Global Automated Parking System Market Size, Share, By Component (Hardware, Software), By Structure (AGV System, Silo System, Tower System, Rail Guided Cart System, Puzzle System Shuttle System), By Platform Type (Palleted, Non-Palleted), By Automation Level (Fully Automated, Semi-Automated) By End User (Residential, Commercial, Mixed-Use), By Region (North America, Europe, Asia Pacific, Middle East & Africa, and South America) – Market Size & Forecasting To 2030Industry: Automotive & Transportation
The Global Automated Parking System Market Size was valued at USD 1.79 billion in 2021 and is expected to reach at a CAGR of 16.7% from 2022 to 2030. The main causes of the expansion include an increase in the number of vehicles, a shortage of parking spaces due to urbanisation, an increase in the demand for environmentally friendly and sustainable parking options, and government-led smart city programmes. However, the COVID-19 pandemic epidemic had a major impact on the volume of automated parking system purchases.
Given that the amount of technology in cars has substantially risen over the past two years, automated parking system solutions are best suited for the current environment. In the post-pandemic era, the market might benefit from these variables. The World Construction Network projects that the infrastructure sector (commercial and residential) will grow significantly at a rate of 13.6% over the forecast period. In the upcoming years, this is also anticipated to help the global market expand.
Global Automated Parking System Market Size: Driving Factors
There are more traffic jams in more places throughout the world as a result of the increased demand for personal and business automobiles and the scarcity of parking spots. According to industry studies, vehicle owners looking for parking places account for between 35% and 40% of all traffic congestion in a number of large cities throughout the world. It is anticipated that the automated parking system will lower pollution levels. In 2021, it was estimated that lost time, fuel, and carbon emissions would cost the economies of the U.K., U.S., and Germany a total of close to USD 200 billion annually, based on INTRIX studies on drivers' parking habits in 30 cities in these three nations.
Global Automated Parking System Market Size: Restraining Factors
Concerns concerning parking infrastructure have been raised as a result of the increasing population and extensive usage of automobiles around the world, necessitating the expansion of the existing infrastructure in urban areas. Additionally, a rise in per capita income and better quality of life have increased the desire for personal mobility, which is what is causing an increase in auto sales in major cities. In metro areas, there will be a challenge for parking capacity because there are fewer and fewer available free spaces, and as demand declines, movement for citizens will become less convenient.
The cost to produce premium parking solutions is extremely high at the outset due to the geographic spread of automated solutions. The demand for the creation of such systems may, to some extent, restrain market expansion. Furthermore, there are problems with quality control in these extremely complicated solutions. Additionally, the cost of building and maintaining these systems is significant and involves careful consideration of a variety of issues. For producers, the absence of regulations to oversee the operation of these systems and problems with quality control are major obstacles. However, imposing quality control requirements to prevent accidents and damages could aid in overcoming these difficulties.
Global Automated Parking System Market Report Coverage
|Market Size in 2021:||USD 1.79 billion|
|Forecast Period:||2022 - 2030|
|Forecast Period 2022 - 2030 CAGR:||16.7%|
|2030 Value Projection:||USD 6.66 billion|
|Historical Data for:||2019 - 2022|
|No. of Pages:||150|
|Tables, Charts & Figures:||91|
|Segments covered:||Component, Structure, Platform Type, Automation Level, End User, Region|
|Companies Covered:||Skyline Parking; Westfalia Parking; Unitronics (1989) (R”G) Ltd.; Klaus Multiparking GmbH; Robotic Parking Systems, Inc.; Fata Automation, Inc.; City Lift Parking, LLC; Park Plus Inc.; Wohr Parking System Pvt. Ltd.|
|Growth Drivers:||There are more traffic jams in more places throughout the world as a result of the increased demand for personal and business automobiles and the scarcity of parking spots.|
|Pitfalls & Challenges:||Concerns concerning parking infrastructure have been raised as a result of the increasing population and extensive usage of automobiles around the world, necessitating the expansion of the existing infrastructure in urban areas.|
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Global Automated Parking System Market Size: COVID 19 Impact
The development of the automotive market has been aided by economic expansion, advancements in production and industrial facilities, particularly in developing nations. The European Automobile Manufacturers Association estimates that 77.9 million automobiles will be produced globally in 2020. Since the fourth quarter of 2020, the automotive sector has started to see a steady recovery in consumer demand for automobiles after seeing a major decline in 2020 as a result of the introduction of COVID-19. Numerous associations and organisations in the automotive industry claim that in 2020, the sector's production fell by 20–25% and its sales fell by more than 30%. Significant tremors were noticed by the component makers in 2020, which pointed to a drop in the production of automobiles.
Global Automated Parking System Market, Segmentation
The global automated parking system market is segmented into Component, Structure, Platform Type, Automation Level, End User, Region.
In 2021, the hardware sector has a market share of more than 80%. Microcontrollers, GSM, RF, displays, motor drivers, ultrasonic sensors, DC motors, camera units, and other hardware elements are included in a parking system's hardware, and the structure of the overall system varies between projects. Numerous solutions, including guiding systems, web-based solutions, sensor-based identification, licence plate recognition, mobile-based parking, and RFID solutions, can be added into the systems, depending on the budget. The automated parking system's hardware systems make up the largest portion of its overall cost. As a result, the segment is anticipated to maintain its leadership during the projection period.
