Automated Parking Systems Market Is Estimated To Record a CAGR of Around 16.27% During The Forecast Period
Evolve Business Intelligence has published a research report on the Global Automated Parking Systems Market, 2023–2033. The global Automated Parking Systems market is projected to exhibit a CAGR of around 16.27% during the forecast period of 2023 to 2033.
Evolve Business Intelligence has recognized the following companies as the key players in the global Automated Parking Systems Market: Skyline Parking AG, Westfalia Parking, Unitronics Ltd, Klaus Multiparking GmbH, Robotic Parking Systems, Inc, City Lift Parking, LLC, Park Plus Inc, Wohr Parking System Pvt. Ltd, Parkmatic, AutoMotion Parking Systems.
Market Highlights
The Automated Parking Systems market is projected to be valued at USD 14.23 Billion by 2033, recording a CAGR of around 16.27% during the forecast period. Automated Parking Systems (APS) are innovative mechanical and software-driven solutions designed to efficiently and compactly store and retrieve vehicles in multi-level structures. These systems typically involve the use of conveyors, lifts, shuttles, and robotics to transport cars to designated parking spaces, eliminating the need for traditional ramps and human intervention. APS not only maximizes space utilization but also enhances the overall parking experience by reducing the time and effort required for parking, making them particularly suitable for urban environments with limited space and high parking demand.
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The COVID-19 pandemic had a moderate impact on the Automated Parking Systems (APS) market. During the initial phases of the pandemic, when lockdowns and travel restrictions were widespread, the demand for APS systems experienced a temporary slowdown due to reduced vehicular activity and construction delays. However, as the pandemic persisted, there was an increased focus on contactless and touchless parking solutions to minimize human interaction and enhance safety, which led to a gradual recovery in demand for APS systems. Additionally, the need for efficient parking solutions in urban areas remained relevant, further supporting the market’s resilience. The long-term outlook for the APS market remained positive, as the pandemic accelerated trends towards smart and automated parking solutions.
Segmental Analysis
The global Automated Parking Systems market has been segmented based on Structure Type, Platform Type, End-use, and region.
Based on the Structure Type, the Automated Parking Systems market is segmented based on AGV System, Silo System, Tower System, Rail Guided Cart (RGC) System, Puzzle System, and Shuttle Systems. GV System is expected to have the largest market share throughout the forecast period, while Silo System is expected to grow at the fastest rate.
Based on the Platform Type, the global Elbow sleeve market has been divided into Palleted and non-palleted. The Palleted segments are anticipated to dominate the market.
Based on the End-use, the global Automated Parking Systems market has been divided into Residential, Commercial, and Mixed-use. The Residential segments are anticipated to dominate the market.
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Regional Analysis
The Automated Parking Systems market is divided into six regions: North America, Europe, Asia-Pacific, Latin America, the Middle East, and Africa. North America and Europe have traditionally been strongholds for APS, driven by the need to optimize parking in densely populated urban areas. The Asia-Pacific region, including countries like China, Japan, and South Korea, has shown significant growth potential due to rapid urbanization and increasing vehicle ownership. Latin America is gradually adopting APS solutions to address parking challenges in its growing cities. The Middle East and Africa regions have also witnessed emerging interest in APS, especially in Gulf countries, where urban development projects are on the rise. Each region presents unique opportunities and challenges, reflecting the global diversity in APS market dynamics.
