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Top Market Shifts Transforming the Automated Parking System Market Landscape: Key Insights
Automated Parking System Market
What Is the Expected CAGR for the Automated Parking System Market Through 2025?
The market size for the automated parking system has seen quick expansion in the past few years. The market value is projected to rise from $2.34 billion in 2024 to $2.63 billion in 2025, with a Compound Annual Growth Rate (CAGR) of 12.3%. Factors that contributed to this growth in the past include limited parking space in cities, concerns over the environment and sustainability, alleviating traffic jams, enhancing safety and security, and widespread adoption in densely populated regions.
What's the Projected Size of the Global Automated Parking System Market by 2029?
The market capacity for the automated parking system is anticipated to expand quickly in the forthcoming years, reaching $4.96 billion by 2029 with a compound annual growth rate (CAGR) of 17.2%. The expansion during the anticipated period can be attributed to the increasing prevalence of electric vehicles (EVs), consumer preference for convenience, incorporation into smart cities, and sustainable urban development. Some of the main trends for this period are likely to include urbanization and spatial limitations, traffic overcrowding and reachability, advancements in technology, and enhancements in safety and security.
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Top Growth Drivers in the Automated Parking System Industry: What's Accelerating the Market?
The anticipated growth of the automated parking system market is predicted to be driven by the surge in high-rise structures. These are defined as buildings or structures that stand at a height between 75 and 491 feet. Automated parking systems integrated into these tall buildings offer earthquake resistance, safety measures, and provide support for vehicle pallets. For instance, a report from the Building Safety Programme Monthly Data Release, published by the UK government website, GOV.UK, in July 2022 showed that by the close of July 2022, a significant 95% (462) of all identified high-rise residential and public buildings in England had either completed or initiated remediation work. Thus, it's clear that high-rise builds are a prime factor pushing the growth of the automated parking system market.
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What Trends Will Shape the Automated Parking System Market Through 2029 and Beyond?
Leading organizations in the automated parking system market have put their focus on innovating new solutions such as Advanced Automated Parking Systems (AAPS) to improve parking efficacy and make better use of space. In simple terms, an Advanced Automated Parking System (AAPS) is a sophisticated parking solution that automates the whole process of parking and retrieving vehicles. For example, in August 2024, Veer Savarkar International Airport, an airport based in India, implemented an Advanced Automated Parking System (AAPS) to improve the passengers' parking experience. This revolutionary system includes sensor-based boom barriers for automatic vehicle management, CCTV surveillance for enhanced security, and automatic ticket dispensers to simplify the ticketing process. The main objectives of AAPS are to minimize manual interference and provide a clear understanding of parking fees. Additionally, it will feature time-stamping at crucial points for increased precision.
What Are the Main Segments in the Automated Parking System Market?
The automated parking system market covered in this report is segmented -
1) By Component: Hardware, Software
2) By Structure Type: AGV System, Silo System, Tower System, Rail Guided Cart (RGC) System, Puzzle System, Shuttle System
3) By Platform: Palleted, Non-Palleted
4) By Automation Level: Fully Automated, Semi Automated
Subsegments:
1) By Hardware: Parking Sensors, Cameras And Image Processing Units, Control Units And Servers, Entry Or Exit Barriers and Gates, Display And Signage Systems
2) By Software: Parking Management Software, Reservation And Payment Systems, Analytics And Reporting Tools, User Interface Applications, Integration Software For Smart City Solutions.
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Which Top Companies are Driving Growth in the Automated Parking System Market?
Major companies operating in the automated parking system market include Westfalia Technologies Inc., Unitronics Systems Inc., Klaus Multiparking Systems Pvt Ltd., Robotic Parking Systems Inc., City Lift Parking LLC, Wohr Parking System Pvt Ltd., Lodige Industries GmbH, ShinMaywa Industries Ltd., Skyline Parking AG, Dayang Parking Co. Ltd., Eito & Global Inc., FATA Automation Inc., ParkPlus Inc., Robopark Inc., Parkmatic Systems Inc., Smart Parking Solutions Inc., Serva Transport Systems GmbH, Park Assist LLC, Amano McGann Inc., IHI Corporation, Omnitec Group, MHE-Demag (S) Pte Ltd, T2 Systems Inc., U-TRON Electronics Co. Ltd., TADA Technologies Pte Ltd, U-ParkIt Solutions LLC, UbiPark Pty Ltd, Umojo Inc.
Which Regions Will Dominate the Automated Parking System Market Through 2029?
Western Europe was the largest region in the automated parking system market in 2024.Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the automated parking system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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