Automated Parking Systems Market Size, Share & Trends Report

Automated Parking Systems Market Size, Share & Trends Analysis Report By Component, By Structure Type, By Platform Type, By Automation Level, By End-use, By Region, And Segment Forecasts, 2020 - 2027

  • Published Date: Sep, 2020
  • Base Year for Estimate: 2019
  • Report ID: GVR-4-68039-054-2
  • Format: Electronic (PDF)
  • Historical Data: 2016 - 2018
  • Number of Pages: 150

Report Overview

The global automated parking systems market size was valued at USD 1.23 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 10.9% from 2020 to 2027. The healthy growth of the global infrastructure industry is anticipated to drive the expansion of the market. The increasing number of high-rise buildings and luxury projects, coupled with the rising willingness of real-estate developers to deploy automated solutions, is supporting the market growth. Additionally, according to the World Construction Network, the infrastructure industry is anticipated to expand at a significant CAGR over the forecast period. A growing fleet of domestic as well as commercial vehicles and the availability of limited parking spaces are leading to a rise in traffic jams in several regions globally. Studies suggest that nearly 35% to 40% of the total congestion in several major cities around the world results from drivers/vehicle owners searching for vacant spaces. Moreover, the time and fuel wasted in finding empty spaces is also a major cause of emissions and air pollution.

U.S. automated parking system market size

According to an INTRIX study in 2017, on an average, the German driver spends 41 hours each year searching for parking spaces. This costs around USD 45 billion to the country, including the cost of wasted fuel, time, and emissions. The growing population is putting massive pressure on parking infrastructure and necessitating the development of the available infrastructure in urban areas. Moreover, an increase in per capita income, coupled with improved lifestyles, has enhanced the demand for personal mobility, thereby driving automobile sales in metropolitan cities. Owing to this, the vehicle fleet on the roads is surpassing the available parking spaces in cities. These factors are collectively driving the adoption of automated solutions that can enhance the usage of parking spaces. Increased efficiency, increased capacity, increased ROI, reduced CO2 emissions generated during driving around in the lookout for empty spots, and improved safety and security are other benefits driving the adoption of these systems globally.

The number of high-rise constructions has also grown significantly in the past few years. According to the Council on Tall Buildings and Urban Habitat (CTBUH), the number of buildings larger than 200-meter, increased by 141% between 2010 and 2018. Real estate developers are increasingly focusing on offering sustainable homes with reduced emissions, particularly in luxury projects. For instance, the Beacon residential facility in London offers sustainable homes with zero-emission, facilitating a fully automated solution with 320 parking spaces. The steady rise in the number of luxury construction projects globally is likely to work in favor of market growth over the forecast period.

Despite the increasing demand for automated solutions across various geographies, the initial investment for the development of high-caliber parking solutions is significantly high. This high capital requirement for the construction of such systems may hamper the growth of the market to a certain extent. Moreover, these are highly complex solutions with quality control issues. The construction of an automated parking system is also a highly complex task and requires the consideration of many factors. The absence of regulation for monitoring the working of these systems and quality control issues also pose significant challenges for manufacturers. Nevertheless, enforcing regulations related to quality control to avoid accidents and damages could help overcome these challenges.

The ongoing COVID-19 pandemic has also significantly affected the sales volume of automated systems. However, these solutions are best fitted in the current situation as they limit human contact in parking spaces, making the space safer and more reliable. These factors could work well for the growth of the automated parking system market post the pandemic.

Component Insights

The hardware segment dominated the market in 2019 and accounted for a revenue share of nearly 75%. The hardware components used in a parking system, ranging from microcontrollers, GSM modules, RF modules, displays, motor drivers, ultrasonic sensors, DC motors, to camera units, as well as the structure of the entire system vary across projects. Based on the budget, several solutions such as guidance systems, web-based solutions, sensor-based recognition, license plate recognition solution, mobile-based parking, and RFID solutions can be integrated into the systems. The hardware systems and components contribute to the highest share of the total cost involved in deploying the overall solution. It is thus estimated that the hardware component segment would retain its dominance over the forecast period as well.

