Automated Parking Systems Market Size, Share, Trends and Report 2024-2032

Automated Parking Systems Market Overview

The global automated parking systems market has been experiencing substantial growth, driven by the increasing urbanization, congestion issues, and the need for efficient parking solutions in metropolitan areas. According to a report by Expert Market Research (EMR), the automated parking systems market size reached USD 2.10 billion in 2023, and it is expected to expand at a compound annual growth rate (CAGR) of 15.4% from 2024 to 2032, reaching a projected value of USD 7.63 billion by 2032.

Automated parking systems, also known as robotic parking systems or smart parking systems, are advanced parking solutions that utilize technology to automate the process of vehicle parking, retrieval, and storage. These systems offer numerous benefits, including space optimization, reduced parking footprint, enhanced vehicle security, and improved traffic flow, making them ideal for urban environments facing parking challenges.

Factors Driving Market Growth

Several factors contribute to the growing adoption and demand for automated parking systems market:

• Urbanization and Population Growth: Rapid urbanization and population growth in urban areas have led to increased vehicular traffic and parking challenges. As cities become more densely populated, the demand for efficient parking solutions escalates. Automated parking systems offer a space-efficient alternative to conventional parking structures, enabling developers and urban planners to maximize land use and address parking shortages in crowded urban environments.
• Smart City Initiatives: Governments and municipalities worldwide are embracing smart city initiatives to enhance urban mobility, sustainability, and quality of life. Automated parking systems align with smart city goals by promoting efficient land use, reducing traffic congestion, and minimizing environmental impact. By integrating automated parking solutions into urban infrastructure, cities can optimize transportation networks, reduce carbon emissions, and create more livable, pedestrian-friendly urban spaces.
• Technological Advancements: Continuous advancements in robotics, artificial intelligence (AI), sensors, and automation technologies drive innovation in the automated parking systems market. Modern automated parking systems feature state-of-the-art robotics and sensor systems that enable precise vehicle positioning, efficient storage and retrieval operations, and seamless user experiences. Advanced software algorithms optimize parking processes, minimize wait times, and enhance system reliability and performance, enhancing overall customer satisfaction and operational efficiency.
• Environmental Sustainability: Automated parking systems contribute to environmental sustainability by reducing the carbon footprint associated with conventional parking structures. By utilizing vertical stacking and compact storage configurations, automated parking systems minimize the land footprint required for parking, preserve green space, and mitigate urban sprawl. Additionally, reduced vehicle idling, circulation, and emissions within parking facilities contribute to cleaner air quality and environmental conservation, aligning with sustainability objectives and regulatory mandates.
• Improved User Experience: Automated parking systems offer enhanced convenience, safety, and user experience compared to traditional parking methods. Users benefit from faster parking and retrieval times, reduced search and wait times, and seamless integration with mobile applications and digital platforms for booking and payment. Moreover, automated parking facilities feature advanced security systems, real-time monitoring, and 24/7 support, ensuring the safety and security of vehicles and occupants, thereby enhancing overall user satisfaction and confidence in automated parking solutions.

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Market Trends

Several key trends are driving the growth and evolution of the global automated parking systems market:

• Integration of IoT and Connectivity: The integration of Internet of Things (IoT) technology and connectivity features into automated parking systems enables real-time monitoring, remote management, and predictive maintenance capabilities. By leveraging IoT sensors and cloud-based platforms, operators can optimize parking operations, improve system reliability, and enhance user convenience through features such as mobile app-based reservations and payment systems.
• Focus on Sustainability and Green Parking: With increasing emphasis on sustainability and environmental conservation, there is growing demand for eco-friendly parking solutions that reduce carbon emissions, minimize energy consumption, and promote green building practices. Automated parking systems support sustainability objectives by reducing the need for vehicle circulation, lowering vehicle idling time, and minimizing the environmental footprint associated with traditional parking facilities.
• Adoption of Modular and Scalable Designs: Modular and scalable designs enable automated parking systems to adapt to diverse site requirements, space constraints, and project budgets. By offering flexibility in configuration, layout, and capacity, modular systems can be customized to meet the needs of different applications, including mixed-use developments, office buildings, residential complexes, and public facilities, while allowing for future expansion or reconfiguration as demand grows.
• Enhanced Security and Safety Features: Security and safety are paramount considerations in automated parking systems to protect vehicles, prevent accidents, and ensure user confidence. Manufacturers are incorporating advanced security features such as biometric access control, surveillance cameras, license plate recognition, and anti-theft measures to safeguard vehicles and enhance overall system integrity, addressing concerns related to theft, vandalism, and unauthorized access.
• Rise of Multifunctional Parking Solutions: The convergence of automated parking systems with other smart technologies, such as electric vehicle (EV) charging stations, bike-sharing facilities, and parcel lockers, is driving the development of multifunctional parking solutions that offer added value and convenience to users. By integrating complementary services and amenities, automated parking facilities become hubs for sustainable mobility, last-mile delivery, and urban logistics, catering to diverse user needs and enhancing the urban living experience.

