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The Automated Parking System (APS) Market size is estimated to grow at a CAGR of 16.15% between 2022 and 2027 and the size of the market is forecast to increase by USD 2,330.95 million. The growth of the market depends on several factors, such as increasing urbanization, space optimization, and technological advancements.
This automated parking system (APS) market report extensively covers market segmentation by end-user (commercial, residential, and mixed-use), component (hardware and software), and geography (North America, Europe, APAC, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Automated Parking Systems Market Customer Landscape
Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Increasing urbanization is the key factor driving the global automated parking system (APS) market growth. In recent years, global urbanization has reached unprecedented levels. The United Nations (UN) estimates that 56.2% of the world's population will live in urban areas in 2020, and this number is expected to rise to 68% by 2050. As cities become more densely populated, the need for parking spaces increases significantly. Lack of parking space leads to increased traffic, longer commutes, and environmental problems such as air pollution and CO2 emissions.
Innovative and effective parking solutions such as APS are developed to meet these challenges. These corrective actions can reduce commute times, reduce traffic congestion, and improve environmental sustainability. Hence, increasing urbanization is expected to be the driving force behind the growth of the market during the forecast period.
Integration with smart city initiatives will fuel the global Automated Parking System (APS) Market growth. As cities become more densely populated, the need for parking spaces and transportation infrastructure increases. APS will be integrated with other smart city projects, such as traffic management systems, to address these issues and improve overall transportation efficiency. For example, the Singapore government has introduced an intelligent mobility system that combines automated parking and traffic control. The system uses real-time data to improve traffic flow, reduce congestion and increase overall transportation efficiency. The system reduces travel time by up to 25% and reduces CO2 emissions by 22%.
To improve the efficiency of Los Angeles traffic, the city of Los Angeles is also integrating APS into its traffic management system. In areas with high parking demand, the system uses real-time data from parking sensors to redirect traffic and ease congestion. APS integration is an emerging trend with the potential to significantly increase transport efficiency, reduce traffic and improve environmental sustainability. As technology advances to address issues related to urbanization and transportation, more cities are likely to implement these integrated systems. Therefore, the integration of APS with other smart city initiatives is a trend expected to drive the growth of the market during the forecast period.
The high initial investment can majorly impede the growth of the automated parking system (APS) market. An automated parking system (APS) is an innovative way to address the urban parking problem, but its high initial cost can be a major obstacle for certain consumers. System size, level of automation, and installation complexity are some of the variables that affect APS pricing. For example, a fully automated parking lot that can accommodate 200 cars has a price range between USD 4 million and USD 7 million. A conventional parking lot with an equivalent capacity would cost between USD 2 million and USD 4 million. Also, automated parking systems can have higher ongoing maintenance costs than traditional systems. The high initial cost of automated parking systems can make it difficult for property owners and developers to justify the investment, especially in areas of low or uncertain parking demand.
For smaller properties or properties on a tight budget, this challenge can be even more difficult. As such, it can be difficult for prospective clients to purchase their APS, especially for smaller properties or properties on a tight budget. Despite their advantages, the price of these systems may discourage some landowners and developers from making investments. Therefore, the high initial cost of APS is a potential challenge that could impede the growth of the Automated Parking System Market.
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the automated parking system (APS) market.
AJ Automated Parking Systems Co. Ltd: The company offers different types of smart automated parking systems such as Cart type, Tower type, Rotary type, Puzzle type, and Robot type.
Amano Corp: The company offers different types of car parking solutions such as automated parking systems, mechanical parking systems, and robotic parking systems.
We also have detailed analyses of the market’s competitive landscape and offer information on 18 market vendors, including:
The report offers clients a deeper understanding of the market and its players through a combined qualitative and quantitative analysis of the vendors. The analysis classifies vendors into categories based on their business approach, including pure-play, category-focused, industry-focused, and diversified. Vendors are specially categorized into dominant, leading, strong, tentative, and weak to understand the dos and don’ts of business which in turn can help a client make the best decision.
