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

Automated Parking System Market Size

Automated Parking System Market size was valued at USD 2 billion in 2023 and is estimated to register a CAGR of over 16.5% between 2024 and 2032. The market growth is driven by the accelerating rate of urbanization and space constraints. According to the World Bank, presently, more than half of the world's population (56%), approximately 4.4 billion people, currently lives in urban areas.
 

Forecasts suggest that this trend of urbanization will continue, with the urban population expected to more than double its present size by 2050. By that point, nearly seven in ten individuals are projected to be residents of cities. Rapid urbanization and population growth in cities have led to increased demand for parking spaces. Automated Parking Systems provide a solution to the limited availability of space in densely populated urban areas by utilizing vertical and compact designs, allowing for more efficient use of available land.
 

Ongoing technological advancements, particularly in sensor technologies, robotics, and artificial intelligence, have improved the efficiency and reliability of automated parking systems. Integration of smart technologies, such as IoT (Internet of Things) sensors and automated vehicle guidance systems, enhances the overall performance of APS, making them more appealing to developers and end-users.
 

Quoting an instance, in December 2023, Affordable Robotic and Automation Limited (ARAPL) unveiled its entry into the realm of machine shop automation, introducing two power train robots. The company has partnered with its subsidiary, ARAPL RaaS, to pioneer India's inaugural mobile robotic multi-level car parking system, employing automated guided vehicles (AGVs). These innovative efforts will help shape the automated parking systems market outlook in the forthcoming years.
 

However, the upfront costs associated with designing, installing, and implementing automated parking systems can be relatively high. This includes expenses for specialized technology, robotics, sensors, and infrastructure modifications. Some potential users, such as property developers or parking facility operators, may find these initial costs to be a barrier to entry, which may impact market dynamics in the long run.
 

COVID-19 Impact

The COVID-19 pandemic had a significant impact on the automated parking system industry. The economic slowdown and uncertainties led to delays and reconsideration of capital-intensive projects, affecting the implementation of automated parking solutions. Additionally, the pandemic highlighted the importance of contactless and automated technologies, potentially driving increased interest in automated parking systems as cities adapt to new norms and prioritize smart, efficient solutions for urban spaces.
 

Automated Parking System Market Trends

The use of advanced connectivity features and integration with the Internet of Things (IoT) is anticipated to rise. By connecting sensors, devices, and platforms, IoT enables real-time data collection, improving operational efficiency and user experience. Smart connectivity facilitates remote monitoring, predictive maintenance, and data-driven decision-making. This integration not only enhances the performance of automated parking systems but also aligns them with the broader trends of smart urban development, fostering sustainable and efficient urban mobility solutions.
 

Against this backdrop, in February 2023, Eleven-x, a Canadian IoT company, was chosen for a major municipal smart parking initiative in North America, situated in Arlington County, Virginia. This project aims to enhance parking efficiency and convenience for residents and visitors alike. Leveraging eleven-x's wireless technology, the smart parking system will monitor parking spaces, offering real-time availability data. This allows drivers to locate open spots promptly, minimizing the time spent searching for parking. Additionally, the data will optimize parking enforcement and alleviate congestion in the area. More initiatives in this direction will favorably impact the industry.
 

Automated Parking System Market Analysis

Based on platform, the non-palleted segment held over 60% of the market share in 2023. Palleted automated parking platforms are experiencing high demand due to their efficient space utilization and advanced automation features. These systems optimize vertical space, allowing for a higher density of parked vehicles in limited areas. As urbanization continues and available land for parking diminishes, the need for space-efficient solutions grows.
 

Palleted systems offer a cost-effective way to address this challenge, maximizing the use of available land while providing a convenient and automated parking experience. Their scalability and adaptability make them increasingly sought after in urban environments grappling with parking space constraints and the demand for modern, smart infrastructure.
 

Based on the end-use, the commercial segment recorded around 70% of the automated parking systems market share in 2023, propelled by the need for efficient space utilization, enhanced user experience, and a commitment to sustainable, smart infrastructure. These systems optimize parking space, allowing for higher vehicle density in crowded urban areas. The time-saving automation appeals to businesses seeking to provide convenient parking for customers and employees. Moreover, the integration of smart technologies aligns with the modernization trend, offering advanced solutions for urban mobility challenges and contributing to the overall appeal of commercial establishments.
 

Europe automated parking system market accounted for 35% of the revenue share in 2023, stimulated by factors such as increasing urbanization, limited parking space, and a commitment to environmental sustainability. European cities, facing congestion and pollution challenges, are adopting automated parking solutions to optimize space and reduce emissions. Government initiatives promoting smart urban development further drive the industry. Moreover, the region's inclination towards advanced technology and eco-friendly solutions encourages the adoption of automated parking systems, making Europe a key market for the continued expansion of this innovative and sustainable parking infrastructure.
 

Automated Parking System Market Share

IHI Corporation and MHE Demag (S) Pte Ltd dominate the automated parking system industry. Major companies in the industry strengthen their presence through strategic initiatives like technological innovation, partnerships, and market expansions. By investing in research and development, collaborating with key industry players, and expanding their geographical footprint, these companies aim to stay competitive and capture emerging opportunities in the evolving market.
 

Automated Parking System Market Companies

Major companies operating in the automated parking system industry are:

• IHI Corporation
• MHE Demag (S) Pte Ltd
• Park Assist
• Westfalia Parking
• Lodgie Industries
• Unitronics Corporation
• Robotic Parking Systems, Inc.
• Fata Automation
• Wohr Parking System Pvt. Ltd.
• Parkmatic
   

Automated Parking System Industry News

• In September 2023, Hyundai introduced a One-Touch Automated Parking System, allowing drivers to park or retrieve their vehicles remotely with a single touch on a smartphone app. This innovative system aims to enhance convenience and efficiency by leveraging advanced automation technology for parking operations, providing a seamless and user-friendly experience for Hyundai vehicle owners.
   

The automated parking system market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Billion) from 2018 to 2032, for the following segments:

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Market, By Type

• Fully Automated
• Semi-automated

Market, By Offering

• Hardware
• Software
• Services

Market, By Platform

• Palleted
• Non-palleted

Market, By End-use

• Residential
• Commercial

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Russia
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Southeast Asia
  • ANZ 
• Latin America
  • Brazil
  • Mexico
  • Argentina 
• MEA
  • UAE
  • Saudi Arabia
  • South Africa