The Automated Parking System Market is estimated to be USD 1.3 billion in 2019 and is projected to grow at a CAGR of 13.1% from 2019 to 2027, to reach a market size of USD 3.6 billion by 2027. The key drivers for the market are the increasing number of vehicles, scarcity of land for parking, rising urbanization, growing demand for green & sustainable parking solutions, increasing demand for luxury buildings, and smart cities initiatives from the government.
Market Dynamics
Driver: Demand for green and sustainable parking solutions
The increasing volume of emission in the automotive industry is one of the key factors responsible for global warming and climate change. Automotive emission contributes a significant share of the total emission in key automotive markets such as China, India, and the US. Many government bodies are taking several initiatives to control automotive emission. For instance, in 2009, the European Union and the G8 nations announced a plan to reduce CO2 emissions by at least 80% by 2050. China and the US gave a joint statement to sign the Paris Climate Agreement on 1st April 2016. The agreement aims to control the global climate change. Hence, the focus of the industry has shifted toward the development of ecofriendly solutions.
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Opportunity: Initiative of developing ‘Smart Cities’
The initiative of developing smart cities worldwide has influenced the transformation of urban areas. This initiative has resulted in the adoption of IoT-based technology to improve facilities such as transportation and mobility. Among other things, the smart city initiatives adopted by governments across the globe have created business opportunities for smart parking solutions such as automated parking system. Smart cities feature parking management systems that are flexible, easy-to-manage, and space-efficient. Xerox Corporation (US) developed a smart grid for the city of Los Angeles that assists drivers with parking. The Xerox smart grid enables a driver to locate a parking space via a smartphone application. Once parked, the parking sensors installed in the parking bay register the space as occupied. The driver pays for the parking on the parking meter. The time on the parking meter can be further increased and paid for using the same mobile phone application. The parking rates adjust every few months depending on the usage of the parking space. A similar sensor grid for parking has been installed in Oslo, Norway. In Barcelona, there are sensors embedded in the city’s streets to alert users about spaces where they can find open parking spots. This system reduces traffic and helps the environment. With fewer cars circling the city’s streets, there are lower carbon dioxide emissions. Similarly, SF Park, San Francisco’s system of managing parking program, introduced parking meters that change prices according to the location and reduce the time and fuel wasted by drivers searching for parking.
The fully automated parking system is estimated to account for the largest market size of the Automated Parking System Market in 2019
A fully automated parking system can park and retrieve a car from the parking garage automatically. The high demand for comfort and convenience from consumers, increasing number of luxury projects, and rising adoption of a fully automated parking system by construction companies is driving the fully Automated Parking System Market. The fully automated parking system has increased capacity, high efficiency, reduced emission, and increased safety and convenience.
Key market players
The Automated Parking System Market is dominated by a few global players and comprises several regional players. Some of the key manufacturers operating in the market are Wohr (Germany), Klaus Multi Parking (Germany), CityLift (the US), Westfalia (Germany), Robotic Parking Systems Inc. (US), and Unitronics (Israel).
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