Automated Parking System Market Overview and Analysis:
The global automated parking system market achieved a valuation of USD 1.81 billion, with projections indicating a robust CAGR of 16.3% from 2023 to 2030.
An Automated Parking System (APS) refers to a sophisticated mechanical system designed for the automatic storage and retrieval of vehicles in parking facilities. Unlike traditional parking methods where drivers manually navigate and park their vehicles, an Automated Parking System streamlines the process by utilizing advanced technology and machinery. Typically, an APS involves a combination of sensors, robotics, lifts, conveyors, and computerized control systems to manage the entire parking operation. Vehicles are driven into an entrance bay or a designated area, and from there, the automated system takes over the task of parking. The system transports the vehicle to an available parking space within the facility, optimizing the use of space and eliminating the need for extensive driveways and maneuvering areas.
Several factors are driving this growth, including the escalating number of vehicles, a shortage of parking space, increasing urbanization, a surging demand for environmentally friendly parking solutions, and governmental initiatives promoting smart cities. Despite the setback caused by the COVID-19 pandemic, which notably impacted the sales of automated parking systems, the current surge in technological integration into vehicles over the past two years positions automated parking solutions favorably for the post-pandemic era.
Moreover, the recent developments indicate that the technology's integration into vehicles has grown significantly, making automated parking systems more relevant and essential. These advancements, coupled with the challenges posed by the scarcity of parking space and the increasing number of vehicles, contribute to the optimistic outlook for the market's future. According to insights from the World Construction Network, the infrastructure industry, encompassing both commercial and residential sectors, is expected to experience a substantial Compound Annual Growth Rate (CAGR) of 13.6% throughout the forecast period. This anticipated growth in the infrastructure sector is poised to further bolster the global automated parking system market in the coming years, underlining a positive trajectory for the industry.
Automated Parking System Market Latest Trends:
The integration of technology into vehicles over the past two years has made automated parking solutions increasingly relevant and essential. This, coupled with the persistent challenges posed by limited parking space and a rising number of vehicles, positions automated parking systems as a viable and advantageous solution.
Market Segmentation: The Automated Parking System Market is Segmented by System (Hardware and Software), End-user Type (Residential and Commercial), and Geography (North America, Europe, Asia-Pacific, and Rest of the World). The report offers market size and forecast in volume (units) and value (USD million) for all the above segments.
Market Drivers:
Growing Population and Widespread Use Of Cars Throughout the World
The growing global population and the widespread use of cars have significantly impacted the demand for innovative parking solutions, leading to the rise of the global automated parking system market. As urbanization continues to surge, and more individuals opt for personal vehicles, the strain on traditional parking infrastructure has become increasingly evident. Automated Parking Systems (APS) have emerged as a transformative solution to address the challenges posed by the escalating number of vehicles on the roads. The expanding population across the world has resulted in urban sprawl and increased congestion in cities. This population growth, combined with the rising affluence in various regions, has led to a surge in car ownership. As more people acquire vehicles, the demand for parking spaces has intensified, particularly in urban areas where space is limited. Traditional parking facilities are struggling to keep up with this demand, resulting in traffic congestion, wasted time, and environmental concerns due to increased emissions from circling vehicles searching for parking. Thus, the market is expected to witness significant growth over the forecast period.
Number of High-Rise Constructions has Increased Significantly
The surge in high-rise constructions around the world has seen a significant uptick, mirroring the increasing demand for urban living and commercial spaces. This trend has implications not only for the skyline but also for urban infrastructure, including parking facilities. Simultaneously, the automotive industry has witnessed a transformative shift with the widespread adoption of Automated Parking Systems (APS). This confluence of factors has led to a growing integration of automotive automated parking systems in high-rise constructions. The rising number of high-rise buildings, whether for residential or commercial purposes, often grapples with limited ground space. Traditional parking structures can be cumbersome and inefficient in such settings, prompting the need for innovative solutions. Automated Parking Systems, equipped with advanced technologies like robotics, sensors, and intelligent software, offer a dynamic alternative for efficient space utilization in these vertical landscapes. Thus, the market is expected to witness significant growth over the forecast period.
Restraints :
High Cost and Technical Challenges
The primary restraints for the automated parking system market is the substantial initial investment required for implementing these advanced parking solutions. The costs involve installing specialized infrastructure, robotics, sensors, and sophisticated software. This financial barrier can deter property developers, businesses, and municipalities from embracing automated parking systems, particularly in regions where budget constraints are a significant concern. The challenge lies in making these systems more cost-effective and economically viable for a broader range of stakeholders. The intricate nature of automated parking systems introduces technical challenges that can impede their seamless integration and operation. Issues such as system reliability, potential software glitches, and the need for continuous updates and maintenance pose ongoing challenges. Thus, these factors are expected to slow down the growth of the market over the forecast period.
Segmental Analysis
Software Segment is expected to be the largest market during the forecast period
Software plays a pivotal role in the functionality, efficiency, and overall success of automated parking systems. The integration of sophisticated software is fundamental to the automation, control, and optimization of various processes within these systems. Software is essential for providing accurate guidance and navigation for vehicles within the automated parking system. This includes route planning, obstacle detection, and real-time adjustments to ensure vehicles are efficiently parked and retrieved. Software interfaces are designed to facilitate user interaction and engagement. This includes mobile apps, touchscreens, or web interfaces that allow users to request vehicle retrieval, monitor the parking process, and receive notifications. Intuitive and user-friendly software enhances the overall user experience. Thus, the segment is expected to witness significant growth over the forecast period.
