Automated Parking Systems Market Size Is Poised To Reach $2.74 Billion By 2027: Grand View Research Inc.

 

The global automated parking systems market size is expected to reach USD 2.74 billion by 2027, registering a CAGR of 10.9% from 2020 to 2027, according to a new study conducted by Grand View Research, Inc. The growing number of vehicles globally, coupled with the scarcity of land for parking, is driving the demand for auto-park solutions worldwide. Moreover, automated solutions improve the level of convenience for vehicle owners or drivers by automatically parking the vehicles at a vacant spot available in the system.

Additionally, automated parking systems improve space allocation in parking spaces, making it possible for a significant number of vehicles to be parked at several levels. This solves the problem of scarcity of land in congested areas. Owing to these benefits, automated solutions are being increasingly adopted and deployed in several new residential and commercial real estate projects facing a space crunch. Moreover, smart city initiatives across several countries are also driving the demand for advanced and smart automated solutions to reduce parking and pollution problems faced by the local public.

However, the rising number of vehicles of varying sizes in urban areas could act as a challenge for the market. Moreover, the high cost of construction and maintenance per parking space in smart facilities, which increase the initial maintenance and operating costs of these spaces, could also hinder the market over the forecast period. Furthermore, factors such as high deployment cost and low availability of the supporting infrastructure are also expected to slow down the growth of the market over the forecast period.

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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.

Automated Parking Systems Market Report Highlights

• Hardware components contribute majorly to the total cost of an automated parking system. As a result, the hardware component segment accounts for the dominant market share. The segment is projected to continue leading, owing to the advancements in hardware components
• In terms of structure type, tower systems are the most efficient as they save significant horizontal space and take full advantage of the vertical space in a parking facility. Therefore, the segment is anticipated to register a promising CAGR over the forecast period
• In terms of platform type, the non-palleted segment is expected to gain significant traction over the forecast period. This can be attributed to the fact that these platforms require a single system to handle the movement of vehicles and reduce the overall parking cycle time by 30% to 35%
• In terms of automation level, the fully automated segment is expected to emerge as the fastest-growing segment owing to high efficiency, increased capacity, reduced emission, and high safety and convenience offered by fully-automated systems
• The residential end-use segment is projected to witness the highest CAGR over the forecast period. This can be attributed to the growing demand for luxury residential facilities, coupled with the increasing number of high-rise buildings with inbuilt parking systems across several urban settings globally
• Increasing vehicle fleet, coupled with the low availability of spaces, is anticipated to create significant demand for automated parking systems in the Asia Pacific region

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.

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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

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

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