The global automated parking system market size is projected to hit USD 3.04 billion by 2030 from at USD 1.5 billion in 2021, growing at a compound annual growth rate (CAGR) of 8.9% from 2021 to 2030.
Tokyo, Nov. 29, 2021 (GLOBE NEWSWIRE) -- 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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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.
Scope of the Automated Parking System Market
Market Size in 2021
USD 1.5 Billion
Growth Rate From 2021 to 2030
CAGR of 8.9%
Fastest Growing Market
Skyline Parking AG, Parkmatic, Westfalia Parking, Robotic Parking Systems, Inc., Klaus Multiparking GmbH, Park Plus Inc., Wohr Parking System Pvt. Ltd, AutoMotion Parking Systems, Unitronics Ltd., City Lift Parking, LLC.
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.
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.
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.
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Segments Covered in the Report
By Platform Type
By Structure Type
Rail Guided Cart System
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