Global Automated Parking Systems Market Report and Forecast 2024-2032

Global Automated Parking Systems Market Size

The global automated parking systems market was approximately USD 2.10 billion in 2023. The market is estimated to grow at a CAGR of 15.4% in the forecast period of 2024-2032, reaching a value of around USD 7.63 billion by 2032.

Automated Parking Systems Market Growth

An automated car parking system is an automated system that facilitates the parking of cars on multiple levels by utilising technologies like IoT. The cars are stacked on various vertical levels, which reduces land utilisation and decreases the walking distance from the parking facility.

Automated parking lots can accommodate more driverless vehicles as compared to traditional parking facilities while reducing traffic congestion and illegal parking occupancy, which boosts the growth of the automated parking systems market. They also improve customer experience and enable users to save fuel and time and optimally find empty spaces.

Automated Parking Systems Market Trends

Several government initiatives and stringent regulations to boost the development of smart cities are expected to further fuel the market growth in the coming years. Automated parking systems automatically update the parking location and avoid bottlenecks at exits and entrances.

Another crucial trend in automated parking systems market is the growing implementation of advanced technologies, such as high-end sensors, advanced parking meters, and data analytics, among others, in automated parking systems to easily book parking slots and inform drivers about the occupancy status of the parking lot.

Recent Developments

As per the automated parking systems market dynamics and trends, Srinagar International Airport in India announced the construction of an automated vehicle parking system, in July 2024 which can reduce human interference and enhance the parking experience. 

Industry Outlook

According to the automated parking systems industry analysis, the data from the Parking Advisory Group stated that the parking sector in the USA was worth USD 121 billion in 2022 and this sector was expected to reach a total revenue of USD 144 billion in 2023. Industry reports have also stated that there were around 700 million to 2 billion parking spaces in the USA, which if roughly calculated, stated that every registered vehicle in the country had 2.5 to 7 parking spots. This growth rate of parking rate indicates a positive upward trend for the market.

Robotic Parking Systems Inc. is in the process of developing automated car parking facilities that offer twice the storage capacity of a conventional multi-story car park. This car parking facility is expected to offer savings of 30% to 40% in development costs. For instance, a 765 car-free parking system was built in Dubai, UAE near Ibn Battuta shopping mall. This automated car parking system consists of seven levels at a total of 18 m in height and saves a lot of space, which can contribute to the growth of the automated parking systems industry.

Moreover, Affordable Robotic and Automation Limited (ARAPL) announced that it has established a partnership with ARAPL RaaS, a subsidiary of ARAPL for the development of a mobile robotic multi-level car parking system which will be in use from December 2023 in India. This initiative is expected to boost the market growth in developing countries such as India and further enhance the automated parking systems industry revenue.

The Growth of the Global Market Driven by Urbanization and Space Efficiency

• Urbanisation: Increasing urbanisation leads to a higher demand for efficient parking solutions in densely populated cities.

• Space Efficiency: Maximizing parking space utilization in constrained urban areas can boost automated parking systems demand.

• Technological Advancements: Innovations in automated parking technologies improve efficiency and user experience.

• Environmental Concerns: Reducing vehicle emissions through efficient parking management.

Challenges Impacting the Growth of the Global Market Include High Costs and Technical Issues

• High Costs: Significant initial investment is required for automated parking systems.

• Technical Issues: Challenges related to system reliability and maintenance can effect automated parking systems market opportunities.

• User Acceptance: Gaining public trust and acceptance of automated parking technologies.

• Regulatory Compliance: Meeting local regulations and standards for automated parking systems.

• Competitive Landscape: Intense competition from traditional parking solutions and new entrants.

Opportunities in the Global Market Driven by Smart City Initiatives and Technological Integration

• Smart City Initiatives: Increasing investments in smart city projects incorporating automated parking solutions can boost automated parking systems demand growth.

• Technological Integration: Integration with other smart technologies such as IoT and AI for enhanced functionality.

• Market Expansion: Growth opportunities in emerging markets with increasing urbanization.

• Customized Solutions: Development of tailored solutions for specific applications such as residential, commercial, and public parking.

Key Price Indicators of the Global Market:

• Expenses related to the development and maintenance of automated parking systems can affect automated parking systems demand forecast.

• Costs associated with the installation and commissioning of parking systems.

• Ongoing maintenance and support costs for automated parking systems.

