Automated Parking System Market Predicted to Hit US$15.09 Bn by 2031 - Persistence Market Research

Automated Parking System Market

The automated parking system (APS) market has seen significant growth in recent years, and this trend is expected to continue through the forecast period from 2024 to 2031. According to projections from Persistence Market Research, the global APS market is estimated to reach US$ 6.8 billion by 2024, and it is predicted to rise at a compound annual growth rate (CAGR) of 12.1%, reaching US$ 15.09 billion by 2031. This rapid growth is primarily driven by the increasing need for efficient space utilization in urban areas, along with the growing demand for eco-friendly and smart city solutions.

Automated parking systems offer a range of advantages, including space optimization, reduced human intervention, and energy-efficient designs. As urbanization accelerates, especially in densely populated regions, the adoption of APS technology becomes a vital solution to mitigate parking space shortages. The leading segment of the market is commercial parking, followed closely by residential and mixed-use developments. In terms of geographical dominance, North America is the largest market for APS, driven by technological advancements, high disposable incomes, and increased investments in smart infrastructure. Europe is also a significant market, owing to the region's strong focus on urban sustainability and the shift towards green technologies.

The demand for fully automated systems is growing due to their efficiency and ability to reduce the need for human operators. Additionally, semi-automated systems are also experiencing substantial growth in regions where budget constraints or infrastructural limitations make fully automated systems less feasible.

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Key Highlights from the Report

➤ The global automated parking system market is projected to grow from US$ 6.8 billion in 2024 to US$ 15.09 billion by 2031, representing a CAGR of 12.1%.
➤ Fully automated systems are driving the demand for advanced parking solutions due to their higher efficiency and minimal human intervention.
➤ Commercial parking is the leading end-use segment, followed by residential and mixed-use applications.
➤ North America holds the largest share of the global market, supported by high adoption rates in urban centers.
➤ The demand for palleted platform types is rising due to their space-optimization capabilities, especially in high-density areas.
➤ Key players in the market include Lödige Industries, Wohr Parking Systems, and ShinMaywa Industries Ltd..

Market Segmentation

The automated parking system market is segmented into various categories, including automation, platform type, end-user, and structure type, each contributing to the market's growth in distinct ways.

By Automation: The market is divided into semi-automated and fully automated systems. Fully automated systems are expected to see the highest demand due to their superior performance and operational efficiency. These systems operate with minimal human intervention and are ideal for high-traffic urban areas where time and space efficiency are crucial. On the other hand, semi-automated systems still require some level of human control, which makes them more affordable and attractive for smaller developments or regions with lower budgets.

By End-User: The APS market is segmented into residential, commercial, and mixed-use applications. The commercial sector leads in terms of demand, as businesses, shopping centers, and office buildings require high-capacity parking solutions to accommodate large numbers of vehicles in dense urban areas. The residential segment is also growing, especially in cities with limited space, where automated parking can alleviate congestion. Mixed-use developments are emerging as a significant market segment, as these projects often combine residential, commercial, and leisure spaces, all of which require efficient parking solutions.

By Platform Type: Automated parking systems can be classified into palleted and non-palleted types. Palleted systems are more commonly used in high-density environments due to their ability to stack vehicles and save space. Non-palleted systems, however, are preferred for their simpler design and faster operation, making them suitable for areas where space is less of an issue but speed and convenience are key factors.

By Structure Type: The automated parking systems can be divided into different structure types, including silo, AGV (Automated Guided Vehicle), puzzle, tower, shuttle, and rail-guided cart systems. Each structure type offers different advantages in terms of space usage, speed, and maintenance. For instance, silo systems, which resemble vertical parking towers, are ideal for urban areas with limited horizontal space, while AGV systems are popular in commercial settings for their flexibility and ability to navigate without tracks.

