Automated Parking Management Systems Market Size, Share, Growth, and Industry Analysis, By Type (Semi-automated Parking System, Fully Automated Parking System, Sensor Technology, Mobile Technology, RFID Technology & Other), By Downstream Industry (Residential & Commercial), and Regional Forecast to 2032

AUTOMATED PARKING MANAGEMENT SYSTEM MARKET OVERVIEW

The Global Automated Parking Management System Market Market size was USD 1060.83 million in 2023 and the market is projected to touch USD 2088.59 million in 2032, exhibiting a CAGR of 7.01% during the forecast period.

Automated Parking Management Systems (APMS) are technology-driven solutions designed to streamline and optimise the parking process in both public and private parking facilities. They typically incorporate various technologies to automate tasks related to parking space management, vehicle entry and exit, and payment processing.

There are various factors driving the Automated Parking Management System Market such as smart city integration in the cities and increasing consumer demand for convenience and seamless experiences. Automated Parking Management Systems are meant to boost efficiency, enrich user experience, and maximise use of space for parking. Areas that have a high population density as well as those where traffic could be too much would definitely find them useful given that normal parking systems may not work well there.

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COVID-19 IMPACT or RUSSIA-UKRAINE WAR IMPACT or ISRAEL-HAMAS WAR IMPACT-COVID-19 IMPACT

"Slowdown in Automobile and Vehicle Industry Led to Decreased Demand"

The Global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

Due to the drop in the automobile and vehicle sector, the market for Automated Parking Management Systems was greatly affected by COVID-19 epidemic. A sharp decline of car sales and uses brought about by lockdowns, travel bans and reduction of consumer spending made automatic parking necessary in a short time. Several construction projects such as parking lots were put on hold or postponed. Also, demand for automated parking solutions has declined because of reduced commercial and public transport activity. However, with economic recovery and urbanisation resuming, it is anticipated that the market will come back due to renewed investments in smart cities and infrastructures.

LATEST TREND

"Rapid Automation with Technology Integration in Automobile Sector to Drive Market Growth"

The surge in Automated Parking Management Systems market is driven by quick automation through technology incorporation within the automotive industry. As car makers implement advanced technologies such as driverless vehicles, V2X communication and AI, there has been an increased need for sophisticated parking systems. These Automated Parking Systems are increasingly being integrated with these technologies to provide seamless and efficient parking experiences. As such, it helps enhance space utilisation and reduce human error, which is consistent with the shift towards smart cities and digital infrastructure thus making it a significant driver of market growth.

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AUTOMATED PARKING MANAGEMENT SYSTEM MARKET SEGMENTATION

By Type

Based on Type, the global market can be categorized into Semi-automated Parking System, Fully Automated Parking System, Sensor Technology, Mobile Technology, RFID Technology & Other

• Semi-automated Parking System: The Semi-automated Parking System employs human mediation. Though the system helps with parking, it requires the drivers to park their automobiles prior to the automated operation being initiated by the machine.

• Fully Automated Parking System: This system automates the parking process, handling vehicle parking and retrieval without any human involvement. These systems maximise space efficiency and are ideal for densely populated urban areas.

• Sensor Technology: The sensor technology uses sensors to detect the parking space. This technology is used for parking guidance systems.

• Mobile Technology: Mobile technology needs mobile to perform the tasks. This technology enhances user convenience by integrating parking services into mobile platforms.

• RFID Technology: The RFID is used to detect the vehicle and allows for automated vehicle tracking, entry, and payment processing.

• Other: Other functions Include additional or emerging technologies such as licence plate recognition systems, cloud-based parking solutions, and AI-based innovations.

By Downstream Industry

Based on downstream industry, the global market can be categorized into Residential & Commercial

• Residential: The system focuses on parking solutions for residential buildings, apartment complexes, and housing communities. These systems enhance parking efficiency in areas with limited space and high vehicle density.

• Commercial: The system is used in commercial spaces such as shopping malls, office buildings, airports, and public parking areas. The commercial sector drives a significant portion of the demand for automated parking systems due to the need for efficient space utilization and faster parking processes.

MARKET DYNAMICS

Market dynamics include driving and Restraining Factors, opportunities and Challenges stating the market conditions.

Driving Factors

"Smart City Integration in the Cities to Boost the Market"

A factor in the Automated Parking Management System Market growth is the smart city integration in the cities. In order to improve the standard of life in urban areas, automated parking systems are being integrated by cities that have embraced digital infrastructure so as to achieve space maximisation, traffic decongestion and enhancement of sustainability. These systems utilise real-time data and Internet-of-things (IoT) technology to ensure a seamless parking experience while they also connect with smart city platforms. The increasing emphasis on effective urban mobility coupled with the need to resolve parking issues in densely populated places is fuelling the demand for such systems within smart city projects.

