Industry: Automotive
Published Date: December-2024
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Number of Pages: 183
Report ID: PMRREP31614
The global automated parking system market is estimated to reach a size of US$ 6.8 Bn in 2024. It is predicted to rise at a CAGR of 12.1% through the assessment period to attain a value of US$ 15.09 Bn by 2031.
Automated parking systems optimize parking by regulating space and minimizing volume. These help create multi-story parking systems, increasing space while reducing land usage. Driverless transport eliminates space wastage in manual parking, enhancing the number of parking spaces.
By using less space and easing traffic, automated parking systems maximize urban parking. These systems also provide autonomous car transfer and storage, greatly increasing space efficiency, as parking searches account for 35 to 40% of city traffic. These multi-story parking options solve important infrastructure concerns as urban spaces become more constrained and automobile ownership rises globally.
Key Highlights of the Market
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Market Attributes |
Key Insights |
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Market Size (2024E) |
US$ 6.8 Bn |
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Projected Market Value (2031F) |
US$ 15.09 Bn |
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Global Market Growth Rate (CAGR 2024 to 2031) |
12.1% |
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Historical Market Growth Rate (CAGR 2019 to 2023) |
4.3% |
In North America, the developed urban infrastructure demands sophisticated parking systems. As per a few studies, car ownership in the U.S. remains high, with 860 cars per 1,000 people in 2020. Projections indicate steady growth due to continued reliance on personal vehicles. North America will likely generate a market share of 12.4% in 2024.
Automotive manufacturers, along with government agencies, are actively championing the development and implementation of unique safe driving technologies, especially for passenger cars. For instance,
Demand for self-driving vehicles is being driven by manufacturers in North America through large expenditures in technological centers and cutting-edge features in new models. To meet the needs of the developing automation and automotive technology sectors, they are also launching entry-level and mid-tier autonomous cars.
In 2024, demand for automated parking set-ups in Europe is estimated to attain a market share of a remarkable 37.8%. The debate between parking minimums and maximums is gaining momentum across the country. Cities like Amsterdam and Copenhagen are demonstrating the benefits of a shift toward parking maximums, as they reduce traffic congestion and air pollution.
Efficient parking management is crucial, and technologies like automated systems for parking can help optimize space and minimize land use. Aiming for sustainable businesses and carbon neutrality by 2050, the European Green Deal was introduced in 2019. It places strong emphasis on sustainable parking solutions, such as automated management systems.
Automation in the automobile industry is envisioned to provide lucrative market opportunities to manufacturers. Fully automated parking structures are estimated to attain a market share of 55.3% in 2024. Big tech giants like Tesla and Mercedes-Benz are on the way to fully automating the automobile parking structure. For instance,
The semi-automated segment, on the other hand, is likely to hold a market share of 44.7% in 2024. This growth is attributed to their high cost-effectiveness and flexibility compared to fully automated systems. These systems blend manual and automated operations, requiring less infrastructure investment while still enhancing parking capacity and convenience.
The tower parking system is projected to emerge as the most promising segment in the industry throughout the forecast period. In 2024, it is set to hold a market share of 27.8%. This growth is largely attributed to the system's enhanced efficiency in managing vehicle storage, allowing for the accommodation of a significant number of cars in a limited footprint.
For metropolitan settings with limited horizontal space, tower parking systems offer creative alternatives. They are ideal for crowded places with height restrictions since they maximize vertical space. These systems address issues like rising automobile ownership and the scarce parking zone by providing a workable alternative for parking in crowded places.
Automated parking systems are emerging as a critical solution to urban mobility challenges, addressing the surging parking infrastructure crisis. As per studies, drivers in the U.K., U.S., and Germany waste around US$ 200 Bn annually due to parking-related inefficiencies. Nearly 35 to 40% of urban congestion is caused by vehicles searching for parking spaces.
Global car ownership statistics highlight the urgent need for innovative parking solutions. In 2020, the U.S. reported 860 cars per 1,000 people, while Europe maintains densities above 600 vehicles per 1,000 people. Asia’s markets like China, with 230 cars per 1,000 people in 2023, and India are experiencing rapid growth in vehicle ownership.
Reduced land use, less pollution, and better urban space are a few advantages of the automated parking system. The completely automated, zero-emission 320-space parking system at the Beacon residential complex in London serves as an example of such a possibility.
By acquiring Hella Electronics in January 2022, Fauceria increased the range of automotive technologies it offered, including automatic parking systems. These solutions have the potential to completely transform urban parking and solve problems in areas with high population density and urbanization.
The global automated parking system market recorded a CAGR of 4.3% in the historical period from 2019 to 2023. The market grew slowly as the technology for automation in residential and commercial areas was still in the nascent stage. The sales volume of automated parking systems was seriously hampered by the COVID-19 pandemic.
