Analysis by Automation (Semi-Automated and Fully-Automated); by Type (Rotary, Puzzle, Shuttle and Tower); and by End-User (Residential, Commercial, and Mixed) – Global Supply & Demand Analysis & Opportunity Outlook 2023 – 2033
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The global automated parking system market is estimated to garner a revenue of ~USD 6 Billion by the end of 2033 by growing at a CAGR of ~15% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of ~USD 2 Billion in the year 2022. The market is expected to grow on the back of growing number of vehicles worldwide, requiring better, space-efficient parking solutions. According to research, around 2000 million cars are expected to be present globally by the end of the next decade.
In automatic parking systems, automobiles are stacked vertically or in a planned manner to save space. These distinctive systems' designs make it possible to move cars from the entry to their parking spot without the driver being there. This helps save space and allows both horizontal and vertical spaces to be use efficiently, as there is no human involvement. With growing pressure on cities and parking systems, automatic parking systems help save up more space and allow more vehicles to be stored. Automated parking systems can save up to 50% parking space when used correctly.
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Base Year |
2022 |
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Forecast Year |
2023 - 2033 |
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CAGR |
~15% |
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Base Year Market Size (2022) |
~ USD 2 billion |
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Forecast Year Market Size (2033) |
~ USD 6 billion |
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Regional Scope |
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Growth Drivers
Growing Rate of Urbanization Across the World – With cities expanding and rural landscapes disappearing, urbanization is rapidly happening across the world. It will be followed by growing number of residential and commercial buildings, all of which need efficient parking systems. According to the UN, from 55% in 2018, 68% of the world population is expected to live in urban environments.
Rise in the Total Number of Vehicles – With better income and living standards than before, people are purchasing personal vehicles, many in the form of cars. According to research in 2021, around 67 million cars were sold globally, up from 64 million in 2020.
Decreasing Parking Space in Cities – With tremendous pressure on roads and high emission rates, along with charting out land for residences, offices and other development projects, parking spaces in cities are rapidly declining. China, one of the countries with most vehicles in the world was short of at least 51 million parking spaces, according to research.
Growing World Population – According to the UN, the population of the world is projected to rise by 2 billion people during the next 30 years, from 7.7 billion people today to 9.7 billion in 2050, with a potential peak of approximately 11 billion people around the year 2100.
Need for Sustainable Solutions – According to research, American people spend about 20 hours per year looking for a place to park their cars. Carbon emission increased from 34.7 billion tons in 2020 to 36.5 billion metric tons in 2021. Governments around the world are looking for eco-friendly solutions to mitigate their carbon emissions, and automated parking systems can help by reducing the fuel emissions produced while searching for a spot and parking a vehicle.
Challenges
The automated parking system market is segmented and analyzed for demand and supply by automation into fully and semi-automated segments. Out of these, the fully automated segment currently holds the largest market share and is expected to hold the largest market share in 2033. Fully automated parking systems are in increasing demand in developing economies owing to their advantages over semi-automated alternatives, including higher efficiency, increased capacity, lower emission, and improved safety & convenience. For instance, Kuwait's Al Jahra has the biggest automated parking facility in the world, with over 2,300 parking spaces.
The global automated parking system market is segment and analyzed for demand and supply by end user into residential, commercial and mixed. The residential segment is expected to grow at a significant CAGR over the forecast period. The growth of this segment is accounted owing to the rising number of high-rise buildings and growing adoption of these solution luxury residential facilities around the globe. Additionally, factors such as growing disposable income, rising urbanization, and growing purchasing power resulted in significant rise in the sales of vehicles around the globe. The demand for automated parking system is expected to rise high owing to the growing requirement for vertical parking spaces are shrinking as a result of production of urban residential spaces.
Our in-depth analysis of the global automated parking system market includes the following segments:
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By Automation |
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By Type |
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By End User |
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The European automated parking system market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2033. This is owing to the fact that the European Union has implemented policies to improve traffic, parking and pollution such as the Action Plan on Urban Mobility, 2009. The increase in the initiative for the building smart cities and increasing demand from residential and commercial buildings will offer significant growth to the market in the region. In these nations, automated parking technologies are widely used to conserve space and cut down on vehicle emissions while parking. The existence of smart parking has driven both public and private sector to incorporate automated parking system in their space.
The Asia Pacific region is expected to witness significant growth over the forecast period. This can be seen owing to the high population and existence of vehicle parking on roads. The Asia is home to 40% of the world population, highly populated countries such as India and China. Also, many smart city development projects are being initiated for citizens. Development of automated parking system is also a part this initiative. Mostly the government of the region run these programs towards making smart cities in order to derive benefits from this infrastructure.
Ans: Decreasing parking space, increasing population, rising number of vehicles and demand for sustainable solution are the major factors driving the growth of the automated parking system market
Ans: The market is anticipated to attain a CAGR of ~15% over the forecast period, i.e., 2023 – 2033.
Ans: High initial cost of installation, cost of maintenance and possibility of mechanical and electrical failures are the few factors likely to hamper the market growth.
Ans: The market in Europe is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.
Ans: The major players in the market are Westfalia Technologies Inc., Unitronics (U-Tron), WÖHR Autoparksysteme GmbH, Skyline Parking AG (Fehr Lagerlogistik AG), Klaus Multiparking GmbH, Park Plus, Inc., Parkmatic, Cleverciti Systems GmbH and many more.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by automation, type, end user, and by region.
Ans: The fully-automated segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.
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