Automated Parking System Market to Hit USD 6.78 Bn by 2032

The global automated parking system market size is projected to hit USD 6.78 billion by 2032 from at USD 1.67 billion in 2022, growing at a CAGR of 15.1% from 2023 to 2032.

Automated Parking System Market Size 2023 to 2032

The rapid urbanization and growing number of commercial and residential buildings across the globe is boosting the adoption of automated parking systems. The real estate developers are focusing on providing the automated facilities to their customers and including the installation of automated parking systems the high-rise commercial and residential projects, which is driving the demand for the automated parking system market. The automated parking system can contribute to reduction in road traffics and can save time and fuel consumption, thereby reducing the emission. Excess amount of time and fuel is wasted in finding an appropriate parking space in urban cities. The limited availability of parking spaces coupled with growing number of vehicles on road is resulting traffic jams across the globe. Moreover, rapidly growing urban population is necessitating the adoption of the automated parking systems owing the availability of fewer spaces especially in the public places.

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Regional Snapshot

Europe dominated the global automated parking system market, garnering a market share of over 40% in 2020. Europe is characterized by the strong infrastructural development, increased number of commercial and residential complexes, and higher number of cars that necessitates the adoption of automated parking systems. Further, the presence of numerous top players in the market and various developmental strategies adopted by them highly influences the market growth in this region. Moreover, the increased demand for the latest technologies and automation has fostered the growth of the automated parking system market in the region.

Asia Pacific is projected to be the fastest-growing segment during the forecast period. The rapidly growing urban population, rapidly developing infrastructure, and growing number of high-rise buildings is fueling the adoption of the automated parking systems. Moreover, the increased incidences of traffic jams in the region are expected to drive the demand for the automated parking systems in the forthcoming years.

Report Scope o fthe Automated Parking System Market

Report Highlights	Details
Market Size in 2023	USD 1.91 Billion
Market Size by 2032	USD 6.78 Billion
Growth Rate from 2023 to 2032	CAGR of 15.1%
Largest Market	Europe
Fastest Growing Market	Asia Pacific
Base Year	2022
Forecast Period	2023 to 2032
Segments Covered	Platform Type, Automation, Component, Structure Type, Region

Market Dynamics

Drivers – The growing demand for the sustainable parking solutions

The rising incidences of road traffic jams, limited availability of parking spaces, and rising number of vehicles on road has encouraged the increase in demand for the sustainable parking solutions across the globe. Finding a suitable parking space consumes lot of time and fuel that increases the emission. Hence, these factors are expected to drive the demand for the automated parking systems across the globe.

Restraints – High cost of the parking systems

The high costs associated with the installation of the automated parking systems and its maintenance is a major factor that can restrict its adoption. Moreover, high construction cost per space may hinder the growth of the market during the forecast period.

Opportunities – Rapid infrastructural development in the developing regions

The increased government expenditure on the development of Smart Cities and other infrastructural developments in the nations like India, China, and Brazil presents a lucrative growth opportunities to the market players in the foreseeable future.

Challenges

The low availability of resources and financial restriction in the low income countries and huge penetration of public transport vehicles in the underdeveloped and developing nations is a major challenge against the market growth. The aforementioned factors can prevent the installation of the automated parking systems.

Report Highlights

Based on the platform type, the palleted segment dominated the market capturing around 61% of the market share in 2020. The palleted type offers increased capacity and higher utilization of space owing to its low height. This helps to save space and it is considered perfectly suitable for the buildings that has limited parking space. These benefits have fostered its adoption across the globe.
Based on the automation, the fully automated segment dominated the market in 2020, owing to the increased demand for the automation technologies in the developed markets like Europe and North America. The increased number of vehicles on road and the presence of higher number of commercial complexes across the globe has fostered the adoption of fully automated parking systems in the past that effectively helps to reduce the road traffic jams.
Based on component, the software is estimated to be the most opportunistic segment during the forecast period. Software needs regular upgradations and replacement owing to the constantly evolving technologies and features to improve the functioning and efficiency of the automated parking systems. Hence, the rapid developments in the software segment are expected to drive its growth.
Based on the structure type, silo segment dominated the market, acquiring a market share of over 20% in 2020. The increasing number of huge commercial complexes and increased adoption of silo systems in the commercial complexes has fostered the growth of this segment in the past years. The rapid urbanization in the developing economies is a major driver of this segment.

Some of the prominent players in the global automated parking system market include: