The global automated parking management systems market revenue was around US$ 1.9 billion in 2021 and is estimated to reach US$ 5.9 billion by 2031, growing at a compound annual growth rate (CAGR) of 15.1% during the forecast period from 2022 to 2031.
Automated parking management systems include both hardware and software elements to help with efficient parking management. Vehicles are moved mechanically to and from parking places in a multi-story parking facility. Vehicles are kept in several parking lots or multi-story parking spaces, stacked vertically.
Factors Influencing Market Growth
A rise in traffic congestion is anticipated to increase the demand for automated parking systems, which, in turn, will contribute to market growth.
Due to an increase in the number of vehicles on the road, a rise in the need for green parking solutions, and an increase in urbanization. Such factors drive market growth.
Developing high-premium parking solutions requires a high cost of investment. The demand for such systems may restrain market expansion.
Study of the COVID-19 Pandemic
The COVID-19 pandemic had a significant negative impact on the automated parking management systems market. Due to the Government enacted a lockdown manufacturing and sales of new vehicles were impeded. Additionally, in cities a significant decrease in traffic congestion during the pandemic period due to the restrictions placed on vehicle movement. Thus, certain countries have less of a need for parking systems.
However, it is anticipated that after the pandemic, people will use their automobiles for travel to lessen the chance of contracting COVID-19, which will likely increase traffic congestion around the world. Additionally, many major firms are concentrating on providing online cashless parking solutions to reserve parking spaces, which would also aid in the market's expansion.
Asia Pacific is expected to have significant expansion during the forecast period. This can be attributed to the extensive population and the frequent parking of vehicles on the highways. Various smart city projects are also being launched to improve citizen services. These projects address problems with transportation, infrastructure, communication, and utilities and are guaranteed to support the growth of the market for automated parking systems. Therefore, governments in this region are focusing an emphasis on urban planning by developing smart city solutions to derive benefits from the already-existing infrastructure.
The leading competitors in the global automated parking management systems market are:
Fehr Lagerlogistik AG
Unitronics (1989) ( R?G) Ltd
KLAUS Multiparking GmbH
Westfalia Technologies Inc
Robotic Parking Systems
The global automated parking management systems market segmentation focuses on Component, Platform Type, Automation Level, End -Use and Region.
Segmentation based on Component
Segmentation based on Platform Type
Segmentation based on Automation Level
Segmentation based on End-Use
Segmentation based on Region
Rest of Western Europe
Rest of Europe
Australia & New Zealand
Rest of Asia Pacific
Middle East & Africa (MEA)
Rest of MEA
Rest of South America