Press release
Automated Parking System Market Size to Double by 2031, Hitting USD 15.09 Billion | Persistence Market Research Analysis
Automated Parking System Market
The global Automated Parking System Market is undergoing a transformative phase as cities face growing traffic congestion, space scarcity, and a rise in vehicle ownership. In 2024, the market is expected to reach a valuation of US$ 6.8 billion and expand rapidly at a CAGR of 12.1%, reaching US$ 15.09 billion by 2031. This growth underscores the increasing need for intelligent parking infrastructure in densely populated urban areas.
A key factor driving this surge is the demand for space-efficient, eco-conscious parking solutions. Tower-based parking systems are leading the segment, projected to capture 27.8% of the market in 2024, while fully automated systems dominate in terms of automation type, claiming 55.3% market share. Europe emerges as the top region, estimated to hold 37.8% of the global market, thanks to infrastructure advancements and smart city initiatives.
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Key Highlights from the Report
• Global automated parking system market to reach US$ 15.09 Bn by 2031.
• Fully automated systems to hold 55.3% market share in 2024.
• Tower-based parking structures are set to lead with 27.8% share in 2024.
• Europe to dominate the global landscape with 37.8% share in 2024.
• Urban congestion and car ownership trends are fueling market growth.
• Governments are incorporating automated parking into smart city infrastructure.
Market Segmentation Insights
The automated parking system market can be broadly segmented by structure type, automation level, and end-use application. Among structural types, tower and puzzle systems are gaining significant traction due to their ability to maximize vertical space in urban environments. Puzzle systems offer flexibility in layouts, while tower systems are ideal for high-density zones, reducing horizontal space usage.
Based on automation, the market is divided into semi-automated and fully automated systems. In 2024, the fully automated segment is projected to account for over half (55.3%) of the total market due to increasing integration of AI, IoT, and smart grid technologies. Key end-users include residential buildings, commercial complexes, airports, hospitals, and government facilities, all of which are increasingly turning to automation to enhance space utilization and user convenience.
Regional Insights
Europe is the dominant region in the global automated parking system market, anticipated to secure 37.8% of market share in 2024. The region's progressive approach to infrastructure, environmental sustainability, and smart city projects has led to significant investments in automated parking technologies.
Meanwhile, North America is estimated to hold 12.4% of the global market share in 2024, driven by urban sprawl, rapid modernization, and the expansion of electric and autonomous vehicle usage. Increasing demand for space optimization in metro cities such as New York, Los Angeles, and Toronto is boosting adoption.
Market Drivers
The primary growth driver for the market is urbanization and rising vehicle density, which are creating a need for efficient space utilization. Automated parking systems reduce the space required for each vehicle by removing the need for wide driveways or human maneuvering space. Additionally, the push for smart cities and green infrastructure is encouraging governments and private players to adopt sustainable parking solutions that reduce emissions and energy consumption.
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Market Restraints
Despite promising prospects, the market faces challenges such as high initial investment costs and longer return on investment periods, especially in emerging economies. Moreover, the lack of technical expertise and maintenance support in certain regions can hinder seamless operations. These factors may slow adoption in cost-sensitive markets or small-scale applications.
Market Opportunities
The market holds immense potential for growth through the integration of advanced technologies such as AI-powered vehicle tracking, IoT-enabled monitoring, and app-based payment systems. Furthermore, the surge in electric vehicle (EV) adoption opens new avenues for automated parking solutions integrated with EV charging infrastructure. Future urban developments offer vast possibilities for embedding smart parking as a foundational element in next-gen mobility ecosystems.
Reasons to Buy the Report
✔ Gain a comprehensive overview of the global automated parking system market trends from 2024 to 2031.
✔ Identify top-performing segments like fully automated and tower-based parking solutions.
✔ Understand regional dynamics and key growth regions like Europe and North America.
✔ Evaluate key drivers, restraints, and opportunities shaping the future of parking automation.
✔ Access detailed company insights and recent market developments for competitive benchmarking.
Frequently Asked Questions (FAQs)
How big is the automated parking system market in 2024?
Who are the key players in the global automated parking system market?
What is the projected growth rate of the market from 2024 to 2031?
What is the market forecast for automated parking systems by 2031?
Which region is estimated to dominate the industry through the forecast period?
Company Insights
Leading Players in the Automated Parking System Market:
1. Westfalia Technologies, Inc.
2. Klaus Multiparking Systems
3. Wohr Parking Systems
4. Robotic Parking Systems, Inc.
5. ParkPlus Inc.
6. Unitronics
7. CityLift Parking
8. Skyline Parking AG
9. TAPS Inc.
10. Amano Corporation
Recent Market Developments:
• In 2024, CityLift Parking launched an app-integrated automated solution for mixed-use buildings in California, enhancing user convenience and turnaround efficiency.
• Westfalia Technologies collaborated with a European infrastructure developer to deploy a fully automated parking system in a German smart city initiative, showcasing cross-continental expansion.
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Conclusion
As urban centers expand and the demand for smart infrastructure grows, the automated parking system market is poised for dynamic evolution. With its strong CAGR of 12.1%, increasing investments, and clear advantages in space, time, and emissions savings, automated parking solutions are quickly becoming indispensable to modern urban planning.
Key industry players are accelerating innovations that support green and efficient parking systems, ensuring this market remains pivotal in shaping the future of transportation infrastructure. The integration of IoT, AI, and EV charging features only amplifies the market's relevance, making it a high-growth industry segment to watch through 2031 and beyond.
About Persistence Market Research:
At Persistence Market Research, we specialize in creating research studies that serve as strategic tools for driving business growth. Established as a proprietary firm in 2012, we have evolved into a registered company in England and Wales in 2023 under the name Persistence Research & Consultancy Services Ltd. With a solid foundation, we have completed over 3600 custom and syndicate market research projects, and delivered more than 2700 projects for other leading market research companies' clients.
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