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Automated Parking System Market Size, Share & COVID-19 Impact Analysis, By Application (Commercial Parking and Residential Parking), By Automation Level (Fully Automated and Semi-Automated), By Component (Hardware and Software), and Regional Forecast, 2023–2030

Region : Global | Format: PDF | Report ID: FBI105486



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The global automated parking system market size was valued at USD 2.05 billion in 2022. The market is projected to grow from USD 2.28 billion in 2023 to USD 4.83 billion by 2030, exhibiting a CAGR of 11.3% over the forecast period.

An automated parking system is a structure where vehicles are stacked vertically to minimize the area required for parking cars. The system is designed to help transport vehicles from the entrance to a designated parking space without requiring a driver in a fully automated parking system. This system is designed to reduce the space requirement and eliminate the cost of building, elevators, ramps, stairs, and drive aisles.

The automated parking system market share is expanding due to increasing smart city projects, high-rise structures, luxury projects, and real-estate developers' inclination to adopt automated solutions. For instance, Dubai Plan 2021 aims to make Dubai a smart and sustainable city. Dubai's Smart City project aims to transform about 1,000 government services, focusing on six key sectors such as urban planning, transportation, communications, infrastructure, economic services, and electricity. Such initiatives will encourage the adoption of such autonomous systems over the forecast period. One of the current services essential for any smart city is the availability of enough parking spaces to ensure smooth and easy traffic flow.


Disruption in Supply Chains, Shortage of Semiconductors and Delays in Production Hindered Market Growth amid the Pandemic

The COVID-19 pandemic had a substantial impact on almost every industry, including the global market. The pandemic disrupted the supply chain, causing delays in the production and delivery of different types of parking systems. This has resulted in increased lead times and higher costs for some projects.

The pandemic reduced car usage and demand for parking spaces, particularly in urban areas. This demand reduction led to a slowdown in the automated parking system market growth. Global road transport activity sunk to almost 50% down the 2019 average by the end of March 2020.

Several construction projects were delayed or canceled due to the pandemic, including projects that involved the installation of automated parking units. This led to a revenue decline for companies specializing in these systems. However, due to the pandemic, touchless systems have been emphasized to reduce the risk of infection. This led to increased adoption of touchless parking systems that can be operated using a smartphone app or other contactless technology. For instance, in May 2020, Utron published an article emphasizing touchless parking solutions' benefits. The company has developed automated parking solutions, which offer convenient and efficient parking solutions.


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Growing Demand for Passenger Cars and Rapid Automation in Automobile Industry to Drive Market Expansion

The increasing rate of private car usage in urban areas, as a result of the rise in per capita income, is one of the significant causes making car parking one of the major concerns for transport and traffic management globally. According to the International Organization of Motor Vehicle Manufacturers (OICA), 57,054,295 passenger cars were sold in 2021. The total number of passenger cars on the road is anticipated to reach the two billion mark by 2040. The upward trend in the sales of passenger cars and commercial vehicles and rapid urbanization will create the urgency of parking management systems in the coming years.

Moreover, growing usage of hydraulics in smart multi-level car parking systems to ease the operation and raising and parking the cars is a new trend in the market scenario. Several market players are adopting hydraulics as well as electro-hydraulic systems for automated parking solutions. Furthermore, the development of technologically-advanced infrastructure has further encouraged the public and private sectors to adopt automated solutions for eliminating parking problems and vehicle damage.


Increasing Number of Smart City Projects to Drive Market Growth

The growing number of smart city projects is a major factor in propelling market growth. One of the current services essential for any smart city is the availability of enough parking spaces to ensure smooth and easy traffic flow. Furthermore, automated systems reduce the requirement for space and eliminate the cost of building ramps, elevators, stairs, and drive aisles. This represents significant savings in electrical, security, and other related maintenance expenses. Although regular and standard maintenance of the structure is to be expected, comparable operating and maintenance costs are reduced significantly.

The investment and incorporation of technology into infrastructure, which creates a smart city to support growing population projections, economic stability, and sustainability initiatives is anticipated to support market growth. Smart cities use smart parking strategies to increase parking efficiency and address numerous issues. Smart parking systems reduce fuel use as the driver won’t be looking for a place to park as they’ll have a designated space. Drivers will also save money and time with more accessible parking.


High Initial Capital Investment to Restrain Market Growth

The initial investment required to build high-quality parking systems is higher than the traditional ones. This high capital requirement for building such systems may hinder market growth in several ways. For instance, the capital cost to implement a smart parking system having two roadside DMS units, an integrated web-based reservation system, and IVR support was estimated at USD 205,000.

