The automated parking system market refers to the industry that develops and provides automated solutions for parking vehicles. Automated parking systems use various technologies such as robotics, sensors, and advanced algorithms to automate the process of parking vehicles. These systems are designed to optimize space utilization, increase parking efficiency, and improve overall convenience for drivers. They eliminate the need for drivers to manually find parking spaces, as the system takes over the task of parking and retrieving vehicles.

The global Automated Parking System (APS) market was valued at US$ 1.8 Billion in 2022 and expected to grow by US$ 5.2 Billion in 2032. Between 2023 and 2032, this market is estimated to register a CAGR of 11.4%. The increasing scarcity of land for parking, the rising demand for smart cities, and the growing preference for automated parking systems over traditional parking systems are the factors driving the growth of the automated parking system market.

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Automated Parking System (APS) market growth

The automated parking system market has been witnessing significant growth in recent years, driven by several factors. Firstly, the increasing number of vehicles on the road has led to a shortage of parking spaces in many urban areas. Automated parking systems provide a solution to this problem by efficiently utilizing available space.

Secondly, the advancements in technology, such as artificial intelligence, machine learning, and robotics, have enabled the development of more sophisticated and reliable automated parking systems. These systems can accurately detect and park vehicles, minimizing the risk of accidents or damage.

Additionally, the growing emphasis on sustainable and eco-friendly solutions has also contributed to the adoption of automated parking systems. These systems reduce the need for extensive parking lots, which can help conserve land and reduce the environmental impact of construction and maintenance.

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Key Takeaways

  • The global automated parking system market is dominated by North America and Europe.
  • The United States is the largest market for automated parking systems, followed by Germany and Japan.
  • The Asia-Pacific region is expected to be the fastest-growing market for automated parking systems.
  • The main drivers of the automated parking system market are the increasing scarcity of land for parking, the rising demand for smart cities, and the growing preference for automated parking systems over traditional parking systems.
  • The main restraints of the automated parking system market are the high cost of the systems and the limited availability of skilled labor.

Top 5 trends propelling sales

  1. The increasing scarcity of land for parking: The world’s population is growing rapidly, and this is putting a strain on the availability of land for parking. Automated parking systems can help to address this issue by providing more efficient use of space.
  2. The rising demand for smart cities: Smart cities are becoming increasingly popular, and automated parking systems are a key component of these cities. Automated parking systems can help to improve the efficiency of traffic flow and reduce pollution.
  3. The growing preference for automated parking systems over traditional parking systems: Automated parking systems are becoming increasingly popular, as they offer a number of advantages over traditional parking systems. Automated parking systems are more efficient, they can provide more parking spaces in smaller areas, and they are more secure.
  4. Technological advancements: Automated parking system technology is constantly evolving, with new advancements being made in areas such as robotics, artificial intelligence, and sensors. These technological advancements are making automated parking systems more efficient and reliable.
  5. Government support: Governments in many countries are supporting the development of automated parking systems. This support is helping to create a favorable environment for the growth of the automated parking system market.

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Largest and Fastest Growing Market:

The largest market for automated parking systems in North America, primarily driven by the presence of technologically advanced cities and the increasing adoption of smart city initiatives. The region’s well-established infrastructure and high vehicle ownership contribute to the market’s size. However, the Asia Pacific region is the fastest-growing market, fueled by urbanization, infrastructure development projects, and the need for efficient parking solutions in densely populated cities.

Country-wise revenue share (%) 2023

The following table shows the country-wise revenue share (%) of the automated parking system market in 2023:

Country Revenue Share (%)
United States 35.0%
Germany 12.0%
Japan 10.0%
China 8.0%
France 6.0%
Others 30.0%

Drivers, Restraints, and Challenges:

  • Drivers:
    • Increasing urbanization and infrastructure development projects
    • Limited parking spaces and growing vehicle ownership
    • Technological advancements in AI, robotics, and IoT
    • Focus on sustainability and eco-friendly solutions
  • Restraints:
    • High initial installation and maintenance costs
    • Regulatory challenges and compliance requirements
    • Concerns regarding system reliability and security
  • Challenges:
    • Integration with existing parking infrastructure
    • Public acceptance and awareness of automated parking systems
    • Addressing potential technical glitches and system failures

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Automated parking systems play a larger role in the following areas:

  • Urban Development: They contribute to efficient land utilization and address parking challenges in rapidly growing urban areas.
  • Sustainable Mobility: By optimizing space and reducing vehicle emissions, automated parking systems promote sustainable transportation practices.
  • Smart City Initiatives: They align with the goal of creating intelligent urban environments by integrating advanced technologies into parking infrastructure.
  • Real Estate and Commercial Spaces: Automated parking systems enhance the value proposition of commercial properties by providing convenient parking solutions.
  • Electric Vehicle Adoption: The integration of automated parking systems with electric vehicle charging infrastructure supports the growth of the electric vehicle market.

Market Key Players

  • Fata Automation, Inc.
  • Fehr Lagerlogistik AG
  • Unitronics 1989 RG Ltd.
  • Klaus Multiparking GmbH
  • Westfalia Technologies Inc.
  • Amano Corporation
  • Flowbird Group
  • IBM Corporation
  • Robotic Parking Systems, Inc.
  • Siemens AG
  • Skidata Gmbh
  • Streetline, Inc.
  • Swarco AG
  • T2 Systems
  • Xerox Corporation
  • City Lift Parking, LLC
  • Wohr Parking System Pvt. Ltd.
  • Park Plus, Inc.
  • Other Market Key Players

Key Market Segments

By Component

By Platform

  • Palleted
  • Non-Palleted

By Automation

  • Fully Automated
  • Semi-Automate

End User

Why is the USA Automated Parking System Market Growing at a Rapid Pace?

The USA automated parking system market is growing at a rapid pace due to the following factors:

  • The United States has a large and growing population.
  • The United States has a high demand for parking spaces.
  • The United States has a favorable regulatory environment for the automated parking system market.

Why are Sales of Automated Parking System Market Flourishing in India?

The sales of automated parking system market are flourishing in India due to the following factors:

  • The Indian government is investing heavily in the development of smart cities.
  • The Indian population is growing rapidly.
  • The Indian economy is growing rapidly.

Market News

  • In January 2023, Precise Parklink announced the launch of its new automated parking system in India.
  • In February 2023, Amano Corporation announced the launch of its new automated parking system in China.
  • In March 2023, Indigo Parking announced the launch of its new automated parking system in Europe.

FAQs:

  1. What is an automated parking system?
  2. How do automated parking systems work?
  3. What are the advantages of automated parking systems?
  4. Are automated parking systems reliable and secure?
  5. How much does it cost to install an automated parking system?
  6. Which regions are witnessing the highest adoption of automated parking systems?
  7. Are there any regulatory challenges associated with automated parking systems?
  8. How do automated parking systems contribute to sustainability?
  9. Can automated parking systems accommodate different vehicle sizes and types?
  10. What is the future outlook for the automated parking system market?

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