The software segment is projected to expand at a significantly high CAGR over the forecast period. The software plays a significant role in the proper functioning of the system. The software is responsible for controlling, managing, and orchestrating the moves involved in parking and retrieving vehicles. The software also provides inventory accuracies that are not easily achieved through the use of manual systems. Therefore, with advancements and further automation in parking solutions, the software segment is expected to gain significant momentum over the forecast period.

Structure Type Insights

The silo segment dominated in 2019 and accounted for a revenue share of more than 20%. Silo systems are the most popular solutions deployed mainly for commercial applications. These solutions work on a single, centrally positioned mechanism to park and retrieve vehicles owing to which the system is highly deployed. Moreover, the mechanism moves vertically and also rotates on the same axis to allow the platform to move to and from one spot to another quickly.

The tower-type segment is anticipated to register the highest CAGR over the forecast period. Tower-type solutions are the most efficient systems as they save significant horizontal space and utilize the advantages of vertical space. These solutions are fully independent and also allow different levels of automation. These solutions can be built and designed in lower configurations to accommodate different height restrictions.

Platform Type Insights

The palleted segment dominated in 2019 and accounted for a revenue share of more than 60%. These solutions simplify the movement of vehicles in the parking space as the vehicles cannot be moved or lifted without the driver. In these solutions, the vehicle’s tires rest on the pallet and the entire mechanical transport equipment interface with the pallet. No accommodations for car size are required in these solutions, which minimizes the complication of transport mechanisms.

The non-palleted segment is anticipated to emerge as the fastest-growing segment over the forecast period. Non-palleted solutions require a single system to handle vehicles. These solutions eliminate the movement of empty pallets and enhance the efficiency of the overall system. Moreover, non-palleted automated parking solutions directly lift, transfer, and park the vehicle in empty spots. These solutions automatically adjust themselves according to the size of the vehicle and eliminate the drawbacks of palleted solutions. These solutions also reduce parking and retrieval time by up to 30%.

Automation Level Insights

The fully automated segment dominated the market in 2019 and accounted for a revenue share of more than 60%. The segment is further anticipated to retain its dominance throughout the forecast period. Moreover, fully automated solutions offer advantages such as higher efficiency, increased capacity, reduced emission, and enhanced safety and convenience over semi-automated solutions. Due to these benefits, the demand for these solutions is particularly more in developing economies. However, the choice between fully automated and semi-automated solutions varies based on factors such as the available budget, location, and application of the project. Often, systems with higher capacity tend to be fully automated, while low-capacity systems remain semi-automated.

Semi-automatic solutions are also deployed in various residential, commercial, and mixed-use applications. The installation cost for these solutions is significantly low and they are easy to maintain. Semi-automatic solutions can be deployed in an open space or the basement of a building. The structure is based on lifting and sliding the pallet holding the vehicle for the parking. These systems are generally adopted when a limited number of vehicles are to be parked in a given space.

End-use Insights

The commercial segment dominated the market in 2019 with a revenue share of over 40%. This can be attributed to the increasing demand for parking spaces in commercial buildings and shopping complexes. The constant rise in the number of vehicles on road has lowered the availability of spaces, leading to traffic jams and a rise in air pollution across major cities globally. Owing to the several benefits of automated parking systems in tackling these issues, combined with benefits such as optimal use of space and enhanced security, the demand for these systems driving is expected to expand at a promising pace in the commercial space in near future.

Europe automated parking system market share

The residential segment is anticipated to emerge as the fastest-growing segment over the forecast period. This can be attributed to the growing number of high rise residential buildings and increasing adoption in luxury residential facilities across the globe. Moreover, factors such as rapid urbanization and increased disposable income have improved the lifestyles of people across several countries. Moreover, the increase in purchasing power has resulted in a significant rise in the sales of vehicles in the past few years. Thereby, the demand for automated parking systems is also anticipated to increase owing to the rising need for vertical parking spaces in constantly shrinking urban residential spaces.

Regional Insights

Europe dominated the market in 2019 and held a revenue share of over 40%. The presence of some of the largest manufacturers of automated parking systems such as Wohr, Westfalia, and Klaus Multi Parking, among others in Germany, the U.K., and Switzerland is a key factor favoring the growth prospects. Moreover, the adoption of automated parking systems is also high in these countries. The presence of technologically-advanced infrastructure has further encouraged the public and private sectors to adopt automated solutions for eliminating parking problems.

