CAGR: 15%Current Market Size: USD 2.6 BillionFastest Growing Region: APAC
Largest Market: EuropeProjection Time: 2023-2030Base Year: 2022
The global automated parking management systems market is expected to grow from USD 2.6 billion in 2022 to USD 7.95 billion by 2030, at a CAGR of 15% during the Projection period 2023-2030. The increasing number of luxury & high-rise buildings mainly drives the growth of the automated parking management systems market.
A park management system is a software solution that integrates IoT technologies such as cameras, sensing devices, or counting sensors to determine whether a parking lot is available or occupied, and it frequently uses sensor data to create a real-time parking map. When entering the office parking garage, the automatic parking management system reduces the amount of work required by the motorist. This improves the everyday parking experience and is viewed as a benefit by many employees. A parking management system is defined by four critical components. The parking enforcement option is the first component. This parking enforcement includes lot numbering for simple navigation, ticket issue, and notification of current parking availability to users. Furthermore, reporting is an important feature of car parking software. It enables car park operators and businesses to track their facilities, vehicle access, and real-time reporting of parking spot availability. Furthermore, due to the variety of payment automation and technologies available, consumers must choose their preferred means of payment for a car parking management system.
Sample Request: - Global Automated Parking Management Systems Market
Market Dynamics:
Drivers:
One of the factors driving the market growth is the increasing global expansion of the vehicle industry. Furthermore, increased M&A activity in the automotive industry globally is likely to drive market growth during the Projection period. Furthermore, an increase in an individual's disposable income and an expansion in the purchasing power of customers worldwide are driving the market growth.
Restraints:
In innovative facilities, a significant initial investment is required for building and maintenance per parking spot, which raises the initial maintenance and running expenses of these spaces, stifling market expansion. Furthermore, the COVID-19 pandemic drove a majority of businesses worldwide to crumble owing to the forced suspension of production and manufacturing activities, which hampered significant manufacturing firms globally, posing a challenge for the automated parking management system industry.
Opportunities:
The increasing emphasis on improving customer service is a potential opportunity for the market. The industry's leading companies are concentrating on improving customer service. Furthermore, improved customer service leads to a longer operational cycle and lower prices for automated parking systems. However, increasing the number of electric vehicles helps to increase the demand for electric vehicle charging stations. These elements contribute to market expansion.
Challenges:
The initial expenditure for establishing high-quality parking solutions is extremely high due to the expansion of automated solutions throughout various geographies. The demand for the construction of such systems may limit market expansion to some extent. Furthermore, the costs of building and managing these systems are considerable and necessitate careful consideration of numerous elements. Manufacturers have considerable hurdles due to the lack of regulation for monitoring the operation of these systems, as well as quality control issues. Nonetheless, imposing quality control requirements to avoid accidents and damages could help overcome these problems.
Segmentation Analysis:
The global automated parking management systems market has been segmented based on system type, platform type, end-user, automation level, and region.
By System Type
The system type segment is software and hardware. The hardware segment led the largest share of the automated parking management systems market with a market share of around 54.78% in 2022. Microcontrollers, GSM modules, RF modules, displays, motor drivers, ultrasonic sensors, DC motors, camera units, and the structure of the complete system differ throughout parking system projects. Several solutions, including guiding systems, web-based solutions, sensor-based recognition, license plate recognition, mobile-based parking, and RFID solutions, can be implemented into the systems, depending on the budget. Hardware systems account for the majority of the total cost of the automated parking system. As a result, the segment is likely to maintain its dominance during the Projection period.
By Platform Type
The platform type segment is non-palleted and palleted. The palleted segment led the largest share of the automated parking management systems market with a market share of around 67.7% in 2022. Because automobiles cannot be moved or lifted without the driver, these methods make vehicle movement in the parking spot easier. As the number of people opting to work from home is increasing, these parking solutions are expected to rise in the future as they improve vehicle security, and aesthetics, and provide higher packing density than conventional car parks. These solutions do not require car-size accommodations, which reduces the complexity of transportation processes.
