Automated Parking System Market Growth and Forecast by 2031

The automated parking system market size is projected to reach US$ 5.7 billion by 2031 from US$ 2.01 billion in 2023. The market is expected to register a CAGR of 13.9% during 2023–2031. The development of smart cities is likely to remain a key trend in the market.

Automated Parking System Market Analysis

A rise in demand for vehicles and growing demand for sustainable parking solutions is expected to drive market growth in the coming years. In addition, the rise in the number of luxury buildings, apartments, and large commercial parking spaces is expected to fuel the demand for automated parking systems in the coming years. Moreover, the rise in investment towards technologically advanced parking infrastructure is anticipated to propel the market growth from 2023 to 2031.

Automated Parking System Market Overview

The Automated Parking System (APS) market ecosystem is diverse and evolving. The infrastructure comprises hardware/component providers, APS manufacturers, system integrators and end users. Major players occupy places in the various nodes of the automated parking system market ecosystem. Automated parking system hardware comprises microcontrollers, radio-frequency modules, displays, motor drivers, DC motors, ultrasonic sensors, and camera units, among others. The component providers supply the material to build the automated parking systems hardware, such as steel, aluminum, and silicon. APS manufacturers carry out various processes, such as designing, assembling, and production, to transform raw materials into finished products. System integrators bring the component subsystems together, ensuring that they operate efficiently. AJ Automated Parking Systems Co., Ltd., Unitronic Corporation Inc., and Westfalia Technologies, Inc., among others, are leading players in the automated parking systems market. The companies are engaged in offering a wide range of solutions for residential, commercial, and mixed-use applications. Gradations in building parking areas and demands for conveniently storing more vehicles in a smaller amount of land are anticipated to present significant opportunities to the companies planning to enter this market.

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Automated Parking System Market: Strategic Insights

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Automated Parking System Market Drivers and Opportunities

Growth in the Number of Luxury Buildings with Increased Space and Enhanced Parking Facilities to Favor Market

Economic growth, rising disposable incomes, and changing consumer lifestyles have sparked the trend towards luxury high-rises with more space and improved parking options. Real estate professionals, architects, and developers of luxury buildings benefit from automated parking systems that help them create innovative, functional, and aesthetically pleasing options for customers. Continuous innovations and advancements in unique garage designs and underground facilities continue to fuel the growth of the automated parking systems market. These systems can save space and make the additional rentable area available for luxury residential and commercial developments, further increasing profits for developers. Growing concerns about health and well-being has increased the demand for green spaces in luxury apartments. The trend of reducing parking spaces can be used to develop greener urban environments.

Robotic Garages and Robotic Parking

Workshops equipped with robotics are expected to become increasingly popular in the next few years as they can store and collect vehicles safely and in a space-saving manner. It is predicted that by 2050, approximately 89% of the population in the United States will live in urban areas, making the country a densely populated country. As major cities report a shortage of parking spaces, automated garages are rapidly increasing in popularity due to their space management capabilities. Robotic parking systems eliminate the need for human intervention to fit vehicles into tightly packed cabins and require sufficient space for robots to move. Densely populated countries are, therefore, quickly adopting robot parking systems. Companies that offer automated robotic workshops place greater emphasis on improving and enhancing the efficiency and sustainability of transportation systems.

Automated Parking System Market Report Segmentation Analysis

Key segments that contributed to the derivation of the automated parking system market analysis are component, automation level, platform, and end-user

• Based on component, the automated parking system market is divided into hardware and software. The hardware segment held a larger market share in 2023.
• By automation level, the market is segmented into semi-automated, and fully automated. The fully automated segment held the larger share of the market in 2023.
• In terms of platform, the market is bifurcated into palleted and non-palleted. The palleted segment held a significant share of the market in 2023.
• By end-user, the market is segmented into residential, commercial, and mixed-use. The commercial segment registered the largest share of the market in 2023.

Automated Parking System Market Share Analysis by Geography

The geographic scope of the automated parking system market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.

The scope of the automated parking system market report encompasses North America (the US, Canada, and Mexico), Europe (Spain, the UK, Germany, France, Italy, and the Rest of Europe), Asia Pacific (South Korea, China, India, Japan, Australia, and the Rest of Asia Pacific), the Middle East & Africa (South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America). In terms of revenue, Europe dominated the automated parking system market share in 2023. North America is the second-largest contributor to the global automated parking system market, followed by Asia Pacific.

Automated Parking System Market Regional Insights

The regional trends and factors influencing the Automated Parking System Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Automated Parking System Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Automated Parking System Market Report Scope

Automated Parking System Market Players Density: Understanding Its Impact on Business Dynamics

The Automated Parking System Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Automated Parking System Market are:

1. ParkPlus Inc.
2. Dayang Parking Company Ltd
3. Wohr Parking
4. Unitronics Corporation
5. Citylift
6. Lodgie Industries

Disclaimer: The companies listed above are not ranked in any particular order.

Automated Parking System Market News and Recent Developments

The automated parking system market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the automated parking system market are listed below:

• Tesla launched a new vision-based automated parking system for its newer vision-only vehicles. (Source: Tesla, Press Release, March 2024)
• Hyundai Motor Group launched a touchscreen-based automated Mobis Parking System (MPS). This product launch enhanced the product offering of the company and strengthened the presence of the company in the automated parking system market. (Source: Hyundai Motor Group, Press Release, September 2023)

Automated Parking System Market Report Coverage and Deliverables

The “Automated Parking System Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• Automated parking system market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Automated parking system market trends as well as market dynamics such as drivers, restraints, and key opportunities
• Detailed PEST and SWOT analysis
• Automated parking system market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the automated parking system market
• Detailed company profiles