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Automated Parking Systems Market Segmentation

The market can be divided based on component, structure, platform, automation level, parking level, design model, end-use, and region.

Market Breakup by Component

• Hardware
• Software

Market Breakup by Structure

• AGV (Automated Guided Vehicles)
• Rail Guided Cart (RGC) System
• Silo System
• Shuttle System
• Tower System
• Puzzle System

Market Breakup by Platform

• Palleted
• Non-palleted

Market Breakup by Automation Level

• Fully Automated
• Semi – Automated

Market Breakup by Parking Level

• Less than Level 5
• Level 5- Level 10
• More than Level 10

Market Breakup by Design Model

• Hydraulic
• Electro-Mechanical

Market Breakup by End-Use

• Residential
• Commercial
• Government Parking Lots
• Mixed-Use

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global automated parking systems companies. Some of the major key players explored in the report by Expert Market Research are as follows:

• Robotic Parking Systems, Inc.
• Fata Automation, Inc.
• Lödige Industries GmbH
• ShinMaywa Industries, Ltd.
• Park Plus, Inc.
• Robotic Parking Systems, Inc.
• Westfalia Technologies, Inc
• Fehr Lagerlogistik AG
• Unitronics (1989) (R”G) Ltd.
• Others

Market Opportunities and Challenges

While the global automated parking systems market presents significant opportunities for growth and innovation, certain challenges must be addressed:

• High Initial Investment: The implementation of automated parking systems involves substantial upfront capital investment, including infrastructure, equipment, and technology costs. While the long-term benefits, such as increased parking capacity, operational efficiency, and revenue generation, justify the initial investment, the high upfront costs may pose barriers to entry for some stakeholders, particularly in emerging markets or regions with limited financial resources.
• Regulatory and Permitting Challenges: Regulatory and permitting requirements vary across jurisdictions and may present challenges for the deployment of automated parking systems. Factors such as zoning regulations, building codes, safety standards, and environmental considerations may influence the design, approval, and implementation of automated parking facilities. Collaborative efforts between industry stakeholders, policymakers, and regulatory authorities are essential to streamline permitting processes, address regulatory hurdles, and facilitate the widespread adoption of automated parking solutions.
• Public Awareness and Acceptance: Public awareness, education, and acceptance of automated parking systems play a crucial role in their adoption and success. While automated parking systems offer numerous benefits, including space optimization, reduced traffic congestion, and enhanced sustainability, some stakeholders may have concerns or reservations regarding safety, reliability, and usability. Effective communication, outreach, and demonstration projects are necessary to educate the public, alleviate concerns, and build trust in automated parking technologies.
• Integration with Mobility Ecosystem: The seamless integration of automated parking systems with the broader mobility ecosystem, including public transportation, ride-sharing services, and electric vehicle infrastructure, presents opportunities for synergy and collaboration. Automated parking facilities can serve as transportation hubs, offering seamless multimodal connectivity and enhancing urban mobility and accessibility. However, achieving interoperability, data sharing, and connectivity between automated parking systems and other mobility services requires coordination, standardization, and interoperable technologies.
• Maintenance and System Reliability: Ensuring the ongoing maintenance, uptime, and reliability of automated parking systems is essential for their long-term success and user satisfaction. Regular maintenance, monitoring, and performance optimization are necessary to address mechanical wear and tear, software updates, and system malfunctions promptly. Robust service agreements, warranties, and technical support mechanisms help minimize downtime, maximize system uptime, and ensure a positive user experience.

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