• Expenses related to integrating automated parking systems with existing infrastructure.

• Costs related to meeting regulatory requirements and standards.

• Investment in research and development for new and improved parking technologies.

• Logistics and transportation costs for components and finished products.

Trends and Advancements in Parking Control

The parking control space is rapidly evolving with trends and technological updates, shaping the future parking experience.

Smart Sensors for Parking Management

• Smart sensors revolutionize parking by providing real-time data on space availability and usage, helping users find spots and operators optimize usage and boosting automated parking systems market value.

License Plate Recognition Systems

• License plate recognition systems enhance efficiency and security by automating parking violation enforcement and reducing the need for manual intervention.

Parking App Integration

• Mobile apps offer unparalleled convenience by allowing users to find, reserve, and pay for parking spaces easily, enhancing user engagement and satisfaction and increasing automated parking systems market revenue.

Smart Parking and Smart City Infrastructure

• Smart parking systems, integrated with city analytics, improve traffic management and sustainability by reducing emissions and congestion in urban areas. 

Automated Parking Systems 

• Automated parking systems use robotics to optimize space in urban areas, offering efficient solutions that reduce the need for traditional parking structures.  

Automated Parking Systems Industry Segmentations

Based on component, the market is divided into hardware and software. On the basis of structure, the market is classified into AGV (Automated Guided Vehicles), rail guided cart (RGC) system, silo system, shuttle system, tower system, and puzzle system.

By platform, the market is categorised into palleted and non-palleted. Based on automation level, the market is divided into fully automated and semi-automated. Based on parking level, the market is categorised into less than level 5, level 5-level 10, and more than level 10.

On the basis of design model, the market is classified into hydraulic and electro-mechanical. Based on end-use, the automated parking systems industry segmentation includes residential, commercial, government parking lots, and mixed-use. The major regional markets for automated parking systems are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global automated parking systems market covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.

• Robotic Parking Systems, Inc. 

• Fata Automation, Inc. 

• Lödige Industries GmbH 

• ShinMaywa Industries, Ltd. 

• Park Plus, Inc. 

• Robotic Parking Systems, Inc.

• Westfalia Technologies, Inc 

• Fehr Lagerlogistik AG 

• Unitronics (1989) (R” G) Ltd.  

• Other

Automated Parking Systems Market Share by Automation Level

Fully automated parking spaces hold a substantial portion of the automated parking systems market share. Fully automated parking lots offer high capacity, better efficiency, reduced fuel emission, and enhanced convenience to drivers.

These commercial spaces also offer parking convenience, surge parking flexibility, and reduce construction costs, due to which they are preferred in shopping complexes and malls. Furthermore, fully automated parking facilities reduce land usage and labour costs while providing more compact space for car parking on vertical levels.

Competitive Landscape

Robotic Parking Systems, Inc., founded in 1994, is an automated parking company that develops large-scale parking garages. The company, with its headquarters in Florida, the United States, provides patented technology for the development of projects involving numerous parking spaces.

Lödige Industries GmbH, a global supplier of lift solutions and intralogistics systems in automated parking systems industry, was founded in 1948 and has its headquarters in Walburg, Germany.  It provides logistics systems to a broad range of sectors such as residential, office, and retail.

ShinMaywa Industries, Ltd., founded in 1949 and based in Tokyo, Japan, is best known for the manufacturing of aircraft. Some of its other popular products include parking equipment, water treatment equipment, special-purpose trucks, and wire processing systems.

Other market players include Fata Automation, Inc, Park Plus, Inc., Robotic Parking Systems, Inc., Westfalia Technologies, Inc, Fehr Lagerlogistik AG, and Unitronics (1989) (R” G) Ltd., among others.

Automated Parking Systems Market Regional Analysis

The presence of key players in Europe significantly is driving the demand of automated parking systems market. Moreover, there is a rising adoption of automated parking systems in the UK, Denmark, Germany, and Switzerland, among others, to improve parking efficiency, reduce space utilisation, and lower fuel emissions. Various government bodies and commercial spaces are also promoting the implementation of automated parking systems to combat traffic congestion and parking issues.

Key Highlights of the Report

Automated Parking Systems Market Report Snapshots

Automated Parking Systems Market Size

Automated Parking Systems Market Growth

Automated Parking Systems Market Trends

Automated Parking Systems Market Share

Automated Parking Systems Companies

Automated Parking Systems Market Regional Analysis