Global automated parking system market is projected to witness a CAGR of 16.51% during the forecast period 2024-2031, growing from USD 2.07 billion in 2023 to USD 7.01 billion in 2031. The evolution of automated parking solutions has witnessed new additions over the years. Advanced utilization of sensors and cameras for guided parking, along with the proliferation of commercial spaces such as malls and shopping complexes, have fuelled the demand for automated parking systems. Furthermore, rapid urbanization has paved the way for new parking systems due to the higher vehicle population in metro cities. New software-based parking solutions deliver higher space optimization, convenience, enhanced security, and lower environmental impact.
Modern parking solutions comprise driverless, one-touch, multi-level parking solutions that use elevators and technologies such as artificial intelligence and machine learning to minimize the area required for parking vehicles. Advances in sensor technologies, robotics, and AI have made automated parking systems (APS) more efficient and reliable. Integrating smart technologies, such as IoT sensors and automated vehicle (AV) guidance systems, improves APS performance and makes them more attractive to developers and users. Public transport hubs such as airports, buses, and railway stations have started advancing their parking spaces.
For instance, in March 2024, Benin Airport launched a modern automated parking system to enhance the travel experience. The new system enables end-users to park their vehicles at the push of a button. With the help of advanced robotics and sensor technology, the vehicle can be stored and retrieved in a way that optimizes parking space usage and reduces waiting times.
Small Parking Spaces and Rapid Urbanization to Fuel Market Expansion
The dense traffic situation in urban cities with almost no space for parking gave birth to multilevel parking. The automation of these parking has further enhanced the parking experience for the end-users. Emerging economies, such as India and China, are experiencing rapid waves of urbanization, migration, and uneven population density, leading to traffic situations. Automatic car parking systems provide a solution to the problems of urban parking while improving efficiency, sustainability, and user experience. As technology and infrastructure continue to improve, parking has a bright future. By stacking vehicles horizontally, automated car parking systems drastically reduce the area needed for parking. Space saving is especially important in dense urban areas with limited and costly space.
For instance, in December 2023, ARAPL announced its entry into machine shop automation by deploying two power train robots. In 2023, the company partnered with ARAPL subsidiary RaaS to create India’s first mobile robotic multi-level car parking system using automated guided vehicles (AGVs). ARAPL has added 60,000 square feet of new production capacity in 2023 to meet its expansion targets.
Advanced Robotics and IoT-Based Solutions to Transform the Market Dynamics
Automated robotic parking systems make parking easier, safer, and more convenient. These systems incorporate innovative technologies to make parking more efficient, safer, and convenient for residential and commercial users. Companies prefer robotic parking systems, such as those offered by Robotic Parking Systems Inc. and Xjfam Park cars, for more efficiency. These systems use space efficiently and store vehicles in a small space. Robot parking systems focus on safety by reducing the chances of accidents and vehicle damage. The technology ensures no machines touch the cars during parking by increasing security and preventing scratches or dings. The vendors use advanced technologies such as artificial intelligence, IoT, machine learning, and sensory gadgets to park the vehicle safely. Furthermore, the IoT brings devices and systems together like never before and parking is no exception. Automated parking sensors in parking lots communicate real-time location information to a central system.
For instance, in March 2024, Stanley Robotics entered in a strategic collaboration with ORAXXIO Telecom Solutions, to reinforce the deployment of Private5G technology on robots for the automated parking solution at the airport of Lyon Saint Exupeéry. Private 5G technology deployment allows Stanley Robotics to create and deploy more advanced and significantly larger automated parking solutions with up to 100 parallel robots.
Government Building Infrastructure Fuels Automated Parking System Market Trend
Governments worldwide are facing transport congestion, parking issues, and a lack of parking space. Authorities are utilizing technology, innovation, and advanced designs to minimize the parking space while increasing the parking capacity. Governments promote automated parking as part of a sustainable urban development strategy. By encouraging eco-friendly solutions such as automated parking, governments help reduce carbon emissions, optimize space use, and protect urban green spaces. The automated parking system market size is expanded with public-private partnerships (PPPs). For instance, in March 2024, the Neuro Intelligent Management System (NIMS) India Pvt. Ltd. And Korea-based engineers build an AI-based smart parking system at Tomo Riba Institute of Health and Medical Sciences (TRIHMS), Naharlagun.
The governments are working on advancing parking payment methods with contactless and paperless payments. Searching for coins or credit cards to pay for parking is no longer necessary. In the future, parking systems will accept contactless and mobile payments, making it easier to pay for parking without needing a ticket or money.
Europe Leads in Global Automated Parking System Market with Congested Parking Spaces
Based on region, Europe holds a decent share of global automated parking system market. The higher tourist footfall in countries such as Germany, the United Kingdom, and Switzerland is anticipated to add value to the market growth. Leading manufacturers in the region include Wohr and Westfalia as well as Klaus Multi Parking. Many European countries are promoting implementing robotic parking systems by commercial and government sectors to traffic problems. The region is further stimulated by government initiatives supporting smart urban development. Furthermore, the region’s preference for innovative technology and green solutions drives the use of automated parking solutions, making Europe an important market for further developing cutting-edge and sustainable parking infrastructure.
In January 2023, for instance, Bosch and APCOA announced that they had installed automated valet technology in 15 additional parking garages across Germany. The trend is expected to continue and drive regional growth in the coming years.
Future Market Scenario (2024 – 2031F)
1. Rising population, higher vehicle adoption, and limited parking spaces in major cities worldwide are anticipated to fuel the market’s growth during the forecast period.
2. Collaboration between government and private automated parking system solution vendors is expected to expand the market share for these systems.
3. Integration of Industry 4.0 technologies such as artificial intelligence, IoT, and machine learning is projected to add value to the market.
4. New AI is making a huge impact on parking systems. Algorithms are used to look at historical data, forecast peak times, and optimize parking spaces.
Report Scope
“Automated Parking System Market Assessment, Opportunities and Forecast, 2017-2031F”, is a comprehensive report by Markets and Data, that provides an in-depth analysis and qualitative and quantitative assessment of the current state of global automated parking system market, industry dynamics, and challenges. The report includes market size, segmental shares, growth trends, opportunities, and forecast between 2024 and 2031. Additionally, the report profiles the leading players in the industry, mentioning their respective market share, business model, competitive intelligence, etc.
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