PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1477150
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1477150
Automated Parking System Market size was valued at USD 2,113.32 Million in 2023, expanding at a CAGR of 18.5% from 2024 to 2032.
The Automated Parking System Market addresses urban parking challenges by deploying automated solutions using sensors, robotics, and computer vision. Driving factors involve embracing smart parking solutions enabled by IoT and AI, offering real-time monitoring and enhanced user experiences. Demand is growing for eco-friendly options like vertical parking towers and underground garages to reduce land usage and environmental impact. Challenges include high costs and regulatory hurdles, yet opportunities lie in integrating with smart city initiatives and sustainable transportation solutions. Overall, technological advancements and urbanization trends shape the market's trajectory as stakeholders tackle urban mobility and parking management issues.
Automated Parking System Market- Market Dynamics
Growing demand for eco-friendly and sustainable parking solutions driving market growth
The growing demand for eco-friendly and sustainable parking solutions is driving significant market growth. With increasing environmental concerns and a shift towards greener practices, the adoption of sustainable parking solutions has surged. The trend of sustainable parking solutions is further supported by government incentives and regulations promoting sustainable urban development, including initiatives aimed at reducing carbon emissions and promoting energy-efficient transportation infrastructure. As a result, stakeholders across various sectors, including urban planners, property developers, and parking facility operators, are increasingly investing in technologies such as electric vehicle (EV) charging stations, solar-powered parking lots, and green roofs, contributing to the expansion of the eco-friendly parking solutions market.
Automated Parking System Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 18.5% over the forecast period (2024-2032)
Based on Parking System Type segmentation, Fully Automated Parking System was predicted to show maximum market share in the year 2023
Based on Parking Facility Type segmentation, Off-street Parking facility was the leading type in 2023
Based on Technology segmentation, Camera-based Systems technology was the leading type in 2023
Based on region, North America was the leading revenue generator in 2023
The Global Automated Parking System Market is segmented based on Parking System Type, Parking Facility Type, Technology, End User, and Region.
The market is divided into two categories based on Parking System Type: Fully Automated Parking System utilizes robotics, sensors, and computer vision for autonomous vehicle parking and retrieval, eliminating the need for human intervention. A Semi-Automated Parking System integrates automated features with partial human involvement, providing a balance between automation and manual control.
The market is divided into two categories based on Parking Facility Type: On-street Parking encompasses facilities alongside streets or roads, managed by local authorities, while Off-street Parking includes facilities like garages and lots away from public roads, operated by private entities.
Automated Parking System Market- Geographical Insights
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
North America leads in adoption due to urbanization and the need for efficient parking solutions. Europe follows closely, driven by smart city initiatives and environmental concerns. Asia Pacific shows promising growth, particularly in countries like China and Japan, where rapid urbanization and space constraints drive demand for automated parking systems. The Middle East and Africa are also witnessing growth, driven by urban development projects and increasing vehicle ownership. Latin America shows potential for growth with rising urbanization and infrastructure development initiatives.
The Competitive Landscape of the Automated Parking System Market is characterized by intense competition among key players striving to innovate and expand their market presence. Companies such as Stanley Robotics, CityLift Parking, and Unitronics dominate the market with their advanced technologies and comprehensive solutions. These players focus on developing automated parking systems that offer enhanced efficiency, reliability, and user experience. Strategic partnerships, mergers, and acquisitions are common strategies employed by companies to strengthen their market position and expand their product portfolios. Additionally, continuous investments in research and development to introduce cutting-edge technologies like IoT, AI, and robotics further intensify competition in the market.
In December 2023, ARAPL collaborated with its subsidiary ARAPL RaaS to develop India's first mobile robotic multi-level car parking system using automated guided vehicles (AGVs). The advanced parking solution is to set a new standard for efficient parking.
In September 2023, Hyundai Mobis developed one-touch automated parking technology, revolutionizing parking control systems with its 'Memory Parking Assist' feature. This next-generation system utilizes ultrasonic and surround view monitor cameras to learn the driving route and autonomously execute parking.
GLOBAL AUTOMATED PARKING SYSTEM MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Amano Corporation
CityLift Parking
EITO&GLOBAL Inc.
Fata Automation
Harding Steel
Klaus Multiparking Systems
Klaus Multiparking Systems
Park Assist
PARKPLUS
Parkplus Inc.
Robotic Parking Systems Inc.
Skyline Parking AG
Unitronics
Unitronics
Westfalia Parking Solutions
Wohr Parking Systems Pvt. Ltd.
Others