The Automated Parking System Market Size was valued at USD 2.08 billion in 2023 and is expected to reach USD 6.02 billion by 2031, and grow at a CAGR of 14.50% over the forecast period 2024-2031.
With a keen focus on sustainability and reducing environmental impact, the APS market is witnessing increased integration of smart technologies, such as IoT sensors and data analytics, to enhance operational efficiency and provide a seamless parking experience. Government initiatives promoting smart city development and the escalating adoption of electric vehicles further underscore the industry's significance, positioning Automated Parking Systems as a crucial component in the evolution of modern urban infrastructure.
The growing number of automobiles, scarcity of parking land, rising urbanization, growing need for sustainable & green parking solutions, rising demand for smart buildings, and government smart city efforts are the main market drivers.
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The Automated Parking System manages parking in order to reduce the amount of space needed for parking. The Automated Parking Mechanism is a system that reduces the amount of parking space necessary. The Automated Parking System is utilized to develop multi-story parking systems that enhance the number of parking places while using less land. Parking structures that stack cars vertically to save space are known as automatic parking systems (APS). These one-of-a-kind devices are designed to move vehicles from the entrance to their parking location without the driver present.
Despite the rising need for automated parking solutions in a variety of places, the initial investment required to establish parking systems is substantial. The large capital investment required to build such systems may limit market expansion to some extent. This is due to the great frequency of automotive parking on the highways as well as the big population. The Automated Parking Systems Market has a bright future ahead of it.
The govt. entities are reducing emissions. The industry has shifted its focus to eco-friendly product development.
The time spent looking for a parking spot waste contributes to pollution, and can be avoided by using an automated parking system.
The efficiency of an automated parking system improves, allowing more vehicles to be parked in less area.
As technological advancements continue to reshape urban landscapes, the efficiency of automated parking systems reaches new heights, revolutionizing the way we utilize space. This innovative approach not only streamlines the parking process but also maximizes the use of available area by accommodating a greater number of vehicles in a compact footprint. The Automated Parking System Market stands at the forefront of this transformative wave, providing a solution that not only caters to the growing demand for parking spaces in crowded urban environments but also contributes to sustainable and resource-efficient urban planning.
RESTRAINTS:
The installation of an automated parking system is difficult and requires careful consideration of a variety of elements.
When establishing an automatic parking system, another key consideration is safety.
In the absence of laws to monitor the performance of the system, quality control is a difficulty for manufacturers.
The global movement to construct smart cities has had a considerable impact on the evolution of metropolitan regions.
Smart city efforts implemented by govt. throughout the world have produced commercial prospects.
Many countries are introducing parking meters that adjust fees based on location, saving time & fuel for drivers.
One notable trend gaining momentum is the implementation of smart parking meters that dynamically adjust fees according to the location's demand and availability. This forward-thinking approach not only optimizes parking spaces but also contributes to the reduction of unnecessary fuel consumption and time spent by drivers searching for parking. As the world shifts towards a more interconnected and efficient future, the Automated Parking System Market is poised for significant growth, catalyzing a revolution in how we manage urban mobility and parking resources.
An automated parking system is more efficient but the construction costs are significant at first.
Several companies do not appreciate automated parking systems due to the large costs involved.
Depending on how many parking spots are being created, the cost of implementing per space varies substantially
The ongoing conflict between Russia and Ukraine has imparted a discernible impact on the Automated Parking System (APS) market, introducing a paradigm shift in the industry landscape. Geopolitical tensions have triggered uncertainties, leading to disruptions in the global supply chain of APS components, thereby influencing production timelines and delivery schedules. Heightened geopolitical risks have also intensified market volatility, impacting investment sentiments and strategic decision-making within the APS sector.
Moreover, fluctuating currency exchange rates and geopolitical instability have led to increased operational costs for APS manufacturers and service providers, necessitating a comprehensive reassessment of risk management strategies. As the conflict continues to unfold, businesses operating in the Automated Parking System market are compelled to navigate a complex and dynamic environment, adapting swiftly to geopolitical developments while seeking innovative solutions to mitigate potential disruptions and maintain market resilience.
As global economic conditions have tightened, the APS sector has encountered a distinctive set of challenges that have disrupted its trajectory. The deceleration in economic activity has led to a cautious approach among businesses and municipalities, impacting their willingness to invest in advanced parking solutions. Budget constraints and a focus on cost-cutting measures have resulted in delayed or scaled-back projects related to automated parking infrastructure.