The commercial segment will contribute a major share of the market, due to rising demand from end-users of commercial space. The commercial segment showed a gradual increase in market share with USD 668.01 million in 2017 and continued to grow by 2021. Increasing demand from commercial end-users is expected to lead to significant growth in the market during the forecast period. As cities get denser and land becomes scarcer, the demand for effective, space-saving parking solutions is higher than ever. Commercial end-users such as office buildings, shopping malls, and airports are increasingly implementing automated parking systems to maximize available space, reduce parking-related congestion, and increase overall customer satisfaction.
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Recent technological developments in the commercial segment have also improved the reliability, effectiveness, and affordability of automated parking systems, further driving the expansion of the market. Automated parking systems are popular in developed regions such as North America and Europe, but demand is also growing rapidly in developing markets such as APAC. Therefore, the adoption of automated parking systems in the commercial sector is expected to increase, and this trend is expected to drive the growth of the automated parking system (APS) market during the forecast period.
The effectiveness of an APS depends on the performance and reliability of hardware components. Therefore, it is a key component of the market. In APS, the hardware used to detect and guide vehicles to designated parking lots consists of sensors, cameras, controllers, and other electronic components. Demand from end-users in the commercial and residential sectors is expected to increase significantly between 2023 and 2027, which will boost the demand for hardware components in the market globally. As cities become more crowded and parking spaces become scarce, the demand for effective and reliable parking solutions is higher than ever. In addition, hardware components have become more effective, affordable, and reliable due to technological advances that have fueled market expansion. These systems are most commonly deployed in developed regions such as North America and Europe, but demand is growing rapidly in developing markets such as APAC. Due to the factors mentioned above, the demand for hardware components is expected to increase significantly, leading to the growth of the market during the forecast period.
North America is estimated to contribute 48% to the growth by 2027. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period.
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High urbanization and increasing demand for effective parking solutions have made automated parking systems in the North American market one of the most developed and mature markets in the world. This market is characterized by a large number of suppliers offering a wide range of automated parking solutions, from fully automated to semi-automated systems. Office buildings, shopping centers, and airports (the primary end users of automated parking systems) are widespread in North America. Some of the largest providers of automated parking solutions are based in the region, including Westfalia Parking Solutions, CityLift Parking, and Unitronics. In addition to commercial spaces, automated parking systems have a sizeable residential market in North America, especially in densely populated cities like New York and San Francisco. Therefore, Automated Parking System Market in North America is expected to grow during the forecast period.
The Automated Parking System Market was heavily impacted by COVID-19 in 2020 due to travel restrictions that helped prevent the spread of the virus. However, the initial impact of the pandemic on the market has reduced market demand. As a result, projects have been postponed or canceled, and new installations have been slowed down. Project delays and cancellations, supply chain disruptions, and a slowdown in construction activity were factors directly impacting the market. The pandemic has also highlighted the demand for contactless and contactless parking provided by numerous automated parking systems. As a result, both commercial and personal end users have become interested in these solutions. The market recovered in 2021 with the launch of the vaccines globally. The market grew due to increased construction activity and a resurgence in demand for an Automated parking system. Factors such as increasing urbanization, technological advancements, sustainability initiatives, contactless and touchless solutions, and integration into smart city initiatives drove the growth of the market during the forecast period.
The automated parking systems market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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Automated Parking Systems Market Scope |
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Report Coverage |
Details |
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Page number |
147 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 16.15% |
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Market growth 2023-2027 |
USD 2330.95 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
15.16 |
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Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
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Performing market contribution |
North America at 48% |
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Key countries |
US, China, India, UK, and Germany |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
AJ Automated Parking Systems Co. Ltd., Amano Corp., Automated Robotic Parking, AutoMotion Parking Systems LLC, Danieli and C. Officine Meccaniche Spa, EITO and GLOBAL Inc., Expert Parking Systems Pvt. Ltd., fehr Lagerlogistik AG, IHI Corp., KLAUS Multiparking GmbH, Konecranes, Mitsubishi Electric Corp., Nissei Build Kogyo Co. Ltd., Park Plus Inc., Parkmatic, SHANDONG TADA AUTO PARKING CO. LTD., STOPA Anlagenbau GmbH, Unitronics Inc., Westfalia Technologies Inc., and Wohr Parking Systems Pvt. Ltd. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Component
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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