Automated Parking System Market to Reach USD 4.83 Billion by 2030; Growing Number of Smart City Projects Worldwide to Propel Market Expansion

The global automated parking system market size was valued at USD 2.05 billion in 2022. Fortune Business Insights™ in its report titled “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” observes that the market size is projected to grow from USD 2.28 billion in 2023 to USD 4.83 billion by 2030, growing at a CAGR of 11.3% over the forecast period. Rising per capita income, growing urbanization, and increasing number of commercial and passenger vehicles are the factors aiding market expansion. Concerns regarding car parking and traffic management are also propelling market growth. 

Lödige Industries Signs Contract to Build its 30^th Parking System in Amsterdam

Lödige Industries, a leading parking systems provider, recently won the contract to deliver its 30th automated parking system in Amsterdam. The system will be installed in “The Artesia”, a conversion project transforming several buildings in Amsterdam’s prestigious Herengracht Street and neighboring streets into a cohesive building complex. Installation of the parking system started in August 2021 and was completed in March 2022. The system utilizes Lödige Industries RESPACE technology, which has been installed in 29 other Amsterdam locations since 1995 and makes optimum use of available space. The garage offers 23 parking spots, half of which are equipped with e-charging for electric vehicles. This can later be extended to all spaces if desired.

Delays in Production and Supply Chain Disruptions Hampered Market Proliferation amid the Pandemic

The COVID-19 pandemic caused supply chain disturbances, and delays in the production and delivery of automated parking systems. The implementation of stringent lockdowns affected product sales negatively and revenue generated by leading manufacturers declined along with a fall in car usage. However, due to the pandemic, touchless systems demand has increased to reduce the risk of infection. This led to increased adoption of touchless automated parking systems that can be operated using a smartphone app or other contactless technology.

Growing Number of Smart City Projects Worldwide to Propel Market Expansion

The rising number of smart city projects worldwide is propelling the automated parking system market growth. The availability of enough parking spaces is necessary of smooth traffic flow. This generates the need for adopting automated parking systems as they decrease the need for space and eliminate the high costs of building elevators, stairs, and ramps. It also helps in saving money on electrical and security costs. Smart cities use smart parking strategies to increase parking efficiency that enable drivers to save fuel, money, and time by providing accessible parking.

On the other hand, the high costs of building advanced parking systems and concerns regarding quality control due to lack of regulations will hinder market proliferation.

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Construction of New Parking Facilities to Aid Market Expansion

Industry leaders often partake in tactical moves such as partnerships, collaborations, and mergers and acquisitions to maximize profits and strengthen their positioning in the global market. For instance, in September 2021, Shinmaywa Industries announced its decision of building a mechanical car parking system for public institutions in Thailand. The parking facility can store up to 68 vehicles and uses automatic and pallet-type elevator evacuation systems for pit flooding. The order was completed within 11 months to make it fully operational.

Notable Industry Development

• January 2023: NTT DATA, a leading IT services provider, partnered with Valeo and Embotech 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.

List of Key Companies Profiled in the Report:

• Westfalia Parking (Germany)
• Klaus Multiparking GmbH (Germany)
• Utron Parking (Israel)
• Wohr Parking Systems Pvt. Ltd. (India)
• Skyline Parking (Switzerland)
• City Lift (India)
• Lödige Industries (Germany)
• Park Plus, Inc. (U.S.)
• ShinMaywa Industries, Ltd. (Japan)

Further Report Findings

• Europe held the largest automated parking system market share in 2022 due to presence of leading companies such as Wohr, Westfalia, and Klaus Multi Parking, among others in Germany, the U.K., and Switzerland. European countries are implementing robotic parking systems to manage parking issues in commercial sector which is facilitating market expansion.
• As per application, the commercial parking segment captured the dominant market share in 2022 due to the growing number of vehicles on roads, which has boosted the demand for parking slots in shopping malls and commercial buildings.

Table of Segmentation