The global automotive automated parking system market had a revenue holding of USD 1,534 million in 2021. It is expected to reach USD 5,479 million by 2030, growing at a CAGR of 17.25% during the forecast period (2022–2030).
Major countries have seen exponential growth in the number of on-road automobiles, leading to parking and traffic congestion issues. This has led to the introduction of automatic parking systems. Automated parking systems (APS) are structures in which automobiles are vertically stacked to conserve space. These distinctive systems' designs make it possible to move cars from the entry to their parking spot without the driver is there. Automated vehicles automatically without human assistance is known as automated parking. There is no longer a need for drivers because a mechanical system runs the APS to move automobiles. APS resembles automated vehicle storage and retrieval system. Automated parking technologies have the potential to revolutionize parking. They are lauded as the best answers to challenging parking conditions for everything from jam-packed hospital and hotel parking lots to car dealerships and local parking structures. Numerous municipalities and businesses have built automated parking systems for their use with considerable success.
Even retail establishments and residential complexes are beginning to invest in the technology due to its handiness. By making it unnecessary for drivers to park their cars, which wastes time and petrol, automated parking systems enable people to cut greenhouse gas emissions, including those from VOC, CO2, and other hazardous gases, by over 80%. The leading market drivers are the government's smart cities programs, rising urbanization, declining parking space availability, rising automobile ownership rates, and growing demand for luxury buildings. An automated solution makes it more convenient for drivers or car owners by automatically parking the vehicles in free space in the system. The automotive automated parking system market is driven by the growth of the infrastructure and the increased popularity of high-rise luxury buildings, and government backing. Due to these advantages, automotive automated parking systems are expected to become more prevalent in residential and commercial structures.
One of the leading causes of climate change and global warming is the rising number of emissions produced by the automotive industry. Key automobile markets, including China, India, and the US, contribute significant automotive emissions to the overall emission. To limit automotive emissions, numerous governmental organizations are adopting several actions. As an illustration, the European Union and the G8 countries agreed on a plan in 2009 to cut CO2 emissions by approximately 80% by 2050. China and the US jointly announced their intent to ratify the Paris Climate Agreement on April 1, 2016. The agreement's goal was to slow down the pace of climate change. Consequently, the industry's attention has switched to creating eco-friendly products.
Finding a parking spot takes time, which consumes fuel and raises emissions when a car is parked. The British Parking Association reported in 2017 that the average UK resident spends 90.5 hours a year looking for parking places. Fuel, time, and emissions are wasted as a result, which can be avoided with the use of an automated parking system. An automated car parking system aids in lowering construction footprint, energy use, and emissions. Furthermore, compared to a traditional parking system, the automated parking system boosts efficiency and allows parking more vehicles in a smaller space. Green and sustainable solutions can be offered by using techniques like solar-powered automatic parking and parking spots with electric vehicle charging stations. Thus, the market for automotive automated parking systems will increase due to the rising demand for environmentally friendly and sustainable solutions.
An automated parking system's construction is complex and involves careful consideration of numerous elements. The hardware and software systems that make up the automated parking system are combined. The collapse of one system can fail the entire system. Sometimes, the motorist receives the incorrect vehicle from the automatic parking system. Space availability is crucial in developing an automated parking system; in addition to dependence on software and hardware components, safety is another essential concern with an automated parking system. An automobile may sustain damage when moving from one spot to another in an autonomous parking system.
Many businesses are putting their research and development efforts into this market to allay safety worries and offer complete software and hardware solutions for automated parking systems. The challenge of quality control for manufacturers arises from the lack of regulations to oversee the operation of an automated parking system. A high-quality automatic parking system for vehicles also requires a significant initial expenditure. These constraints limit the market expansion for automated parking systems for automobiles.
The development of smart cities has influenced the transformation of urban regions. IoT-based technology has been adopted due to this drive to enhance services like mobility and transportation. The adoption of smart city programs by governments worldwide has, among other things, opened up market prospects for sophisticated and smart parking solutions like automated parking systems. Flexible, manageable, and space-efficient parking management systems are a hallmark of smart cities. In the town of Los Angeles, Xerox Corporation (US) created a smart grid that helps drivers find parking. Using a smartphone application, a car can find a parking spot using the Xerox smart grid. When a vehicle is parked, the parking sensors installed in the parking bay identify the space as occupied. The parking fee is entered into the parking meter by the driver. The same mobile phone application can be used to extend the parking meter's time and pay for it.
