Automated Parking System Market Growth Opportunities (2023-2030): Latest Updates and Business Statistics

Automated Parking System Market size was estimated at USD 5.14 Bn by 2030, More quickly than in the past, naturally aspirated gasoline engines are giving way to turbocharged engines.

The study conducted by SNS Insider proved the need for more intelligent and effective parking solutions is reflected in the convergence of factors that are driving the demand for Automated Parking Systems (APS), which is expected to grow at an impressive rate. APS provides a sophisticated answer in our more urbanized world, where land is in high demand and traffic congestion is becoming a bigger problem. By doing away with the requirement for wide aisles and ramps, these systems maximize the amount of space that can be used while still accommodating more cars.

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Market Scope:

The market for automated parking systems (APS) is expected to expand significantly as urbanization picks up speed and demand for effective, space-saving parking solutions grows. The conventional parking infrastructure is growing more costly and unsustainable as urban areas' population densities rise. By making the most of the available space and reducing the stress and time spent searching for parking, APS provides a creative solution.

Technology Analysis:

The market for automated parking systems is proof of the innovative possibilities for technology in the dynamic field of urban mobility. Automated parking systems are becoming more and more popular as smart cities grow and there is a growing need for effective and compact parking solutions. The intersection of cutting-edge technologies like robotics, IoT connectivity, and AI-driven algorithms characterizes this emerging market, which has the potential to completely transform how we interact with urban environments. These systems are more than just a handy piece of technology, they are an essential instrument in creating the cities of the future, with particular focus on optimizing land use and minimizing the environmental impact of conventional parking structures.

Key Companies

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).

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Segmentation Analysis:

Understanding the varied requirements and preferences of different customer segments and adjusting marketing strategies accordingly require a thorough understanding of segmentation analysis in the Automated Parking System (APS) market. The APS market's segmentation analysis is broken down as follows: The primary goals of APS for on-street parking are to facilitate driver parking and maximize curb side parking availability. It uses sensors and software to direct cars to parking spaces that are open as well as to facilitate digital payments.

Regional Analysis

In the upcoming years, the global APS market is anticipated to grow significantly due to factors like growing vehicle ownership, urbanization, and demand for smart parking solutions. Because of its sophisticated infrastructure, high level of disposable income, and robust government programs supporting sustainable transportation, North America is the region where APS is most popular. The largest market in the area is the United States, where the development of cutting-edge APS solutions for both off-street and on-street parking is a priority.    

Key Takeaways

Increase the investments and follow the trends related to the demands of customers in the urban area.
The rising incidents are the major reason why the demand for the APS is increasing, the automotive suppliers have innovated number of systems to improve the technology for the customers better experience.

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Recent Industry Developments:

In June 2023, WOHR announced a partnership with Siemens to develop and commercialize automated parking solutions for industrial applications. The two companies plan to bring their first joint solution to market in 2024.
In March 2023, Robotic Parking Systems announced a partnership with BMW to develop and commercialize automated parking solutions for dealerships. The two companies plan to bring their first joint solution to market in 2024.

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Akash Anand - Head of Business Development Strategy

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This release was published on openPR.