By End-User
The end-user segment is residential, commercial, and mixed-use. The commercial segment led the largest share of the automated parking management systems market with a market share of around 45.67% in 2022. This is due to the increasing demand for parking spaces in commercial buildings and shopping malls. The increasing number of automobiles on the road has reduced the availability of parking spots, causing traffic congestion and an increase in air pollution in major cities throughout the world. Because of the numerous advantages of automated parking systems in addressing these difficulties, as well as advantages such as optimal use of space and increased security, demand and adoption for these systems are likely to grow at a promising rate in the commercial area in the near future.
By Automation Level
The automation level segment is fully automated and semi-automated. The fully automated segment led the largest share of the automated parking management systems market with a market share of around 59.67% in 2022. The advantages of fully automated parking systems over semi-automated options, such as higher efficiency, expanded capacity, lower emissions, and improved safety and convenience, are highly sought after in developing nations. However, the decision between completely automated and semi-automated systems is influenced by aspects such as project budget, location, and application. High-capacity systems are frequently fully automated, whereas low-capacity systems are semi-automated. Given the Covid-19 epidemic, fully automated parking solutions are absolutely touchless, working without human interaction.
Global Automated Parking Management Systems Market - Sales Analysis.
The sale of the automated parking management systems market expanded at a CAGR of 13.3% from 2016 to 2022.
The increasing investment in infrastructure development around the world is encouraging the adoption of cutting-edge and creative automated parking systems. The increasing number of commercial and residential buildings as a result of fast urbanization, as well as expanding knowledge of automated parking systems among real estate developers, is driving them to include automated parking systems in their projects. Consumers' increasing economic conditions and desire for a higher standard of living are driving them to purchase a flat or residential space in high-rise and luxury buildings with expanded parking systems. Space is saved by using automatic parking systems. Parking space and garage design advancements have eased the implementation of automated parking systems.
Thus, owing to the aforementioned factors, the global automated parking management systems market is expected to grow at a CAGR of 15% during the Projection period from 2023 to 2030.
By Regional Analysis:
The regions analyzed for the automated parking management systems market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. Europe region dominated the automated parking management systems market and held a 37.2% share of the market revenue in 2022.
Global Automated Parking Management Systems Market - Country Analysis:
Germany's automated parking management systems market size was valued at USD 0.28 billion in 2022 and is expected to reach USD 0.87 billion by 2030, at a CAGR of 15.3% from 2023 to 2030. The increase in smart city efforts and expanding demand from commercial and residential structures would give positive prospects for the region's market growth. In Germany, automatic parking technologies are widely used to save space and reduce vehicle emissions while parking. The development of technologically advanced infrastructure has encouraged both the public and private sectors to use automated parking systems.
China’s automated parking management systems market size was valued at USD 0.20 billion in 2022 and is expected to reach USD 0.62 billion by 2030, at a CAGR of 15.2% from 2023 to 2030. Because of the high demand for commercial cars, the industry is expanding. Furthermore, the increasing usage of automated parking systems in countries such as China fuels the market growth.
India's automated parking management systems market size was valued at USD 0.15 billion in 2022 and is expected to reach USD 0.46 billion by 2030, at a CAGR of 15.1% from 2023 to 2030. This is due to the large population and the predominance of automobile parking on the highways. The region is home to 40% of the world's population as well as some of the fastest-growing economies, including India. Furthermore, several smart city projects are being implemented to improve citizen services. These projects address issues related to transit, infrastructure, connectivity, and utilities, and are guaranteed to boost the market for automated parking systems. As a result, governments in the region are focused on urban planning and developing smart city solutions to maximize the use of existing infrastructure.
Key Industry Players Analysis:
To increase their market position in the global automated parking management systems market business, top companies focus on tactics such as adopting new technology, mergers & acquisitions, product developments, collaborations, partnerships, joint ventures, etc.
