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
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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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 Report Scope
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
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
Europe dominated the automated parking system market in 2023.
The development of smart cities is the future trend of the automated parking system market.
ParkPlus Inc., Dayang Parking Company Ltd, Wohr Parking, Unitronics Corporation, Citylift, Lodgie Industries, ShinMaywa Industries, Robotic Parking Systems, Inc., Parkmatic, and Automotion Parking Systems are some of the leading players in the automated parking system market.
US$ 5.72 billion estimated value of the automated parking system market by 2031.
13.9% is the expected CAGR of the automated parking system market.
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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