Automated Parking System Market Size, Share, and Industry Trends 2031

The global automated parking system market is witnessing a surge in growth as vehicle fleets expand worldwide. This expansion is driven by an increasing inclination towards adopting automated solutions by real estate developers in luxury projects, coupled with a growing fleet of commercial and passenger vehicles. This has led to a shortage in parking spaces, resulting in heightened traffic congestion. Vehicle owners now spend a significant amount of time finding parking places, a challenge that automated parking systems aim to address.

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Technological Advancements Bolster Automated Parking Systems

The integration of advanced technologies such as smart parking meters, machine-to-machine connectivity, advanced sensors, and data analytics is significantly enhancing the automated parking system market. Automation has become an integral part of daily activities, reducing pressure on individuals while saving time and costs. Automated parking systems provide driver convenience and can be considered sustainable green solutions for parking management.

According to initial studies, the global automated parking system market is likely to register a growth rate of over 16% in the next eight years, with market valuation rising from around US$1 Mn to more than US$6 Mn.

Smart City Projects Pave the Way for Growth

The smart city initiative has transformed urban localities globally, with advancements in technology leading to the adoption of the Internet of Things (IoT) in mobility and transportation. Smart city initiatives planned by governments worldwide present potential opportunities for new automated solutions, including automated parking systems. These systems are easy to manage, space-efficient, and flexible.

Efficient automated parking systems deliver convenience, play a major role in reducing CO2 emissions, and ensure vehicle safety. Companies have been investing in smart city projects by providing smart grids for several years. For instance, Xerox Corporation provided a smart grid to Los Angeles, assisting drivers in finding parking. This smart grid allows drivers to locate empty parking spaces through a smartphone application, reducing time and providing convenience. Parking essentials, including the start time, cost, and total hours, are registered and monitored on a single dashboard via a mobile application. This development, coupled with growing smart city projects, is expected to drive the automated parking systems market's growth.

Fully Automated Parking Systems Set to Experience Significant Growth

Fully automated parking systems are expected to witness increasing demand due to their perceived benefits. These systems offer increased capacity, improved parking efficiency, significant reductions in CO2 emissions, and enhanced convenience and safety compared to semi-automated solutions. The inclination towards superior and advanced automated systems, along with steadily increasing GDP per capita, has influenced the adoption of fully automated systems, contributing to the automated parking system market's growth.

Europe Expected to Dominate the Automated Parking System Market

Developed economies in Europe are projected to account for a significant share of the automated parking system market in the coming years. This dominance can be attributed to the growing presence of major players providing automated parking systems, increasing smart city initiatives, and rising demand from commercial and residential sectors. Additionally, the increasing passenger car fleet is complementing the need for automated parking systems. For instance, according to the European Automobile Manufacturers Association, there were around 277 million vehicles on European roads in 2019, and this number is likely to rise, necessitating advanced parking management to save time and space, thereby boosting market growth.

Europe is home to the world’s quickest automated parking system in Wolfsburg, Germany, with a retrieval time of 1.44 minutes. Moreover, the EU advocates for the development of smart cities for sustainable growth under the Europe 2020 strategy. These factors continue to drive the development and integration of advanced systems, further contributing to the automated parking system market's growth in Europe.

Competitive Landscape of the Automated Parking System Market

The automated parking system market is characterized by the presence of several major players, including Klaus Multiparking, Wohr Parking System Pvt. Ltd., Westfalia Technologies Inc., Shinmaywa Industries, Unitronics, and Lodige Industries GmbH. These companies are continually innovating and advancing their technologies to capture a larger market share and address the growing demand for efficient parking solutions.

In conclusion, the global automated parking system market is set for robust growth, driven by technological advancements, smart city initiatives, and the increasing demand for efficient and convenient parking solutions. As the vehicle fleet continues to expand, the adoption of automated parking systems is expected to rise, offering significant benefits in terms of efficiency, sustainability, and convenience.