"Increasing Consumer Demand for Convenience and Seamless Experiences to Expand the Market"

The increasing consumer demand for convenience and seamless experiences is another key aspect of the Automated Parking Management System Market. Modern consumers prefer quick, hassle-free parking solutions, prompting the adoption of automated systems that streamline parking processes. Features like mobile app integration for space reservation, automated payment systems, and real-time parking availability updates cater to this demand. These technologies reduce time spent searching for parking, enhance user satisfaction, and align with the broader trend toward smart, connected urban infrastructure.

Restraining Factor

"High Capital Requirement to Potentially Impede Market Growth"

A restraining element within the growth of the Automated Parking Management System Market is the high capital requirement. It is important to note that automated parking solutions require significant initial investments due to the cost of advanced technological systems, infrastructure and compatibility with other systems. This could be a hindrance particularly for small businesses as well as municipal governments with restricted financial resources. Furthermore, routine servicing and possible enhancements elevate long term costs hence making it impossible for certain parties to provide convincing explanations on their specific investments despite their prospective gains.

Opportunity

"Integration of Artificial Intelligence and Machine Learning To Create Opportunity for the Product in the Market"

The Artificial Intelligence (AI) and Machine Learning (ML) convergence is bringing forth substantial possibilities for Automated Parking Management Systems. Among others, it comes with cutting-edge abilities such as forecasting available parking slots, advanced vehicle direction systems as well as real-time parking space optimization. Moreover, system efficiency enhancement, decrease in running costs and overall experience improvement of users are all due to AI based analytics.

Challenge

"Security Concerns about Data Privacy and Vehicle Safety Could Be a Potential Challenge for Consumers"

Security concerns regarding data privacy and vehicle safety are potential Challenges for consumers using Automated Parking Management Systems. Essential for building consumer trust and ensuring widespread adoption is the implementation of robust cybersecurity measures and data protection protocols that tackle such issues. However, hackers can hijack or spoof GPS signals as well as get access to vehicle’s onboard computers via the internet. To tackle this concern, there is a need for enhanced facilities for automakers to cooperate when addressing security gaps in their ICT systems.

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AUTOMATED PARKING MANAGEMENT SYSTEM MARKET REGIONAL INSIGHTS

• North America

Automated Parking Management System Market, although dominated by North America, United States Automated Parking Management System Market growth is as a result of increased use of smart technologies, urbanisation, and investment in smart city infrastructure. Large towns have embraced automated parking solutions to tackle space problems and also ease congestion. The highest growth in the market is observed in the U.S., which is attributed to increase in vehicle ownership and technological advancements in urban areas.

• Europe

Europe is a prominent market participant whose growth has been influenced by strict environmental rules, government initiatives on smart city projects and the pressing need for efficient parking systems. For instance, Germany, the UK and France are using automated solutions to solve parking Challenges in cities alongside promoting sustainability.

• Asia

Due to urbanisation, vehicle ownership and smart city developments in countries like China, Japan or India; Asia is witnessing the fastest growth of the Automated Parking Management System Market. So there are considerable chances for automated parking solutions in both residential and commercial areas because the middle class is growing in the region and technological breakthroughs are taking place.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market Through Innovation and Technology Adoption"

Key industry players are shaping the Automated Parking Management System Market through innovation and technology adoption. With advanced automated parking solutions using AI, IoT and advanced sensors, companies are achieving feats that make them proud. Their idea helps to enhance the efficiency of these systems, create more user-friendly interfaces and support smart city objectives.

List of Top Automated Parking Management System Companies

• Park Assist (U.S.)
• Klaus Multiparking Systems (Germany)
• Robotic Parking Systems (U.S.)
• ParkPlus (Canada)
• Serva (Italy)
• FATA Automation (Italy)
• Skyline Parking AG (Switzerland)
• Fen Sense (China)
• Dayang Parking Co., Ltd (China)
• SKIDATA (Austria)
• Unitronics (Israel)
• Dongyang Menics Co., Ltd (South Korea)
• Eito & Global Inc (Japan)
• Parkmatic TM (U.S.)
• Yeefung Industry Equipment (Shenzhen) Co., Ltd (China)
• Konnet (South Korea)
• MHE Demag (S) Pte Ltd (Singapore)
• Boomerang Systems (U.S.)

KEY INDUSTRY DEVELOPMENT

November 2024: Utron announced the completion of its project for slide system vehicle parking operations for one of the commercial buildings in the Financial District of Boston. The company’s automated parking system features 6 parking floors, 256 conveyors, 235 parking spaces, and 24 EV charging locations in the building.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The Automated Parking Management System Market is poised for a smart city integration in the cities and increasing consumer demand for convenience and seamless experiences. Despite Challenges, which include Security concerns regarding data privacy and vehicle safety. Key industry players are advancing via innovation and technology adoption. As customer choices shift towards smart automated parking management system options, the Automated Parking Management System Market is expected to thrive, with persistent innovation and a broader reputation fueling its destiny prospects.