Automated Parking System Market size is poised to reach USD 9.47 billion by the end of 2035, growing at a CAGR of 14.06% during the forecast period, i.e., 2023 – 2035. In the year 2022, the industry size of automated parking system was USD 1.73 billion. The market is expected to grow on the back of a 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. With better income and living standards than before, people are purchasing personal vehicles, many in the form of cars.
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 used 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% of parking space when used correctly.
Growth Drivers
Challenges
|
Base Year |
2022 |
|
Forecast Year |
2023-2035 |
|
CAGR |
~14.06% |
|
Base Year Market Size (2022) |
~ USD 1.73 Billion |
|
Forecast Year Market Size (2035) |
~ USD 9.47 Billion |
|
Regional Scope |
|
Automation (Semi-Automated, Fully Automated)
The fully automated segment in the automated parking system market is expected to attain at CAGR of 14.24% during the forecast period. 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 & and convenience. For instance, Kuwait's Al Jahra has the biggest automated parking facility in the world, with over 2,300 parking spaces.
End User (Residential, Commercial, Mixed)
Automated parking system market from the commercial segment is expected to grow at a significant CAGR of 14.31 % over the forecast period. The growth of this segment is accounted for by an increase in demand for parking management in shopping malls, stadiums, and commercial buildings, among others. Moreover, an increase in the development of buildings & luxury projects is expected to create incremental growth opportunities for the market in the coming years.
Our in-depth analysis of the global market includes the following segments:
|
Automation |
|
|
Type |
|
|
End User |
|
European Market Forecast
The Europe automated parking system market is projected to surpass USD 2.81 billion by the end of 2035. 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 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 the public and private sector to incorporate automated parking systems in their space.
APAC Market Statistics
The Asia Pacific automated parking system market is expected to witness growth at a CAGR of 15.67% during the forecast period. This can be seen owing to the high population and the existence of vehicle parking on roads. Asia is home to 40% of the world's population, highly populated countries such as India and China. Also, many smart city development projects are being initiated for citizens. The development of an automated parking system is also a part of this initiative. Mostly the government of the region runs these programs towards making smart cities in order to derive benefits from this infrastructure.
Robotic Parking Systems, Inc.
Author Credits: Abhishek Verma, Hetal Singh
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?