However, amidst the prevailing challenges, there exists a silver lining. The necessity for optimizing urban space and enhancing operational efficiency remains a paramount concern, positioning APS as a viable solution in the long term. As the economic landscape evolves, strategic adaptability and innovation will be pivotal for stakeholders in the Automated Parking System market to navigate through uncertainties and emerge resilient in the post-slowdown era.
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The Automated Parking System (APS) market, delineated by its distinct automation levels, exemplifies a dynamic landscape poised for transformative growth. This sector, marked by its inherent technological sophistication, is stratified into various automation tiers, each embodying a nuanced evolution in parking management. From Level 1, characterized by basic automated features, to Level 5, where fully autonomous systems operate seamlessly, the market is a testament to the progressive integration of cutting-edge technologies. This segmentation not only reflects the industry's commitment to enhancing operational efficiency but also underscores its adaptability to diverse urban landscapes.In 2023, the fully automated segment held the share of the market at around 68.8%, with a projected faster growth rate compared to semi-automated systems.
The hardware component of this By system type segment comprises state-of-the-art sensor arrays, precision-guided robotics, and intelligent control units, ensuring seamless and secure vehicular navigation within the parking facility. Complementing the robust hardware, the software facet is engineered with cutting-edge algorithms and machine learning models, facilitating real-time data analysis for optimal space utilization and efficient traffic flow management. This sophisticated integration of hardware and software not only elevates the operational efficiency of Automated Parking Systems but also establishes a new standard of excellence in the realm of smart urban mobility solutions.
By Automation level:
Semi-automated
Fully automated
By System type:
Hardware
Software
By End-user:
Commercial
Residential
Mixed-use
By Design Model:
Hydraulic
Electro-mechanical
By Platform type:
Palleted
Non-palleted
By Parking level:
Less than level 5
Level 5- Level 10
More than level 15
North America
USA
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
The Netherlands
Rest of Europe
Asia-Pacific
Japan
south Korea
China
India
Australia
Rest of Asia-Pacific
The Middle East & Africa
Israel
UAE
South Africa
Rest of Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin America
REGIONAL ANALYSIS:
In North America, technological advancements and a growing emphasis on smart urban infrastructure are propelling the APS market forward. The region's penchant for innovation and adoption of cutting-edge technologies fosters a conducive environment for automated parking solutions. Because of the widespread implementation of automation technologies in the region, North America is predicted to have a significant market share and grow at a rapid rate. Also, in order to establish a good system and control parking space for large on-road fleets in countries like the United States, the use of Automotive Parking Systems is projected to increase in the region. Meanwhile, Europe showcases a robust market driven by the region's commitment to sustainability and eco-friendly initiatives. With a focus on reducing carbon footprints and enhancing urban mobility, European countries are increasingly incorporating APS into their urban planning strategies.
The Asia-Pacific region emerges as a key player in the APS market, propelled by the rapid urbanization of megacities and the escalating demand for efficient parking solutions. Countries such as Japan and China are predicted to emerge as industry leaders in East Asia, with sales of automated parking systems expected to increase in the region. With consumers preferring to use automated parking systems to avoid the time-consuming and inconvenient procedure of parking, Europe is projected to see good growth in the industry.
A few global players dominate the automated parking system industry, which also includes many regional players. Wohr (Germany), Boomerang Systems, Klaus Multi Parking (Germany), FATA Automation, AJ Automated Parking System, CityLift (US), Mitsubishi Electric Corporation, Westfalia (Germany), ParkPlus, AutoStow Solutions, SkyPark Engineering, Expert Parking, TAPS, Robotic Parking Systems Inc. (US), and Unitronics are some of the major players in the market.
ParkPlus, a pioneering company in the APS sector, unveiled an innovative integration of artificial intelligence and sensor technologies, enhancing the efficiency and speed of their automated parking systems.
SkyPark Engineering, another influential player, introduced a groundbreaking modular design that allows for seamless customization, accommodating diverse urban infrastructures.
AutoStow Solutions presented a breakthrough in automated valet parking, employing advanced robotics to optimize parking space utilization and decrease retrieval times. These developments signify a paradigm shift in the APS industry, with these companies at the forefront of reshaping the future of urban parking and transportation.