Commercial Segment is expected to be the largest market during the forecast period
Commercial properties, such as office buildings, shopping malls, and entertainment venues, witness high volumes of vehicular traffic. Automated parking systems offer a practical solution to manage this demand efficiently, providing a streamlined and space-optimized parking experience for employees, customers, and visitors. Automated parking systems align with the broader trend of smart building solutions. They can be integrated into the overall smart infrastructure of commercial properties, offering a connected and technologically advanced environment. Thus, the segment is expected to witness significant growth over the forecast period.
Europe Segment is expected to be the largest market during the forecast period
The European Automobile Manufacturers Association reported a staggering 277.7 million motor vehicles on European Union roads. The presence of numerous major players in the automated parking systems sector, coupled with a populace inclined towards embracing eco-friendly technologies, positions Europe as the leading market for automated parking systems. The development of automated parking systems often results from collaborative efforts among various companies. Consequently, key players are forging partnerships with technology and real estate firms to deliver comprehensive automated parking solutions.
The European government plays a pivotal role in regulating land use and resource management. Notably, the Netherlands government has introduced the Spatial Planning Act, emphasizing efficient land use in the region. The anticipated benefits of automated parking systems in Europe extend beyond technological advancements. These systems are expected to contribute to pollution reduction and optimize parking space utilization, aligning with the region's emphasis on resource efficiency. As the global vehicle population continues to rise, the deployment of automated parking systems emerges as a feasible solution to address multiple challenges simultaneously.
Automated Parking System Market Competitive Landscape:
Major players in the market are implementing strategic initiatives, including product developments, mergers, acquisitions, strategic partnerships, and business expansions, to solidify their position in the industry. An illustration of this trend is evident in Westfalia Parking's hosting of a webinar in November 2021, where they aimed to demystify Automated Parking. The event shed light on an automated parking system designed for user safety and well-being, particularly in the context of the COVID-19 pandemic. It highlighted a contactless system that allows users to park and retrieve their cars safely. The webinar also provided insights for architects and developers on how to identify suitable automated parking vendors. Prominent Companies in the Automated Parking System Market include:
- Skyline Parking AG
- Westfalia Parking
- Unitronics
- Klaus Multiparking GmbH
- Robotic Parking Systems, Inc.
Recent Developments:
1) In February 2022, a collaboration between Nvidia and Jaguar Land Rover was unveiled, aimed at creating software-defined functionalities to enhance automated driving in their vehicles starting from 2025. The primary focus lies on the integration of AI-based features, encompassing advanced visualization and monitoring of both drivers and occupants through the utilization of Drive IX software.
2) In January 2022, Fauceria made a strategic move by acquiring a 79.5% stake in Hella Electronics. This acquisition serves the purpose of broadening Fauceria's product portfolio in the field of automobile technology. The expanded portfolio now includes areas such as ADAS convergence, radar technology, electronic power steering, and automated parking systems. This strategic move positions Fauceria to play a more comprehensive role in shaping the future of automotive technology.
Frequently Asked Questions (FAQ) :
Q1. How big is the Automated Parking System Market?
The global automated parking system market achieved a valuation of USD 1.81 billion, with projections indicating a robust CAGR of 16.3% from 2023 to 2030.
Q2. What is the Growth Rate of the Automated Parking System Market?
Automated Parking System Market is ecpected to grow at a CAGR of 16.3% over the forecast period.
Q3. What segments are covered in the Automated Parking System Market Report?
By System, End-User and Geography these are the segements covered in the Automated Parking System Market Report.
Q4. Which region has the largest share of the Automated Parking System Market? What are the largest region's market size and growth rate?
Europe has the largest share of the market . For detailed insights on the largest region's market size and growth rate request a sample here
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In this particular report from the supply side Data Library Research has conducted primary surveys (interviews) with the key level executives (VP, CEO’s, Marketing Director, Business Development Manager and SOFT) of the companies that active & prominent as well as the midsized organization
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Extensive primary research was conducted to gain a deeper insight of the market and industry performance. The analysis is based on both primary and secondary research as well as years of professional expertise in the respective industries.
In addition to analysing current and historical trends, our analysts predict where the market is headed over the next five years.
It varies by segment for these categories geographically presented in the list of market tables. Speaking about this particular report we have conducted primary surveys (interviews) with the key level executives (VP, CEO’s, Marketing Director, Business Development Manager and many more) of the major players active in the market.
Secondary ResearchSecondary research was mainly used to collect and identify information useful for the extensive, technical, market-oriented, and Friend’s study of the Global Extra Neutral Alcohol. It was also used to obtain key information about major players, market classification and segmentation according to the industry trends, geographical markets, and developments related to the market and technology perspectives. For this study, analysts have gathered information from various credible sources, such as annual reports, sec filings, journals, white papers, SOFT presentations, and company web sites.
Market Size EstimationBoth, top-down and bottom-up approaches were used to estimate and validate the size of the Global market and to estimate the size of various other dependent submarkets in the overall Extra Neutral Alcohol. The key players in the market were identified through secondary research and their market contributions in the respective geographies were determined through primary and secondary research.
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