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The automated parking system market is expected to grow from US$ 1,411.59 million in 2021 to US$ 3,543.77 million by 2028; it is estimated to grow at a CAGR of 14.1% from 2021 to 2028.
The automated parking system market in APAC is further segmented into China, India, Japan, Australia, and South Korea. The automated parking systems use AI and robotics to provide a0020smarter, more advanced car parking experience. This ensures next-level convenience for drivers as their vehicles can be automatically parked within a few minutes without the need to look for a parking place. The cutting-edge facility allows drivers to simply place their vehicles on the pallet inside the allocated chamber and then confirm at the kiosk to begin the parking procedure using a one-time passcode provided. The pallet and the car will be transported to a vacant parking space by an automated guided vehicle (AGV). To retrieve the vehicle, drivers simply needs to enter the allotted password into the kiosk, and the vehicle will be moved by the AGV to the specified chamber for pickup. Drivers can also use the robotic parking system apps to schedule car retrieval, view parking availability, and track the vehicle status. Furthermore, the growing number of smart cities and technical improvements in autonomous vehicles are expected to provide significant growth opportunities for the companies operating in the automated parking system market in APAC.
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Automated Parking System Market: Strategic Insights
Market Size Value in US$ 1,411.59 million in 2021 Market Size Value by US$ 3,543.77 million by 2028 Growth rate CAGR of 14.1% from 2021 to 2028 Forecast Period 2021-2028 Base Year 2021
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Automated Parking System Market: Strategic Insights
| Market Size Value in | US$ 1,411.59 million in 2021 |
| Market Size Value by | US$ 3,543.77 million by 2028 |
| Growth rate | CAGR of 14.1% from 2021 to 2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
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Impact of COVID-19 Pandemic on Automated Parking System Market
Growth of economies, and improvements in production and manufacturing infrastructures, especially in the developing countries, have bolstered the automobile market growth. According to the European Automobile Manufacturers Association, 77.9 million motor vehicles were produced in the world in 2020. After witnessing a significant drop in 2020 due to the onset of COVID-19, the automotive market has begun witnessing a gradual recovery in consumer demand for cars since the last quarter of 2020. According to several automotive industry associations and organizations, the automotive sector experienced ~20–25% loss in production and more than 30% loss in sales in 2020. The component manufacturers observed significant tremors in 2020, indicating decline in automotive manufacturing. However, as per industry experts, the demand for mobility is expected rise in the next few years. The lower traffic on road in 2020 has severely hindered the revenue of the parking industry, which delayed the demand for APS.
Lucrative Regions for Automated Parking System Market
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Market Insight
Growth in Number of Luxury Buildings with Increased Space and Enhanced Parking Facilities
Growth in Number of Luxury Buildings with Increased Space and Enhanced Parking Facilities
Economic growth, increasing disposable incomes, and changing consumer lifestyle have triggered the trend of high-rise luxury buildings with increased space and enhanced parking facilities. Real estate professionals, architects, and luxury building developers are benefitting from automated parking systems, which helps them create innovative, functional, and esthetically pleasing options for consumers. Continuous innovations in unique garage designs and underground facilities is further encouraging the automated parking system market growth. These systems are capable of saving space, along with making the additional rentable space available for luxury residential and commercial facilities, which further boost the profits for developers. Growing concerns about health and wellness have increased the demands for green space in luxury apartments. The trend of reduction of parking spaces can be utilized to develop greener urban environments.
Component Segment Insights
Based on component, the automated parking system market is bifurcated into hardware and software. The hardware segment contributes to the largest share of the market. The hardware structure varies according to the type of the automated parking system, which comprises tower, puzzle, crane, silo, and shuttle systems. Key hardware components in an automated parking system consist of microcontrollers, RF modules, display, motor driver, DC motor, ultrasonic sensors, and camera units. Cars are stored and retrieved with a superior chain-driven car stacker system. Many automated parking systems often use expensive hydraulic systems. A crane parking system utilizes a single mechanism to simultaneously perform the horizontal and vertical movements of the vehicle to be parked or retrieved. Back-up motors and switches can be installed to increase the system’s redundancy. The hardware products are designed to provide perfect fitment and maximum performance and are accurately tested for their performance, reliability, strength, and integrity.
Automated Parking System Market, by Component (% Share)
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Automation Level Segment Insights
Based on automation level, the automated parking system market is bifurcated into semi-automated and fully-automated. The fully-automated segment is dominating the market as users are preferring the system with maximum parking space and less operating cost. However, the residential sector demands semi-automated system to utilize the available parking space with low investment.
