Overview and Scope
An automated parking system refers to a system that consists of several rooms for storing and retrieving vehicles. With the help of this system, vehicles can be transported from the entrance to their parking space without the presence of a driver. The automated parking system is used to stack vehicles vertically to limit space.
Sizing and Forecast
The automated parking system market size has grown rapidly in recent years. It will grow from $2.11 billion in 2023 to $2.39 billion in 2024 at a compound annual growth rate (CAGR) of 13.4%. The growth in the historic period can be attributed to space constraints in urban areas, environmental and sustainability concerns, traffic congestion alleviation, safety and security enhancement, adoption in high-density areas..
The automated parking system market size is expected to see rapid growth in the next few years. It will grow to $4.18 billion in 2028 at a compound annual growth rate (CAGR) of 15.0%. The growth in the forecast period can be attributed to rise in electric vehicles (evs), consumer demand for convenience, smart city integration, sustainable urban development.. Major trends in the forecast period include urbanization and space constraints, traffic congestion and accessibility, technological advancements, safety and security..
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Segmentation & Regional Insights
The automated parking system market covered in this report is segmented –
1) By Component: Hardware, Software
2) By Structure Type: AGV System, Silo System, Tower System, Rail Guided Cart (RGC) System, Puzzle System, Shuttle System
3) By Platform: Palleted, Non-Palleted
4) By Automation Level: Fully Automated, Semi Automated
5) By End Use: Residential, Commercial, Mixed Use
Top Major Players
Westfalia Technologies Inc.
Unitronics Systems Inc.
Klaus Multiparking Systems Pvt Ltd.
Robotic Parking Systems Inc.
City Lift Parking LLC
Western Europe was the largest region in the automated parking system market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the automated parking system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The increase in high-rise structures are expected to propel the growth of the automated parking system market going forward. High-rise structures refer to a building or structure that is between 75 and 491 feet high. The automated parking system built into high-rise buildings helps to withstand earthquakes, provide safety mechanisms, and supports pallets under vehicles. For instance, in February 2022, according to the research report by Anarock, an India-based property consulting company, out of 486 residential projects, 291 projects, or 60%, were high-rise buildings, and in the year 2021, the percentage rose to 62%. It means in the year 2021, 263 projects out of 421 were for high-rise buildings. Therefore, high-rise structures are driving the automated parking system market growth.
Key Industry Players
Major companies operating in the automated parking system market report are Westfalia Technologies Inc., Unitronics Systems Inc., Klaus Multiparking Systems Pvt Ltd., Robotic Parking Systems Inc., City Lift Parking LLC, Wohr Parking System Pvt Ltd., Lodige Industries GmbH, ShinMaywa Industries Ltd., Skyline Parking AG, Dayang Parking Co. Ltd., Eito & Global Inc., FATA Automation Inc., ParkPlus Inc., Robopark Inc., Parkmatic Systems Inc., Smart Parking Solutions Inc., Serva Transport Systems GmbH, Park Assist LLC, Amano McGann Inc., IHI Corporation, Omnitec Group, MHE-Demag (S) Pte Ltd, T2 Systems Inc., U-TRON Electronics Co. Ltd., TADA Technologies Pte Ltd, U-ParkIt Solutions LLC, UbiPark Pty Ltd, Umojo Inc.
The automated parking system market report table of contents includes:
1. Executive Summary
2. Automated Parking System Market Characteristics
3. Automated Parking System Market Trends And Strategies
4. Automated Parking System Market – Macro Economic Scenario
5. Global Automated Parking System Market Size and Growth
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31. Global Automated Parking System Market Competitive Benchmarking
32. Global Automated Parking System Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Automated Parking System Market
34. Automated Parking System Market Future Outlook and Potential Analysis
35. Appendix
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