Furthermore, these are highly complex solutions creating challenges with quality control. Manufacturers have considerable hurdles owing to the lack of regulation for monitoring these devices' operation and quality control concerns. Fully automated car parking system cost is higher than semi-automated parking facility, which is a major restraining factor for the market growth. Furthermore, a fully automated parking system design is more complex than a semi-automated parking facility.


By Application Analysis

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Commercial Parking Held the Largest Market Share Owing to Rapid Urbanization

Based on application, the market is bifurcated into commercial parking and residential parking. The commercial parking segment accounted for the largest market size of USD 1.46 billion in 2022 and is expected to grow at a CAGR of 11.2% over the forecast period. The commercial parking segment held the largest market share and is anticipated to maintain its dominance over the forecast period. The constant increase in vehicles on roads has elevated the demand for parking slots in commercial buildings and shopping malls. Moreover, the rising investment and government spending on infrastructure development focusing on commercial spaces will propel segmental growth in the coming years.

The residential parking segment accounted for a market size of USD 0.59 billion in 2022 and is expected to grow at a CAGR of 11.8% over the forecast period. The residential parking segment is anticipated to be the fastest-growing segment over the forecast period. The rising number of residential buildings with the adoption of advanced facilities across the globe is fueling the demand for residential parking. In addition, the rising disposable income level and growing demand for vertical parking spaces in shrinking urban residential spaces are expected to drive segment growth over the forecast period.

By Automation Level Analysis

Fully Automated Segment Captured a Major Share Owing to Advanced Functionalities

The market by automation level is categorized into fully automated and semi-automated. The fully automated segment accounted for a market size of USD 1.30 billion in 2022 and is expected to grow at a CAGR of 12.5% over the forecast period.

Rising innovative city projects across the globe are fueling the demand for fully automated parking systems over the forecast period. Smart cities are leveraging technologies such as Internet of Things (IoT), data analytics, and 5G connectivity to solve parking problems and address traffic congestion issues. Technological opportunities help to meet parking demands, ranging from conventional ramp type to fully automated type. Major cities, universities, and transportation leaders are adopting parking analytics and smart parking systems. All such factors are anticipated to propel the fully automated segment growth.

The semi-automated segment accounted for a market size of USD 0.74 billion in 2022 and is expected to grow at a CAGR of 9.07% over the forecast period. This parking system is the most suitable choice for residential applications owing to its low installation cost and less maintenance. Increasing urbanization and rising sales of the vehicles in APAC & MEA are anticipated to create a major contribution in this market share in the coming years.

By Component Analysis

Hardware Segment Accounted for the Largest Share Owing to Growing Demand in Commercial Buildings

Based on component, the market is bifurcated into hardware and software. The hardware segment accounted for a market size of USD 1.80 billion in 2022 and is expected to grow at a CAGR of 11.0% over the forecast period. The growth in this segment is driven by soaring demand for construction projects in developing countries across the globe. The hardware segment consists of moveable pallets, motor drives, bearings, and hydraulic pulleys, among other major hardware components in automated parking systems. Additionally, installing electric car charging devices in parking spaces is another factor fueling the segment growth over the forecast period. The growing number of parking slots in commercial spaces will increase the deployment of hardware components to ensure the seamless functioning of the automated and semi-automated parking system.

The software segment was valued at USD 0.25 billion in 2022 and is expected to grow at a CAGR of 13.5% over the forecast period. It accounted for a market share of 12.06% in 2022. Growing demand for autonomous cars and connected vehicles have encouraged vendors to develop advanced parking solutions. This factor, in turn, is fueling the demand for the software segment over the forecast period. OEMs are developing smart solutions to ensure hassle-free parking. For instance, in June 2020, Tata Elxsi developed a new parking solution, Park by Memory and Parking Slot Detection, to help drivers save time and enable hassle-free Parking with machine learning, automation, and data collection in India.


Europe Automated Parking System Market Size, 2022 (USD Billion)

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Europe is the largest market in terms of value. It will dominate in the forecast period due to increased vehicle sales, latest technologies, digital platform, and cloud technologies adoption.

The presence of leading manufacturers in the region such as Wohr, Westfalia, and Klaus Multi Parking, among others in Germany, the U.K., and Switzerland is supporting the development of the market. European countries are encouraging commercial and governmental sectors to implement robotic parking systems to manage parking issues properly. For instance, in January 2023, Bosch and APCOA announced the installation of automated valet parking technology in 15 other parking garages in Germany. Such developments are anticipated to drive regional growth over the forecast period.

The North America market was valued at USD 0.60 billion in 2022 and is projected to reach USD 1.50 billion by 2030 at a CAGR of 12.1% over the forecast period. In North America, especially in the U.S., market growth is driven by the increasing number of vehicles, decreasing parking spaces, emphasis on consumer convenience, and government smart city initiatives.

