December 2023, with an expected revenue contribution of INR 40 crores for the financial year 2025.
- Hyundai Mobis has unveiled a new autonomous parking management system, simplifying parking procedures by enabling vehicles to park with the press of a button, enhancing user convenience and safety.
Table of Contents:
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Global Automated Parking System Market Segmentation, by Automation level
8.1 Semi-automated
8.2 Fully automated
9. Global Automated Parking System Market Segmentation, by System type
9.1 Hardware
9.2 Software
10. Global Automated Parking System Market Segmentation, by End-user
10.1 Commercial
10.2 Residential
10.3 Mixed-use
11. Global Automated Parking System Market Segmentation, by Design model
11.1 Hydraulic
11.2 Electro-mechanical
12. Global Automated Parking System Market Segmentation, by Platform type
12.1 Palleted
12.2 Non-Palleted
13. Global Automated Parking System Market Segmentation, by Parking level
13.1 Less than level 5
13.2 Level 5- level 10
13.3 More than level 15
14. Regional Analysis
Continued…!
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