Pune, India, April 04, 2022 (GLOBE NEWSWIRE) -- The global automated parking system market size was valued at USD 1.19 billion in 2020. The market valuation is anticipated to grow from USD 1.33 billion in 2021 to USD 3.62 billion in 2028 at a 15.29% CAGR during the forecast duration. Increased adoption of integrated solutions and continuous advances in wireless technologies will set a positive growth trend for the market, states Fortune Business Insights in its report titled “Automated Parking System Market, 2021-2028."
Automated Parking System (APS) is a mechanical system that helps optimize the volume or space required to park cars. Also known as an Automated Parking Facility (APF), the technology facilitates parking of vehicles on multiple levels stacked vertically, thereby optimizing the number of parking spots and minimizing space utilization. The demand for this technology is on the rise due to the growing rate of vehicle ownership and limited availability of parking space. Need for smart and sustainable parking solutions and upcoming smart city infrastructure projects will benefit the market outlook significantly.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 15.29% |
| 2028 Value Projection | USD 3.62 billion |
| Base Year | 2020 |
| Market Size in 2021 | USD 1.33 billion |
| Historical Data for | 2017-2019 |
| No. of Pages | 200 |
| Segments covered | Commercial Parking, Residential Parking |
| Growth Drivers | Rising Vehicle Ownership and Traffic Congestion to Boost APS Adoption |
| APS technology is experiencing demand due to growth in high-rise buildings and luxury projects |
COVID-19 Impact:
Drop in Vehicle Sales and Reduced Parking Activity Hampered Market Growth in 2020
Due to nationwide lockdown restrictions introduced in most countries to control the spread of the COVID-19 outbreak, a slowdown in new vehicle production and sales was witnessed globally. Also, with the rise in remote working and digital learning, a considerable decline in parking activity was observed, especially in commercial spaces. According to SpotHero, Inc., a leading provider of smart parking solutions in the U.S., the demand for parking spots fell by nearly 90% in March 2020.
The pandemic has also affected developments in the robotic parking systems space. Raw materials required for the production of such systems were unavailable in many regions due to production delays and supply chain disruptions. All these factor impeded automated parking system market growth considerably between 2020 and 2021.
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Drivers & Restraints:
Rising Vehicle Ownership and Traffic Congestion to Boost APS Adoption
APS technology is experiencing demand due to growth in high-rise buildings and luxury projects. City planners and real-estate developers are inclining towards the technology to optimize parking spaces. Moreover, increasing number of personal and commercial vehicles and the shortage of parking spots results in significant traffic congestion and air pollution. Studies show that vehicle owners and drivers searching for vacant parking spaces contribute to around 35-40% of the overall traffic congestion.
While the aforementioned factors are driving APS adoption, high initial cost of required for APS implementation could affect the technology demand slightly.
Segmentation-
On the basis of application type, the market is bifurcate into residential parking and commercial parking.
Based on automation level, the market is divided into semi-automated and fully automated.
By component, the market is segmented into hardware and software.
Region-wise, the market is broken down into North America, Asia Pacific, Europe, and the Rest of the World.
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Report Coverage:
- Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
- Comprehensive insights into the regional developments.
- List of major industry players.
- Key strategies adopted by the market players.
- Latest industry developments such as product launches, partnerships, mergers, and acquisitions.
Regional Insights:
Europe accounted for about USD 0.50 billion in the worldwide automated parking system market share during 2020. The regional market value could rise to USD 1.42 billion by the end of 2028, recording a 14.2% CAGR over 2021-2028. Europe is home to several major APS companies including Klaus Multi Parking, Westfalia, and Wohr.
The market in North America is mainly driven by the early adoption of advanced technologies. Rising adoption of new as well as pre-owned vehicles will boost the regional growth.
Meanwhile, Asia Pacific will record robust growth during the projected timeframe led by surging vehicle adoption and growing traffic congestion.
Industry Development:
April 2020 – KLAUS Multiparking unveiled the new TrendVario system enhances parking efficiency by 50%.
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The Report Lists the Key Players Profiled in the Market Report:
- Westfalia Parking Inc. (Sandhurst Dr, York,U.S.)
- Robotic Parking System (Florida, U.S.)
- T2 System Inc. (Indianapolis, U.S.)
- KLAUS Multiparking GmbH (Aitrach, Germany)
- Wohr Parking Systems Pvt. GmbH (Friolzheim, Germany)
- U-Tron (New Jersey, U.S.)
- Cleverciti Systems GmbH (Munich, Germany)
- Skyline Parking (Winterthur, Switzerland)
- City Lift Parking, LLC (California, U.S.)
- Park Plus Inc. (California, U.S.)
Global Automated Parking System Market Segmentation:
By Application Type:
- Commercial Parking
- Residential Parking
By Automation Level Type:
- Fully Automated
- Semi-Automated
By Component Type:
- Hardware
- Software
By Geography:
- North America (USA, Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)
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