Automated Parking System Global Market Report 2024

An automated parking system is a facility consisting of multiple rooms designed for storing and retrieving vehicles without the need for a driver's presence. This system enables the transportation of vehicles from the entrance to their designated parking space autonomously. The primary purpose of an automated parking system is to efficiently stack vehicles vertically, optimizing space usage.

The main components of automated parking systems include hardware and software. Hardware refers to the tangible components of the computer system that store and execute the written instructions provided by the software. Different types of structures in automated parking systems include AGV system, silo system, tower system, rail-guided cart (RGC) system, puzzle system, and shuttle system. Platforms can be palleted or non-palleted, and automation levels can range from fully automated to semi-automated. End-users of automated parking systems include residential, commercial, and mixed-use establishments.

The automated parking systems market research report is one of a series of new reports that provides automated parking systems market statistics, including automated parking systems industry global market size, regional shares, competitors with an automated parking systems market share, detailed automated parking systems market segments, market trends and opportunities, and any further data you may need to thrive in the automated parking systems industry. This automated parking systems market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The automated parking system market size has grown rapidly in recent years. It will grow from $2.11 billion in 2023 to $2.39 billion in 2024 at a compound annual growth rate (CAGR) of 13.4%. The expansion observed in the historical period can be attributed to several factors, including space constraints in urban areas, growing environmental and sustainability concerns, efforts to alleviate traffic congestion, the enhancement of safety and security through automated parking systems, and the increased adoption of these systems in high-density areas. These factors collectively contributed to the growth and adoption of automated parking systems during the historic period.

The automated parking system market size is expected to see rapid growth in the next few years. It will grow to $4.18 billion in 2028 at a compound annual growth rate (CAGR) of 15.0%. The anticipated growth in the forecast period can be attributed to several factors, including the rise in electric vehicles (EVs), increasing consumer demand for convenience, integration with smart city initiatives, and a focus on sustainable urban development. Major trends expected during this period encompass the challenges posed by urbanization and space constraints, efforts to address traffic congestion and improve accessibility, ongoing technological advancements in automated parking systems, and an increased emphasis on safety and security considerations. These trends collectively contribute to the continued growth and evolution of automated parking systems in the forecasted period.

The automated parking system market is anticipated to experience a notable upsurge due to the increasing prevalence of high-rise structures. These structures, ranging between 75 and 491 feet in height, are integrating automated parking systems to fortify against seismic activities, offer safety measures, and accommodate vehicle pallets. Anarock's February 2022 report highlighted that among 486 residential projects, 291, accounting for 60%, were high-rise buildings. This figure rose to 62% in 2021, encompassing 263 out of 421 projects. This trend underscores how high-rise developments significantly drive the growth of automated parking systems.

The burgeoning demand for passenger cars is set to be a substantial catalyst for the expansion of the automated parking system market. These systems, integrated into passenger vehicles, heighten convenience and safety by adeptly maneuvering cars into parking spaces autonomously, reducing reliance on drivers and alleviating parking-related stress. Recent statistics from July 2023 by the Society of Motor Manufacturers and Traders demonstrate a noteworthy surge in sales. Honda Motor Co., Ltd. witnessed a 14.75% growth, with sales rising from 1,678 units in 2022 to 1,925 units in 2023. Similarly, Nissan Motor Co. Ltd. experienced a remarkable 30.57% sales increase, reaching 6,087 units in 2023 from 4,662 in 2022. Moreover, the European Automobile Manufacturers Association reported a global production of over 68 million passenger cars in 2022, marking a 7.9% increase from the previous year. Hence, the escalating demand for passenger cars significantly propels the automated parking system market's growth trajectory.

Technological advancements constitute a pivotal trend fueling the evolution of the automated parking system market. Key industry players are integrating intelligent systems, such as sensor technologies, to maintain their competitive edge. Evergrande Auto, a China-based manufacturer of automated parking systems, unveiled its innovative automated valet parking system (AVP) in June 2021. The AVP system harnesses smart technology leveraging ultrasonic radars, millimeter-wave radars, high-definition cameras with panoramic views, and high-precision maps. This amalgamation facilitates functionalities like navigating narrow roads, evading pedestrians and obstacles, automatic car-following, and precise identification of parking spaces. This strategic utilization of cutting-edge technology underscores the growing prominence of advancements within the automated parking system landscape.

Major players within the automated parking system market are intensifying their efforts towards introducing sophisticated parking solutions like the Mobis Parking System (MPS) to secure a competitive advantage. The MPS stands as an all-encompassing and pioneering parking solution leveraging cutting-edge technology and data analytics to optimize parking management while enhancing the overall user experience. Hyundai Mobis, a South Korea-based automotive firm, launched the MPS in September 2023, employing ultrasonic sensors and surround-view monitor cameras to gauge the vehicle's positioning and generate a map, enabling seamless autonomous parking with a single touch. Furthermore, the MPS features a Memory Parking Assist (MPA) function that memorizes the parking process during the initial parking phase in learning mode, facilitating subsequent hassle-free parking at the same location with a simple button press. This innovative system excels in identifying parking lines and executing autonomous parking, even within unoccupied parking spaces lacking nearby vehicles.

In August 2021, Continental AG, a Germany-based automotive corporation, made a strategic move by acquiring a minority share in Kopernikus Automotive for an undisclosed sum. This acquisition is poised to bolster Continental AG's suite of automated driving functionalities. Kopernikus Automotive, a German automotive startup specializing in autonomous driving technologies, is dedicated to developing solutions specifically tailored for autonomous parking.

Major companies operating in the in the automated parking system market report are Westfalia Technologies Inc., Unitronics Systems Inc., Klaus Multiparking Systems Pvt Ltd., Robotic Parking Systems Inc., City Lift Parking LLC, Wohr Parking System Pvt Ltd., Lodige Industries GmbH, ShinMaywa Industries Ltd., Skyline Parking AG, Dayang Parking Co. Ltd., Eito & Global Inc., FATA Automation Inc., ParkPlus Inc., Robopark Inc., Parkmatic Systems Inc., Smart Parking Solutions Inc., Serva Transport Systems GmbH, Park Assist LLC, Amano McGann Inc., IHI Corporation, Omnitec Group, MHE-Demag (S) Pte Ltd, T2 Systems Inc., U-TRON Electronics Co. Ltd., TADA Technologies Pte Ltd, U-ParkIt Solutions LLC, UbiPark Pty Ltd, Umojo Inc.

Western Europe was the largest region in the automated parking system market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the automated parking system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the automated parking system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The automated parking system market consists of revenues earned by entities by providing conveyor, crane system and shuttle. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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