Automated Parking System Market Size Worth USD 4.83 Billion, Globally, by 2030 at a CAGR of 11.3%

The global automated parking system market was worth USD 2.05 billion in 2022 and is expected to reach USD 4.83 billion by 2030, with a projected growth rate of 11.3% during the forecast period. An automated parking system is a structure that allows vehicles to be stacked vertically, reducing the space needed for parking and eliminating the need for ramps, elevators, stairs, and drive aisles. The increasing number of vehicles and the focus on smart city projects are driving the expansion of the market. This information comes from a report by Fortune Business Insights titled "Automated Parking System Market, 2023-2030."

Collaborations with dominant figures in the industry to drive the expansion of the market.

Prominent producers frequently make calculated choices to uphold their dominant stance on the international market, generate greater financial gains, and broaden their territorial scope. For instance, in April 2022, Klaus Multiparking collaborated with Unipark, a Denmark-founded vendor of automated parking systems. Up until now, Unipark operated as a sales associate for Klaus Multiparking. Leveraging this alliance, the enterprise seeks to augment its brand visibility within Denmark.

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Increasing Count of Private Cars and Business Vehicles to Fuel Market Growth The market expansion is expected to be driven by the escalating number of passenger cars and commercial vehicles.

The increasing use of personal vehicles due to higher individual incomes has raised issues about parking and controlling traffic. The International Organization of Motor Vehicle Manufacturers (OICA) reports that 57,054,295 cars were sold in 2021. It is estimated that the total number of cars on the road will reach 2 billion by 2040. The sales of commercial vehicles and cars are on the rise because of rapid urbanization, which is driving the growth of automated parking systems. Additionally, the development of advanced infrastructure has facilitated the adoption of automated solutions to solve parking problems and prevent vehicle damage, ultimately driving market growth.

However, businesses in this field may face difficulties due to the expensive upfront investments required for installing advanced parking systems, as well as the intricacies involved in their operation.

The outbreak of the pandemic caused obstacles for market expansion due to disruptions in the supply chain and limitations imposed on travel.

The global outbreak of COVID-19 had a significant effect on various sectors as the flow of goods was interrupted and the manufacturing and transportation of automated parking systems were delayed. As a result, the expense and time required to complete projects increased. The adoption of remote work policies and lockdown measures led to a decrease in car usage, which consequently hindered the growth of the market during the pandemic. Due to the suspension of non-essential activities to control the increasing number of cases, the installation of these systems was halted, causing leading manufacturers to experience a decline in sales and revenue.

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The increasing quantity of automobiles is anticipated to propel the commercial parking sector forward

According to the provided information, the market is divided into two categories: commercial parking and residential parking. Out of these, the commercial parking area had the highest market share in 2022 due to the increasing number of cars on the roads. This, in turn, led to a greater need for parking spaces in places like shopping malls and commercial buildings. Moreover, the government's increased investment in infrastructure development is also contributing to the expansion of the commercial parking sector.

Rapidly Expanding Sector to Take Over Fueled by Increasing Embrace of Cutting-Edge Innovations

The market is divided into two categories depending on the level of automation: fully automated and semi-automated. In 2022, the fully automated segment dominated the market for automated parking systems, capturing the largest share. The increasing number of smart city initiatives worldwide is driving the demand for these products. Smart cities are adopting technologies like data analytics, the Internet of Things (IoT), and 5G connectivity to tackle traffic congestion and resolve parking difficulties.

The dominance in the market can be attributed to the hardware division, as it exhibited the highest market share. This can be credited to the increasing quantity of construction ventures.

The market is divided into two parts: hardware and software. Among these, the hardware part had the biggest share of the market in 2022. The demand for hardware components like bearings, movable pallets, and hydraulic pulleys has increased due to the growing number of construction projects, particularly in emerging economies. Additionally, the installation of electric car charging devices in parking areas is contributing to the growth of this segment.

In terms of location, the market is divided into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.

Europe positioned as the frontrunner due to the presence of prominent manufacturers

In 2022, Europe dominated the market due to a rise in vehicle purchases and the integration of cutting-edge technologies and online platforms. The market has been greatly advanced by the prominent presence of companies like Wohr, Westfalia, and Klaus Multi Parking in Germany, the U.K., and Switzerland. European nations are actively encouraging both commercial and governmental sectors to adopt robotic parking systems in order to effectively address parking concerns, contributing to the further expansion of the market.

It is expected that the market in North America will experience a Compound Annual Growth Rate of 12.1% throughout the projected time frame. This growth can be attributed to the increasing amount of vehicles, decreasing availability of parking spaces, and the focus on making things more convenient for consumers in the United States.

The market in the Asia Pacific region is anticipated to experience substantial expansion in the upcoming years as a result of its vast population and the extensive occurrence of on-street vehicle parking.

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Here is a compilation of important individuals and companies featured in the report on the automated parking system market:

• Parking facility in Westfalia, Germany

Klaus Multiparking GmbH, a company based in Germany,

• Utron Car Park (Israel)

• Wohr Parking Systems Private Limited (India)

Skyline Parking is a Swiss company that specializes in providing parking solutions.

• Urban Elevate (India) • Metropolis Rise (India) • Urban Ascend (India) • City Soar (India) • Urban Uplift (India)

• Lödige Industries (German company)

Park Plus, Incorporated (USA)

• ShinMaywa Industries, Ltd. (a Japanese company)

Segmentation of the automated parking system market encompasses dividing the market into distinct groups based on certain criteria.

In January 2023, Westfalia Parking revealed their new Westfalia parking app, aiming to increase the effectiveness of parking and enhance user satisfaction. This app incorporates functionalities like vehicle monitoring and retrieval. Additionally, it offers an improved user-engagement element, encouraging the utilization of automated parking systems.

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