Regional Insights

The North American automated parking system market is the largest, driven by the adoption of smart city initiatives and a strong demand for innovative parking solutions in cities with high vehicle ownership rates. The region's commitment to sustainable infrastructure and a high level of technological development has propelled North America to the forefront of the global APS market. The United States is a key contributor to this growth, with urban centers such as New York and San Francisco increasingly relying on automated parking technologies to address their parking challenges.

In Europe, countries like Germany, France, and the United Kingdom are significant players in the APS market. Europe's strong emphasis on environmental sustainability, green technologies, and the development of smart cities supports the increasing adoption of automated systems in both residential and commercial buildings. Additionally, East Asia, particularly Japan and South Korea, are witnessing a rise in demand for APS due to rapid urbanization and the development of high-tech infrastructure in urban areas.

Market Drivers

Several factors are driving the growth of the automated parking system market:

Space Efficiency: Urban areas, particularly in North America and Europe, are struggling with limited space for parking, making automated systems an ideal solution. APS can significantly reduce the space required for parking, allowing for more vehicles to be accommodated in the same area, which is a crucial factor in crowded cities.

Technological Advancements: The continuous development of smart technologies, such as AI and IoT, has enhanced the capabilities of automated parking systems. This has made APS more efficient, user-friendly, and adaptable to a wide range of applications, from residential buildings to large commercial complexes.

Rising Demand for Eco-Friendly Solutions: Automated parking systems reduce carbon emissions by reducing the time spent searching for parking spaces, thereby promoting environmental sustainability. As cities worldwide focus on reducing their environmental impact, APS is seen as a crucial component of green infrastructure.

Market Restraints

Despite the promising growth of the automated parking system market, there are several challenges that may hinder its expansion:

High Initial Cost: The installation of automated parking systems involves significant capital investment, especially for fully automated systems. The high cost of installation, maintenance, and infrastructure can be a barrier for many developers and property owners, especially in emerging markets.

Space and Infrastructure Limitations: Although APS offers space-saving benefits, the initial setup can be space-intensive, particularly in urban environments with already limited space. Some existing structures may not be able to accommodate the necessary infrastructure for APS without significant renovations.

Regulatory Challenges: The deployment of automated systems may face regulatory hurdles, particularly in terms of building codes, safety standards, and urban planning regulations. These regulations can vary significantly across regions, making it challenging for companies to navigate the market in certain countries.

Market Opportunities

Despite the challenges, the automated parking system market presents several exciting opportunities for growth:

Smart City Initiatives: As cities become smarter and more connected, the demand for automated parking systems will increase. APS can play a key role in smart city projects by providing efficient, eco-friendly, and scalable parking solutions that align with urban sustainability goals.

Emerging Markets: Countries in Asia-Pacific, especially India, China, and Southeast Asia, are experiencing rapid urbanization and infrastructure development. These regions present untapped opportunities for the adoption of automated parking systems as part of their growing urban landscape.

Integration with Electric Vehicles (EVs): The rising adoption of electric vehicles is expected to create new opportunities for automated parking systems. As the number of EVs increases, smart parking solutions that are capable of accommodating EVs and charging stations will become increasingly necessary.

Frequently Asked Questions (FAQs)

➤ How big is the automated parking system market?
➤ Who are the key players in the global automated parking system market?
➤ What is the projected growth rate of the automated parking system market?
➤ What is the market forecast for the automated parking system market in 2031?
➤ Which region is estimated to dominate the automated parking system industry through the forecast period?

Company Insights

✦ Lödige Industries
✦ Wohr Parking Systems
✦ Klaus Multiparking Systems
✦ Westfalia Parking
✦ U-tron
✦ RR Parkon
✦ ShinMaywa Industries Ltd.

Recent Developments

■ ShinMaywa Industries has introduced a new fully automated parking tower system that maximizes space utilization and reduces operational costs for commercial parking facilities.
■ Lödige Industries has expanded its product portfolio to include eco-friendly automated parking solutions designed to align with the green building standards in Europe.

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