In 2021, the silo section contributed 20% of total income. The most widely used technologies, which are used mostly for commercial applications, are silo systems. Adopting these methods can improve parking space usage because the number of vehicles on the road exceeds the number of parking spots that are accessible in cities. Furthermore, as real estate developers increasingly concentrate on providing sustainable houses with lower emissions, the number of high-rise developments has increased dramatically. Over the course of the projection period, market growth is likely to be aided by the steadily rising number of construction projects worldwide.
Over the projection period, the tower type sector is anticipated to experience a noteworthy CAGR of 13.9%. The most effective systems are tower-type systems because they maximise vertical space while saving a large amount of horizontal space. To meet various height limits, these systems can be constructed and planned in lower configurations. The parking solution market is anticipated to grow significantly over the coming years with the innovation and automation of the technology.
By Platform Type
In 2021, the palleted category led the automated parking system market and represented more than 65% of total sales. Since cars cannot be moved or lifted without a driver, these technologies make it easier to move them around in a parking place. These parking solutions are anticipated to have an appealing expansion in the future as more people choose to work from home because they promote vehicle security, enhance urban landscapes, and offer higher parking densities than traditional car parks. These methods don't call for any modifications for car size, which lessens the complexity of the transportation systems.
By Automation Level
In 2021, the fully automated segment had the highest revenue share—more than 65%. Fully automated parking systems are in increasing demand in developing economies due to their advantages over semi-automated alternatives, including higher efficiency, increased capacity, lower emission, and improved safety & convenience. However, the decision between completely automated and semi-automated solutions varies depending on the project's use, location, and available money. Higher capacity systems frequently become fully automated, whereas lower capacity systems frequently remain semi-automated. Fully automated parking solutions are completely touchless and created to operate without human involvement in light of the Covid-19 pandemic.
By End User
In 2021, the commercial segment accounted for more than 40% of total revenue. The rising need for parking spots in office buildings and shopping centres can be blamed for this. There are fewer places available due to the increasing number of vehicles on the road, which causes traffic congestion and an increase in air pollution in major cities all over the world. Due to automated parking systems' many advantages in resolving these problems, along with advantages like optimal space utilisation and increased security, it is anticipated that demand and adoption for these systems would increase quickly in the business sector in the near future.
In 2021, Europe had the highest revenue share of almost 30%. The expansion of programmes for the creation of smart cities and the rise in demand from businesses and homes will create favourable conditions for the market's expansion in the area. In these nations, automated parking technologies are widely used to conserve space and cut down on vehicle emissions while parking. The availability of technologically advanced infrastructure has further prompted both the public and private sectors to embrace automated solutions to solve parking issues. The Asia Pacific region is anticipated to witness significant growth over the forecast period. This can be attributed to the huge population and prevalence of vehicle parking on the roads. Furthermore, growing population and increasing per capita income are a few of the major factors increasing demand for personal mobility, thereby increasing automobile sales. As per ACEA, in 2021, around 79.1 million automobiles were produced globally, which is an increase of 1.3% compared to 2020. Rapid adoption of integrated solutions, such as Machine-to-Machine (M2M) connectivity, advanced sensors, data analytics, smart parking meters and mobile applications for slot bookings and payment purposes for automated parking solutions, is one of the primary factors driving growth of the market
Recent Developments in Global Automated Parking System Market
- November 2021: Automated Parking Demystified was the topic of a webinar presented by Westfalia Parking. The programme covered topics such as how an architect or developer can locate an automated parking vendor, how users can go to the park and pick up their cars using a contactless system during COVID-19, and how an automated parking system can run for the safety and welfare of users.
List of Key Market Players
- Skyline Parking
- Westfalia Parking
- Unitronics (1989) (R”G) Ltd
- Klaus Multiparking GmbH
- Robotic Parking Systems, Inc
- Fata Automation, Inc
- City Lift Parking, LLC
- Park Plus Inc
- Wohr Parking System Pvt. Ltd
Automated Parking System Market By Segmentation
- AGV System
- Silo System
- Tower System
- Rail Guided Cart System
- Puzzle System
- Shuttle System
By Platform Type
By Automation Level
- Fully Automated
By End User
- Mixed Use
- North America, by Country
- North America, by Component
- North America, by Structure
- North America, by Platform Type
- North America, by Automation Level
- North America, by End User
- Europe, by Country
- The Netherlands
- Rest of Europe
- Europe, by Component
- Europe, by Structure
- Europe, by Platform Type
- Europe, by Automation Level
- Europe, by End User
- Asia Pacific, by Country
- South Korea
- Rest of Asia Pacific
- Asia Pacific, by Component
- Asia Pacific, by Structure
- Asia Pacific, by Platform Type
- Asia Pacific, by Automation Level
- Asia Pacific, by End User
Middle East & Africa
- Middle East & Africa, by Country
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- Middle East & Africa, by Component
- Middle East & Africa, by Structure
- Middle East & Africa, by Platform Type
- Middle East & Africa, by Automation Level
- Middle East & Africa, by End User
- South America, by Country
- Rest of South America
- South America, by Structure
- South America, by Component
- South America, Automation Level
- South America, by Platform Type
- South America, by End User
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