PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1485729
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1485729
Automated Parking Solution Market size was valued at USD 2,280.39 million in 2023, expanding at a CAGR of 17.5% from 2024 to 2032.
Automated parking management systems are made up of both software and hardware parts that help with efficient parking management. It moves cars to and from parking spots in a multi-story parking facility using a mechanical mechanism. Improved parking, less traffic, less pollution, better user experience, lower operating and management expenses, and more safety are just a few of its benefits. Automated parking systems are being adopted more quickly because of government initiatives that support sustainable urban growth and effective land management through funding programs, incentives, and restrictions.
Automated Parking Solution Market- Market Dynamics
O Increasing Demand for Autonomous Vehicles
The rise of automated vehicles and automated parking systems signifies a significant shift in the automotive industry and urban planning. The growing demand for autonomous vehicles is driven by a combination of technological advancements, societal trends, and economic factors. Governments and automakers are concentrating on creating and advancing safe driving systems, particularly for passenger cars. For example, the Canadian government recently announced that it will be investing US$1.8 million in the Ontario-based company s2e Technologies to test the first integrated automated electric vehicle (EV) parking system in the world. This system will allow people to enjoy fully automated parking and pick-up services within their neighborhood.
Automated Parking Solution Market- Key Insights
v As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 17.5% over the forecast period (2024-2032)
v Based on component segmentation, hardware was predicted to show maximum market share in the year 2023
v Based on automation segmentation, fully automated was the leading type in 2023
v Based on end user segmentation, commercial was the leading type in 2023
v Based on design model segmentation, hydraulic was the leading type in 2023
v based on region, Europe was the leading revenue generator in 2023
The Global Automated Parking Solution Market is segmented based on Component, Platform, Automation, Design Model, End User, and Region.
The market is divided into two categories based on components: Hardware and software. The hardware section has the largest market share within the components category. The main hardware components include ultrasonic sensors, DC motors, radio frequency modules, displays, motor drivers, microcontrollers, and GSM modules. Throughout the forecast period, the software segment is expected to increase at an outstanding rate. Software is essential to system functioning since it directs, coordinates, and manages actions of parking and removing automobiles.
The market is divided into three categories based on application: Commercial, residential, and mixed-use. In terms of revenue share, the commercial segment is in the lead. This is due to the growing demand for parking spaces at office buildings and shopping centers brought on by issues with pollution and traffic. Since automated parking systems provide improved security and optimal space utilization, they are a great solution to these issues, and it is anticipated that demand for them will rise quickly in this market.
Automated Parking Solution Market- Geographical Insights
The majority of the revenue from automated parking systems was generated in Europe, primarily by the growth of smart cities and increased demand for residential and commercial real estate. This region's nations are implementing automated parking systems, which conserve space and cut pollution. The public and private sectors are pushing each other to use automated solutions to address parking problems because of the sophisticated infrastructure that is now in place. Furthermore, The European Union governs the use of its territory and other resources, with a focus on improving their usage. The Netherlands government, for example, enacted the Spatial Planning Act, which examines the region's land use.
Due to the existence of numerous local businesses, the market is somewhat fragmented. Through partnerships, acquisitions, and mergers, among other tactics, these market participants want to increase their market share. Businesses are also investing in the creation of better products. Additionally, they are keeping a competitive price in mind. Prominent players in automated parking systems include FATA Automation, Amano Corporation, IBM Corporation, Westfalia Technologies Inc., Robotic Parking Systems, Inc., Klaus Multiparking GmbH, Siemens AG, Streetline, Inc., Swarco, and Xerox Corporation. For instance, In January 2024, Kopernikus Automotive, a forward-thinking startup, joined forces with SKIDATA, a leader in parking technology. This worldwide strategic partnership aims to harness the potential of AI and innovative technologies to transform the parking industry, catering to the needs of various operators at different locations, customers, and municipalities.
v 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).
v In February 2023, BMW Group and Valeo announced a collaboration for ADAS domain controller, sensors, and software for parking and maneuvering for BMW's upcoming platform generation for the co-development of fully automated parking technologies.
GLOBAL AUTOMATED PARKING SOLUTION MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
O Fehr Lagerlogistik AG
O Unitronics 1989 RG Ltd.
O Klaus Multiparking GmbH
O Westfalia Technologies Inc.
O Amano Corporation
O Flowbird Group
O IBM Corporation
O Robotic Parking Systems, Inc.
O Siemens AG
O Skidata Gmbh
O Streetline, Inc.
O Swarco AG
O T2 Systems
O Xerox Corporation
O City Lift Parking, LLC
O Wohr Parking System Pvt. Ltd.
O Others