Platform Segment Insights
Based on platform, the automated parking system market is bifurcated into palleted and non-palleted. Car parking pallet is a flat and movable structure used to transport and park a car in a parking space. The pallet minimizes the complexity of transport mechanisms and simplifies the transport of a car within a parking system. Capturing dripping of oil, liquids and solids from rainwater, snow, coolants and lubricants to road dirt, sand, salt and debris materials on the pallet and disposing them properly can reduce clean up within the parking system and provide maintenance and environmental benefits. Thus, simple structure and increased effectiveness of the parking pallets are augmenting their demand.
The market players focus on new product innovations and developments by integrating advanced technologies and features to compete with the competitors. In May 2021, Robotic Parking Systems, Inc. launched One size Fit All Parking facility. In January 2020, KLAUS Multiparking launched new fully automatic parking system in London.
Automated Parking System Market – by Component
- Hardware
- Software
Automated Parking System Market – by Automation Level
- Semi-automated
- Fully-Automated
Automated Parking System Market – by Platform
- Palleted
- Non-Palleted
Automated Parking System Market – by End-User
- Commercial
- Mixed-Use
- Residential
Automated Parking System Market – by Geography
North America
- US
- Canada
- Mexico
Europe
- France
- Germany
- Italy
- UK
- Russia
- Rest of Europe
Asia Pacific (APAC)
- China
- India
- South Korea
- Japan
- Australia
- Rest of APAC
Middle East & Africa (MEA)
- South Africa
- Saudi Arabia
- UAE
- Rest of MEA
South America (SAM)
- Brazil
- Argentina
- Rest of SAM
Automated Parking System Market – Company Profiles
- AJ Automated Parking Systems Co., Ltd.
- CityLift Parking
- FATA Automation Inc.
- Klaus Multiparking
- Park Plus, Inc.
- Parkmatic
- Robotic Parking Systems, Inc.
- Skyline Parking (Fehr Lagerlogistik AG)
- U-tron
- WESTFALIA TECHNOLOGIES, INC.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Component, Automation Level, Platform and End User
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
Increasing Number of Vehicles and Consequently Growing Demand for Sustainable Parking Solutions
Growth in Number of Luxury Buildings with Increased Space and Enhanced Parking Facilities
There is a surge in the construction of smart cities and green spaces in buildings across the world, which is creating lucrative growth opportunities for the developers of automated parking systems. Rising population and rapid urbanization have led to significant innovations in the concepts of living. Initiatives such as the “National Smart Cities Mission†of 2015 by the Government of India, "Smart Nation" initiatives by Singapore government, and Smart Cities projects through Horizon 2020 research and innovation program of the European Commission are leveraging energy-efficient technologies to make cities citizen-friendly and sustainable. Government bodies such as Indian Green Building Council (IGBC) and US Green Building Council (USGBC) encourage the availability of clean and greener space in buildings to raise the asset value. Reclaiming valuable spaces for amenities, and additional living by owners, and architects will offer ample opportunities for the automated parking system market players to provide customized solutions with enhanced functionalities for improving the profitability of commercial buildings.
Based on the component, the automated parking system market is segmented into hardware, and software. The global automated parking system market is dominated by hardware segment in 2020, which accounted for ~ 89.0%.
Garages equipped with robotics are anticipated to become increasingly popular over the next several years as they store and retrieve vehicles in a secure, space-efficient manner. In the US, ~89% of the population is projected to live in urban areas by 2050, making it a densely populated country. As large cities report the shortage of rooms, the popularity of automated garages is rising rapidly owing to their space management capabilities. U-tron manages eight fully autonomous garages across the US. Westfalia Technologies Inc. designs and manufactures APS with the robotics technologies. Its Savanna.NET Parking Control System (PCS) controls the entire process and requires no human intervention.
Key companies in the automated parking system market include AJ Automated Parking Systems Co., Ltd.; Citylift Parking; Fata Automation Inc; Klaus Multiparking; Park Plus, Inc.; Parkmatic; Robotic Parking Systems, Inc.; Skyline Parking (Fehr Lagerlogistik AG); U-tron.; and Westfalia Technologies, Inc.
Europe held the largest market share in year 2020, along with the notable revenue generation opportunities in North America and APAC.
The List of Companies - Automated Parking System Market
- AJ Automated Parking Systems
- CityLift
- FATA Automation
- KLAUS Multiparking GmbH
- Park Plus, Inc.
- Parkmatic
- Robotic Parking Systems, Inc.
- SKYLINE PARKING
- unitronics
- WESTFALIA TECHNOLOGIES, INC.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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