The Asia Pacific market was valued at USD 0.47 billion in 2022 and is projected to reach USD 1.24 billion by 2030, expanding at a CAGR of 12.9% over the forecast period. Asia Pacific is expected to see considerable growth in the upcoming years due to its large population and high prevalence of vehicle parking on the road. Various cities in this region have reached their parking capacities, which have given rise to implementing urban planning and smart city solutions. This factor, in turn, is increasing the market growth in this region.

The rest of the world market was valued at USD 0.12 billion in 2022 and is projected to reach USD 0.23 billion by 2030, at a CAGR of 8.32% over the forecast period. The growth in this region is anticipated to be more sluggish than in other regions. This is due to fewer sales of vehicles and the availability of conventional parking spaces across the region. Additionally, lack of awareness regarding the benefits of automated smart parking is restraining the market growth in this region.


Companies are Focusing on Partnerships and Building Advanced Parking Systems to Gain a Competitive Edge over Others

The key players are focusing on cost-reduction strategies, strategic partnerships, and acquisitions to enhance their product offerings. They are leveraging the digital platform and cloud technologies to enhance their products and strengthen their footprint in the global market. For instance, in December 2022, Klaus Multiparking constructed a fully automatic parking system for a luxurious condominium in New York, U.S. The fully automatic system includes 24 parking spaces for vehicles. The company also provided e-parking charging solutions integrated into the parking platforms to accommodate 10 electric vehicles.



  • January 2023: NTT DATA, one of the global leaders in digital business and IT services, in partnership with Valeo, and Embotech, a software scale-up for autonomous driving systems, announced its decision to provide automated parking solutions. The three companies have built a consortium VEN.AI that aims to be the go-to solution provider for production-ready parking automation with global rollout capabilities

  • April 2022: Klaus Multiparking partnered with Unipark, a Denmark-based automated parking system provider. The company has been associated as a sales partner with Klaus Multiparking. With the help of this partnership, the company will expand its brand presence in Denmark.

  • September 2021: Lödige Industries built an automatic parking system for the rocket tower situated in Berlin. The parking system can accommodate up to 200 parking spaces and has six levels for parking. Installing an automated parking solution resulted in a cost-effective solution and reduced the tense parking situation in the area.

  • September 2021: Shinmaywa Industries announced its decision of building a mechanical car parking system for public institutions in Thailand. The company delivered its Elepark in Thailand. The parking facility can store up to 68 vehicles and uses pallet-type and automatic elevator evacuation systems for pit flooding. The order was completed within 11 months to make it fully operational.

  • September 2020: CityLift Parking, a leading provider of automated parking lifts based in the U.S., constructed one of the largest fully-automated parking systems in the Pacific Northwest. The company constructed 144 parking spaces accessed via three entry bays. The CityLift Tower system incorporates automated tandem parking spaces that can withstand greater density.


An Infographic Representation of Automated Parking System Market

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The market research report provides an in-depth market analysis and focuses on key aspects such as leading companies, product/service types, and leading product applications. Besides, the report offers insights into the market trends and highlights key industry developments. In addition to the factors above, the report encompasses several factors that contributed to the market growth in recent years.

Report Scope & Segmentation



Study Period


Base Year


Estimated Year


Forecast Period


Historical Period


Growth Rate

CAGR of 11.3% from 2023 to 2030


Value (USD Billion)


By Application

  • Commercial Parking

  • Residential Parking

By Automation Level

  • Fully Automated

  • Semi-Automated

By Component

  • Hardware

  • Software

By Region

  • North America (By Application, By Automation Level, By Component)

    • U.S. (By Automation Level)

    • Canada (By Automation Level)

    • Mexico (By Automation Level)

  • Europe (By application, By Automation Level, By Component)

    • U.K. (By Automation Level)

    • Germany (By Automation Level)

    • France (By Automation Level)

    • Rest of Europe (By Automation Level)

  • Asia Pacific (By Application, By Automation Level, By Component)

    • China (By Automation Level)

    • Japan (By Automation Level)

    • India (By Automation Level)

    • Rest of APAC (By Automation Level)

  • Rest of the World (By Application, By Automation Level, By Component)

Frequently Asked Questions

As per the Fortune Business Insights study, the global market size was USD 2.05 billion in 2022.

The market is likely to grow at a CAGR of 11.3% over the forecast period (2023-2030).

The commercial parking segment is expected to lead the market due to the development of high-performance application types.

Some of the top players in the market are Klaus Multiparking, Park Plus, Inc., and Lödige Industries

Europe dominated the market in terms of the market size in 2022.

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