The Asia Pacific region is anticipated to witness significant demand for automated parking system solutions over the forecast period. This can be attributed to the huge population, coupled with the prevalence of vehicle parking on the roads. The region is home to 40% of the global population and some of the fastest-growing economies. Moreover, many cities in the region have already attained saturation levels, rendering further infrastructure development close to impossible. Therefore, governments in the region are focusing on urban planning by implementing smart city solutions to derive benefits from the existing infrastructure.

Key Companies & Market Share Insights

Leading companies operating in the market, including Robotic Parking Systems, Inc., and KLAUS Multiparking GmbH, are increasingly focusing on R&D activities to explore long-term growth opportunities. For instance, in February 2020, KLAUS Multiparking GmbH introduced 3D models of its automated parking systems for use in Building Information Modeling (BIM) applications. The BIM models offered by the company are currently available for two Parkers MultiBase 2072i and 2078i. These models help in designing and planning building structures, with the parking included in it before the construction so that the projects can be executed more accurately. The company has also introduced invisible parking space 4.0. The new MultiBase U10 and U20 underground platforms offered by the company make vehicles disappear underground and therefore ensure stress-free, safe parking.

Some of the other players such as Wohr Parking Systems Pvt. Ltd.; Robotic Parking Systems, Inc.; CityLift Parking; Nissei Build Kogyo Co., Ltd.; and Westfalia Parking have long-term supply contracts with prominent construction enterprises and government bodies. These companies have adopted new product development, partnerships, and supply contracts as major strategies to gain traction in the market. Some of the prominent players in the automated parking systems market include:

  • Skyline Parking AG

  • Westfalia Parking

  • Unitronics (1989) (R” G) Ltd.

  • Klaus Multiparking GmbH

  • Robotic Parking Systems, Inc.

  • City Lift Parking, LLC

  • Park Plus Inc.

  • Wohr Parking System Pvt. Ltd.

  • Parkmatic

  • AutoMotion Parking Systems

Automated Parking SystemsMarket Report Scope

Report Attribute

Details

Market size value in 2020

USD 1.33 billion

Revenue forecast in 2027

USD 2.74 billion

Growth Rate

CAGR of 10.9% from 2020 to 2027

Base year for estimation

2019

Historical data

2016 - 2018

Forecast period

2020 - 2027

Quantitative units

Revenue in USD million and CAGR from 2020 to 2027

Report coverage

Revenue, company ranking, competitive landscape, growth factors, and trends

Segments covered

Component, structure type, platform type, automation level, end-use, region

Regional scope

North America; Europe; Asia Pacific; Latin America; MEA

Country scope

U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil

Key companies profiled

Skyline Parking AG; Westfalia Parking; Robotic Parking Systems, Inc.; Klaus Multiparking GmbH; Wohr Parking System Pvt. Ltd.

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Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels, and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For this study, Grand View Research has segmented the global automated parking systems market report based on component, structure type, platform type, automation level, end-use, and region:

  • Component Outlook (Revenue, USD Million, 2016 - 2027)

    • Hardware

    • Software

  • Structure Type Outlook (Revenue, USD Million, 2016 - 2027)

    • AGV System

    • Silo System

    • Tower System

    • Rail Guided Cart (RGC) System

    • Puzzle System

    • Shuttle System

  • Platform Type Outlook (Revenue, USD Million, 2016 - 2027)

    • Palleted

    • Non-palleted

  • Automation Level Outlook (Revenue, USD Million, 2016 - 2027)

    • Fully Automated

    • Semi-automated

  • End-use Outlook (Revenue, USD Million, 2016 - 2027)

    • Residential

    • Commercial

    • Mixed-use

  • Regional Outlook (Revenue, USD Million, 2016 - 2027)

    • North America

      • The U.S.

      • Canada

    • Europe

      • The U.K.

      • Germany

    • Asia Pacific

      • China

      • India

      • Japan

    • Latin America

      • Brazil

    • Middle East & Africa

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