Latest Development:
Report Metrics
Report Attribute |
Details |
Study Period |
2022-2030 |
Base year |
2022 |
CAGR (%) |
15% |
Market Size |
2.6 billion in 2022 |
Projection period |
2023-2030 |
Projection unit |
Value (USD) |
Segments covered |
By System Type, By Platform Type, By End-User, By Automation Level, and By Region. |
Report Scope |
Revenue Projection, competitive landscape, company ranking, growth factors, and trends |
Companies covered |
Skyline Parking AG, Robotic Parking Systems, Inc., Park Plus Inc., Westfalia Parking, Unitronics (1989) (R”G) Ltd., Parkmatic, Klaus Multiparking GmbH, City Lift Parking, LLC, Wohr Parking System Pvt. Ltd., and AutoMotion Parking Systems. |
By System Type |
|
By Platform Type |
|
By End-User |
|
By Automation Level |
|
Regional scope |
|
Scope of the Report
Global Automated Parking Management Systems Market By System Type:
Global Automated Parking Management Systems Market By Platform Type:
Global Automated Parking Management Systems Market By End-User:
Global Automated Parking Management Systems Market By Automation Level:
Global Automated Parking Management Systems Market By Region:
Global automated parking management systems market is expected to reach USD 7.95 billion by 2030.
The automated parking management systems market is projected to have a CAGR of 15%.
Based on the system type, the automated parking management systems market is segmented into software and hardware.
One of the factors driving the market growth is the increasing global expansion of the vehicle industry. Furthermore, increased M&A activity in the automotive industry globally is likely to drive market growth during the Projection period. Furthermore, an increase in an individual's disposable income and an expansion in the purchasing power of customers worldwide are driving the market growth.
Leading market players active in the global automated parking management systems market are Skyline Parking; Westfalia Parking; City Lift Parking, LLC; Unitronics (1989) (R”G) Ltd.; Klaus Multiparking GmbH; Fata Automation, Inc.; Robotic Parking Systems, Inc.; Park Plus Inc.; Wohr Parking System Pvt. Ltd. among others.
Political Factors- When determining where to grow its operations, the automated parking management systems market should consider current trade regulations, and management should select regions with free or flexible trade agreements. The issue area is currently lowering trade barriers in order to create a more inviting environment for foreign business players, which increases its attraction for the automated parking management systems market, which is looking for opportunities for international firm expansion. The automated parking management systems market should extensively analyse the appropriate taxation standards before deciding whether or not to expand. Tax policy will help industries that are important to the government.
Economic Factors- Rising inflation diminishes the purchasing power of money and discourages consumers from spending on goods and services, reducing the potential of the automated parking management systems market to grow income. Changes in exchange rates can have an impact on a company's profitability. The automated parking management systems market should conduct this research in order to accurately analyse exchange rate fluctuations and avoid unanticipated trade and business performance repercussions. Because of the high interest rate, the automated parking management systems market must make interest-only payments, raising the overall cost of the loans obtained.
Social Factors- The research and development trend in the chosen industry or location demonstrates how forward-thinking organisations are in providing cutting-edge solutions to the needs of their customers. Aside from providing value to clients, the automated parking management systems market must get a better understanding of how new technological breakthroughs might help the organisation. Significant investment in research and development would be required in markets defined by disruptive technology. However, the automated parking management systems market must consider the long term and not expect a quick return on R&D efforts.
Technological Factors- The development of renewable technology to reduce reliance on natural resources has emerged as a key trend in a variety of industries. To capitalise on this environmental trend, the automated parking management systems market should analyse how well a country's technology infrastructure facilitates the use of renewable technologies. Certain governments around the world offer attractive incentives to encourage the usage of renewable energy sources. By grabbing the opportunity and investing in renewable energy sources, the automated parking management systems market may fulfil its aims for sustainable firm development.
Environmental Factors- Businesses are under pressure to reduce their environmental effect as a result of stringent environmental legislation in a number of countries. As a result, the automated parking management systems market should promote ethical consumption among its target market, work to improve its brand's sustainable reputation, and ensure full compliance with local and international environmental laws, as failure to do so, may result in severe, reputation-damaging criticism from relevant stakeholders. This investment will result in enhanced stakeholder satisfaction and a bigger consumer base due to improved brand impression.
Legal Factors- Employment law covers a wide range of legislation that protect employees' rights, including the right to a fair wage, equality, equity, inclusion, justice, and physical and mental safety. While some countries do not effectively enforce employment laws, others impose severe penalties for breaking any of the listed employee rights. The automated parking management systems market should assure the safety of the working environment when entering or operating in such countries. To prevent both direct and indirect discrimination, appropriate measures must be in place. Adherence to employment standards will assist the automated parking management systems market in strengthening its employer brand reputation, which is crucial for attracting and retaining top personnel in the current talent war.
List of Table
List of Figures