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What Insights Does the Automated Parking System Market Size Analysis Offer?
The automated parking system market has demonstrated keen growth in recent years. The market size is poised to rapidly grow from $2.34 billion in 2024 to $2.63 billion in 2025, thanks to a compound annual growth rate (CAGR) of 12.3%. This impressive expansion during the historic period can be attributed to the space constraints in urban areas, growing concerns over environmental and sustainability issues, the need to alleviate traffic congestion, improved safety and security, and increased adoption in high-density areas.
Further amplifying this growth rate, the automated parking system market size is expected to surge to $4.96 billion in 2029, with a CAGR of 17.2%. This robust growth in the forecast period can be ascribed to the rise in electric vehicles (EVs), increased consumer demand for convenience, integration with smart city infrastructure, and a focus on sustainable urban development. Trends that hold promise for the future include urbanization and space constraints, alleviating traffic congestion and improving accessibility, technological advancements, and enhanced safety and security.
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What Are the Key Growth Drivers in the Automated Parking System Market?
The spike in high-rise structures is a prominent driver of the automated parking system market going forward. High-rise structures, defined as buildings or structures that range between 75 and 491 feet high, are increasingly being incorporated with automated parking systems. These systems built into high-rise buildings offer benefits such as earthquake resistance, enhanced safety mechanisms, and support for pallets under vehicles. As of July 2022, 95% (462) of all identified high-rise residential and publicly-owned buildings in England had either finished or begun remediation work, according to the Building Safety Programme Monthly Data Release, a report published by the UK-based government website, GOV.UK. This significant rise in high-rise structures is a key propellant of the automated parking system market growth.
What Are the Major Segments in the Global Automated Parking System Market?
The automated parking system market addressed in this report is segmented by:
1) Component: Hardware, Software
2) Structure Type: AGV System, Silo System, Tower System, Rail Guided Cart (RGC) System, Puzzle System, Shuttle System
3) Platform: Palleted, Non-Palleted
4) Automation Level: Fully Automated, Semi Automated
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Who Are the Major Players in the Automated Parking System Market?
Esteemed companies partaking in the automated parking system market encompass 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, and Umojo Inc.
What Are the Emerging Trends in the Automated Parking System Market?
Leading companies operating in the automated parking system market are concentrating on creating innovative solutions, such as Advanced Automated Parking Systems (AAPS), to bolster parking efficiency and optimize space utilization. In August 2024, Veer Savarkar International Airport in India introduced an Advanced Automated Parking System (AAPS) to enhance the parking experience for passengers. This ground-breaking system has sensor-based boom barriers for automatic vehicle management, CCTV surveillance for heightened security, and automatic ticket dispensers to streamline the ticketing process. The AAPS aims to reduce manual intervention while providing transparent parking fees and includes time-stamping at key locations for improved accuracy.
Which Region Expects the Fastest Growth in the Automated Parking System Market?
In 2024, Western Europe dominated the automated parking system market, while Asia-Pacific is anticipated to be the fastest-growing region in the forecast period. The regions scrutinized in the automated parking system market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
What Does The Automated Parking System Market Report 2025 Offer?
An automated parking system consists of several rooms for storing and retrieving vehicles, transporting vehicles from the entrance to their parking space without the presence of a driver, and stacking vehicles vertically to conserve space. The Automated Parking System Market research report from The Business Research Company offers comprehensive knowledge of global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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