Report Attributes | Details |
Market Size in 2023 | US$ 2.08 Bn |
Market Size by 2031 | US$ 6.02 Bn |
CAGR | CAGR of 14.50% From 2024 to 2031 |
Base Year | 2023 |
Forecast Period | 2024-2031 |
Historical Data | 2020-2022 |
Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
Key Segments | • By Automation level (Semi-automated, Fully automated) • By System type (Hardware, Software) • By End-user (Commercial, Residential, Mixed-use) • By Design Model (Hydraulic, Electro-mechanical) • By Platform type (Palleted, Non-palleted) • By Parking level (Less than level 5, Level 5- level 10, More than level 15) |
Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
Company Profiles | Wohr, Boomerang Systems, Klaus Multi Parking, FATA Automation, AJ Automated Parking System, CityLift, Mitsubishi Electric Corporation, Westfalia, Expert Parking, TAPS, Robotic Parking Systems Inc., and Unitronics |
Key Drivers | • The time spent looking for a parking spot waste contributes to pollution, and can be avoided by using an automated parking system. • The efficiency of an automated parking system improves, allowing more vehicles to be parked in less area. |
Challenges | • An automated parking system is more efficient but the construction costs are significant at first. • Several companies do not appreciate automated parking systems due to the large costs involved. |
Ans: The Automated Parking System Market Size was valued at USD 2.08 billion in 2023 and is expected to reach USD 6.02 billion by 2031, and grow at a CAGR of 14.50% over the forecast period 2024-2031.
The prominent players in the market are Wohr (Germany), Boomerang Systems, Klaus Multi Parking (Germany), FATA Automation, AJ Automated Parking System, CityLift (US), Mitsubishi Electric Corporation, Westfalia (Germany), Expert Parking, and others in the final report.
North America region is dominating the carbon soft Drink market.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 Impact of Ukraine- Russia war
4.2 Impact of Economic Slowdown
4.2.1 Introduction
4.2.2 Impact on major economies
4.2.2.1 US
4.2.2.2 Canada
4.2.2.3 Germany
4.2.2.4 France
4.2.2.5 United Kingdom
4.2.2.6 China
4.2.2.7 Japan
4.2.2.8 South Korea
4.2.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Global Automated Parking System Market Segmentation, by Automation level
8.1 Semi-automated
8.2 Fully automated
9. Global Automated Parking System Market Segmentation, by System type
9.1 Hardware
9.2 Software
10. Global Automated Parking System Market Segmentation, by End-user
10.1 Commercial
10.2 Residential
10.3 Mixed-use
11. Global Automated Parking System Market Segmentation, by Design model
11.1 Hydraulic
11.2 Electro-mechanical
12. Global Automated Parking System Market Segmentation, by Platform type
12.1 Palleted
12.2 Non-Palleted
13. Global Automated Parking System Market Segmentation, by Parking level
13.1 Less than level 5
13.2 Level 5- level 10
13.3 More than level 15
14. Regional Analysis
14.1 Introduction
14.2 North America
14.2.1 USA
14.2.2 Canada
14.2.3 Mexico
14.3 Europe
14.3.1 Germany
14.3.2 UK
14.3.3 France
14.3.4 Italy
14.3.5 Spain
14.3.6 The Netherlands
14.3.7 Rest of Europe
14.4 Asia-Pacific
14.4.1 Japan
14.4.2 South Korea
14.4.3 China
14.4.4 India
14.4.5 Australia
14.4.6 Rest of Asia-Pacific
14.5 The Middle East & Africa
14.5.1 Israel
14.5.2 UAE
14.5.3 South Africa
14.5.4 Rest
14.6 Latin America
14.6.1 Brazil
14.6.2 Argentina
14.6.3 Rest of Latin America
15. Company Profiles
15.1 Wohr (Germany)
15.1.1 Financial
15.1.2 Products/ Services Offered
15.1.3 SWOT Analysis
15.1.4 The SNS view
15.2 Boomerang Systems
15.3 Klaus Multi Parking (Germany)
15.4 FATA Automation
15.5 AJ Automated Parking System
15.6 CityLift (US)
15.7 Mitsubishi Electric Corporation
15.8 Westfalia (Germany)
15.9 Expert Parking
15.10 TAPS
15.11 Robotic Parking Systems Inc. (US)
15.12 Unitronics
16. Competitive Landscape
16.1 Competitive Benchmarking
16.2 Market Share analysis
16.3 Recent Developments
17. Conclusion
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