In the historical period, several global industry players joined hands with regional firms to boost production. For instance,
Several automobile companies invested in research and development for the novel functions for parking management. For instance,
Demand for automated parking systems is estimated to record a prosperous CAGR of 12.1% during the forecast period between 2024 and 2031.
Rising Trend of Smart Cities to Boost Demand for Automated Parking Solutions
Rise of smart city projects is driving market growth, with automated parking systems enhancing traffic flow and reducing space requirements. This trend is driven by technological innovations and the rising demand for sustainable urban living, with 165 smart cities anticipated globally by 2024.
Governments worldwide are focusing on smart infrastructure development, implementing IoT and connected technology in various structures. Rising number of real estate projects and on-road vehicles is anticipated to push growth of smart city projects, requiring smart automated parking systems.
The investment and incorporation of technology into infrastructure, supporting population projections, economic stability, and sustainability initiatives, is likely to support market growth. Smart parking strategies help increase efficiency, reduce fuel use, and save drivers money and time by providing designated parking spaces.
Developments in Parking Infrastructure Technology to Bolster Demand
Parking infrastructure in urban areas is undergoing radical change due to the crucial nexus of eco sustainability, technological development, and geographical limitations. For example,
Smart parking networks, which maximize space use and minimize idle time, can cut urban carbon emissions by 30 to 35%. Barcelona and Amsterdam are at the forefront of this trend. Globally, emerging markets in Asia Pacific and Europe are spearheading the transition to smarter, greener urban infrastructure.
High Installation and Maintenance Costs May Limit Demand
Owing to the simplicity of utilization and intricate design, high-quality parking systems need a larger initial investment than conventional ones. Market expansion can be hampered by the high capital demand.
Concerns about quality control and the absence of regulations for monitoring these devices also provide key difficulties for producers. Further impeding market expansion is the higher cost and more intricate design of fully automated systems compared to semi-automated ones. As a result, completely automated parking systems pose a serious obstacle to industry expansion.
Shift toward Electric Vehicles Creates New Avenues for Remote Parking
Remote parking structures are about to undergo a revolution courtesy of self-driving automobiles, particularly in underdeveloped areas with inadequate infrastructure. For example,
To satisfy the demands of contemporary drivers, manufacturers are developing creative parking complexes that can accommodate cars and include necessary equipment like electric charging stations. The U.S. and China are at the forefront of testing and implementing self-driving cars because of their vast road networks and novel technology.
Due to their sophisticated legal and infrastructure systems, Singapore and the Netherlands are becoming strong competitors. In addition, their proactive efforts to create intelligent transportation solutions are anticipated to create opportunities for market players.
Rapid Development of High-rise Buildings Presents Lucrative Opportunities
Surging number of high-rise buildings highlights the urgent need for maximizing vertical space for parking solutions. The trend presents a wealth of opportunities for stakeholders in the construction as well as automobile industries, as they adapt to the evolving demands of urban living.
In Europe, where real estate prices have reached astronomical levels, traditional parking lots are becoming increasingly costly. This escalation in parking expenses is compelling urban planners and city officials to seek innovative alternatives, such as automated parking systems. These state-of-the-art solutions are designed to address the challenges posed by conventional parking methods, particularly in densely populated urban centers.
Effective solutions are needed as cities struggle with the effects of parking squeezes. This emphasizes how space usage in urban areas needs to be rethought, as surging car ownership and scarce land demand innovative and sustainable solutions to the conflict. Urbanization and rising demand for sustainable building infrastructure are predicted to drive growth in the automated parking business, thereby creating new opportunities.
The global automated parking system industry is highly competitive, with several key players driving innovation and expansion. Prominent companies such as Lödige Industries, Wohr Parking Systems, Klaus Multiparking Systems, and Westfalia Parking dominate the market by offering unique technology and infrastructure.
Key companies focus on product development, including modified and aesthetic technology, to cater to evolving consumer demands. Additionally, they are strengthening their market presence through strategic partnerships, acquisitions, and enhanced distribution networks. Competitive pressures are also increasing due to the availability of alternative materials, prompting firms to innovate continuously to maintain a high market share.
Recent Industry Developments in Automated Parking System Market
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Attributes |
Details |
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Forecast Period |
2024 to 2031 |
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Historical Data Available for |
2019 to 2023 |
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Market Analysis |
US$ Billion for Value |
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Key Regions Covered |
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Key Market Segments Covered |
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Key Companies Profiled in the Report |
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Report Coverage |
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Customization and Pricing |
Available upon request |
By Automation
By End User
By Platform Type
By Structure Type
By Region
To know more about delivery timeline for this report Contact Sales
Yes, the market is set to reach US$ 15.09 Bn by 2031.
Automated parking systems use sensors and algorithms to steer cars into spots with minimal driver input.
In 2024, Europe is anticipated to hold a market share of 37.8%.
In 2024, the market is estimated to be valued at US$ 6.8 Bn.
Lödige Industries, Wohr Parking Systems, Klaus Multiparking Systems, and Westfalia Parking are a few key players.
