Automated Parking Systems Market Outlook
According to a new report by Expert Market Research titled, “Global Automated Parking Systems Market Share, Size, Growth, Analysis, Report and Forecast 2023-2028″ the automated parking systems market reached a value of USD 1.82 billion in 2022. Aided by the escalating demand for efficient car parking solutions and the rising applications of automated parking systems across various sectors, the market is projected to further grow at a CAGR of 15.5% between 2023 and 2028 to reach a value of USD 4.29 billion by 2028.
Automated parking systems, as a technology-driven solution, minimise the area required for parking vehicles and can typically accommodate more cars in less space compared to traditional parking methods. These systems offer greater convenience and safety, and reduce the time taken to park and retrieve vehicles. Moreover, automated parking systems contribute to reducing emissions, congestion, and fuel consumption, thus aligning with global sustainability goals.
The expanding consumer preference for time-saving and convenient solutions is a major force propelling the global automated parking systems market growth. In an era marked by the rapid pace of life and high value of time, the demand for swift, efficient, and automated solutions has soared. Automated parking systems, with their reduced parking times and user-friendly interfaces, have tapped into this trend, leading to a surge in demand.
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In addition, increasing urbanisation and the consequent scarcity of parking space have further escalated the demand for automated parking systems. The shrinking availability of urban land, combined with the rise in vehicle ownership, presents a unique challenge that automated parking systems are equipped to tackle. These systems optimise the use of vertical space and are thus particularly suitable for densely populated urban settings.
The applicability of automated parking systems in various sectors also significantly contributes to automated parking systems market development. These systems are being increasingly integrated into commercial buildings, residential complexes, shopping malls, and public spaces. Additionally, they are gaining traction in sectors like healthcare and transportation, where managing parking space efficiently is critical.
Moreover, the ongoing technological advancements in automated parking systems, such as the incorporation of IoT, AI, and machine learning, are fuelling automated parking systems market expansion. These advancements allow for enhanced operational efficiency, predictive maintenance, and personalised user experience, thereby making automated parking systems more attractive to end users.
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Further, the growth in smart city projects worldwide is leading to an increased focus on automated parking systems as a key component of urban infrastructure. With the rise of smart cities and the increasing emphasis on sustainable urban living, automated parking systems are recognised as a solution that addresses both efficiency and sustainability, thereby, invigorating the growth of the global automated parking systems market.
Automated Parking Systems Market Segmentation
The market can be divided based on component, structure, platform, automation level, parking level, design model, end-use, and region.
Market Breakup by Component
- Hardware
- Software
Market Breakup by Structure
- AGV (Automated Guided Vehicles)
- Rail Guided Cart (RGC) System
- Silo System
- Shuttle System
- Tower System
- Puzzle System
Market Breakup by Platform
- Palleted
- Non-palleted
Market Breakup by Automation Level
- Fully Automated
- Semi – Automated
Market Breakup by Parking Level
- Less than Level 5
- Level 5- Level 10
- More than Level 10
Market Breakup by Design Model
- Hydraulic
- Electro-Mechanical
Market Breakup by End-Use
- Residential
- Commercial
- Government Parking Lots
- Mixed-Use
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global automated parking systems companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- Robotic Parking Systems, Inc.
- Fata Automation, Inc.
- Lödige Industries GmbH
- ShinMaywa Industries, Ltd.
- Park Plus, Inc.
- Robotic Parking Systems, Inc.
- Westfalia Technologies, Inc
- Fehr Lagerlogistik AG
- Unitronics (1989) (R”G) Ltd.
- Others
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