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According to The Insight Partners’ research, the global automated parking system market was valued at US$ 1,321.71 million in 2020 and is projected to be worth US$3,543.77 million by 2028, growing at 14.1% CAGR during 2021–2028. Increasing number of vehicles and consequently growing demand for sustainable parking solutions, as well as growth in number of luxury buildings with increased space and enhanced parking facilities automated parking system are the key factors credited for market expansion.

Automated parking system (APS) is an infrastructure equipped with systems that help park cars without the need of the respective drivers. It guides the vehicles from the entrance to the parking lot without the driver’s presence. After the drivers take their cars to the entrance of the APS, mechanical maneuvers move the vehicle to an available area where it is parked automatically or by an attendant. With the surge in number of vehicles, people are facing issues such as traffic congestion and parking space insufficiency. Fully automated parking systems are capable of parking and retrieving a car automatically. Consumers demand for comfort and convenience, which has propelled the adoption of automated parking systems that increase capacity, efficiency, and safety of the occupants. Robotic parking systems have positioned itself as the largest automatic parking facility and a manufacturer with the highest peak traffic capacity across the world. Thus, a surge in the number of vehicles and the consequent increase in demand for sustainable parking solutions are fueling the automated parking system market proliferation.

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Companies Profiled in this report includes: AJ Automated Parking Systems Co., Ltd.; Citylift Parking; Fata Automation Inc; Klaus Multiparking; Park Plus, Inc.; Parkmatic; Robotic Parking Systems, Inc.; Skyline Parking (Fehr Lagerlogistik AG); Unitronic Corporation Inc.; and Westfalia Technologies, Inc.

Economic growth, increasing disposable incomes, and changing consumer lifestyle have triggered the trend of high-rise luxury buildings with increased space and enhanced parking facilities. Real estate professionals, architects, and luxury building developers are benefitting from automated parking systems, which helps them create innovative, functional, and esthetically pleasing options for consumers. Continuous innovations in unique garage designs and underground facilities is further encouraging the automated parking system market growth. U-tron’s fully automated parking solutions ensure a compact design that can free up space to allow an increase in the number of residential units and amenity spaces. APS consists of robotic shuttle units to manage the storage and retrieval of vehicles. The system provides regular grid parking configuration using programmable logic controller software and is compatible with electric vehicles. These are some of the factors propelling the automated parking system market.

On the other hand, high initial investment requirements and complexity of monitoring systems will likely hinder market growth.

Based on components, the market is bifurcated into hardware and software. Among these, the hardware segment held 89.1% of the market share in 2020. The segment was appraised at US$ 1,177.58 million in 2020 and is slated to expand at 13.8% CAGR during 2021–2028 to reach US$ 3,108.10 million by 2028.

As per automation level, the global automated parking system market is split into semi-automated and fully automated. Of these, the fully automated segment accounted for 66.6% of the market share in 2020. The segment was gauged at US$ 880.03 million in 2020 and is projected to grow at14.3% CAGR between 2021 and 2028 to reach US$ 2,402.80 million by 2028. In September 2020, CityLift Parking has finished construction on the Pacific Northwest’s largest completely automated parking system for the Views on 5th development in Olympia, WA. For increased density, the CityLift Tower system includes automatic tandem parking slots. The garages are built for both public and private parking, with a public parking payment kiosk.

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 Moving on to platform type, the market is arrayed into palleted and non-palleted. Among these, the palleted segment accounted for 71.7% of the market share in 2020. The segment was assessed at US$ 948.14 million in 2020 and is expected to expand at 13.62% CAGR over 2021–2028 to be valued at US$ 2,470.63 million by 2028.

Speaking of end user spectrum, the market is split into residential, commercial, and mixed use. Among these, the commercial segment captured 47.8% of the market share in 2020. The segment was evaluated at US$ 632.13 million in 2020 and is estimated to expand at a CAGR of 14.2% during 2021–2028 to amass US$ 1,718.52 million by 2028.

Our regional analysis states that Europe held a significant share in the global automated parking system market in 2020. The regional market was evaluated at US$ 462.16 million in 2020 and is anticipated to be worth US$ 1,256.09 million by 2028, recording 14.2% CAGR between 2021 and 2028. Meanwhile, APAC is projected to register the highest growth rate of 15.0% over the analysis period and gather US$ 978.05 million by 2028. This growth is attributed to the vast initiatives and investments made by the major companies of the region. For instance, in 2020, Klaus Multiparking, in collaboration with the British construction and real estate business Lendlease, unveils the completely autonomous parking system MasterVario R3L in Rathbone Square.

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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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