Barcelona's streets are equipped with sensors that can alert people to locations with available parking spaces. This technology improves the environment while reducing traffic. Fewer cars are driving around the city, reducing carbon dioxide emissions. Similar to this, parking meters that adjust their charges based on location and cut down on the time and fuel wasted by drivers looking for space were introduced by SF Park, San Francisco's system of regulating parking. Thus, such developments led by smart city initiatives are expected to create further growth opportunities.
The global automotive automated parking system market is classified based on system, automation level, end-user, and region.
By system, the global automotive automated parking system market is segmented into Hardware and Software.
The Hardware section is projected to advance at a CAGR of 17.31% and hold the largest market share over the forecast period. Hardware considers every mechanical, electrical, and electronic component of automatic parking systems. Microcontrollers, GSM modules, RF modules, displays, motor drivers, ultrasonic sensors, DC motors, camera units, and other components are included in a parking system. The organization of the overall system varies between projects. Numerous solutions, including guiding systems, web-based solutions, sensor-based identification, license plate recognition, mobile-based parking, and RFID solutions, can be added to the systems, depending on the budget.
The Software section will hold the second-largest market share. Numerous solutions, including parking management software, statistical reporting software, parking guidance systems, security analyses, automated ticketing system programs, and real-time vehicle counting, have been integrated into automated parking systems within the software section. The demand for parking guidance systems is expanding because they help drivers find the closest parking spot while collecting real-time data to enhance and boost the system's efficiency.
By automation level, the global automotive automated parking system market is segmented into Fully Automated and Semi-Automated.
The Fully Automated section is projected to advance significantly and hold the largest market share over the forecast period. Fully automated parking systems are in increasing demand in developing economies due to their advantages over semi-automated alternatives, including higher efficiency, increased capacity, lower emission, and improved safety & convenience. However, the decision between completely automated and semi-automated solutions varies depending on the project's use, location, and available money. Higher capacity systems frequently become fully automated, whereas lower capacity systems often remain semi-automated.
By end-user, the global automotive automated parking system market is segmented into Residential and Commercial.
The Commercial section is projected to advance at a CAGR of 17.22% and hold the largest market share over the forecast period. The expansion is attributable to the growing demand for parking spaces in business buildings and shopping centers. Fewer places are available due to the increasing number of vehicles on the road, which causes traffic congestion and increases air pollution in major cities worldwide. Due to automated parking systems' many advantages in resolving these problems, along with benefits like optimal space utilization and increased security, it is anticipated that demand and adoption for these systems will increase quickly in the business sector soon.
The Residential section will hold the second-largest market share. Due to concerns about a guest or visiting parking places and the rising number of people who own multiple vehicles, there is an increased need for parking spaces in the residential segment, particularly apartments. Adopting an automated parking system has shown to be a superior alternative for flats in densely populated areas because it is more cost-effective overall per spot than a traditional concrete garage.
The regional segmentation of the global automotive automated parking market includes North America, Europe, Asia-Pacific, and the Rest of the World.
Europe will command the leading market position, expanding at a CAGR of 17.32% over the forecast period. The increase in initiatives to create smart cities and the rise in demand for commercial and residential structures will create growth prospects for the regional market. Automated parking systems are widely used in the region’s nations to save space and reduce vehicle emissions while parked. The availability of technologically sophisticated infrastructure has further prompted both the public and private sectors to embrace automated solutions for resolving parking issues. These factors propel the automotive automated parking system market in Europe.
The rise of the automotive automated parking system market is also a result of alliances between various businesses; as a result, prominent players are collaborating with other technology and real estate firms to offer automated parking systems. For instance, in Stuttgart, Germany, the local government authorized Daimler and Bosch to begin testing the automated valet parking service at the parking garage for the Mercedes-Benz Museum in 2019. The technology is controlled by a smartphone app, which allows the automobile to drive itself to the designated spot and then return to the pickup location in the same way.
Asia-Pacific will expand at a CAGR of 17.35%, generating USD 1,996 million by 2030. The regional expansion can be ascribed to its enormous population and the frequency of automobile parking on its highways. The region is home to 40% of the world's population and several of the fastest-growing economies, including India. Additionally, several smart city initiatives are being launched to improve citizen services. These initiatives address issues with utilities, connection, infrastructure, and transportation and will undoubtedly support the market's growth for automated parking systems. Governments in the Asia Pacific are concentrating on urban planning; as a result, they are introducing smart city solutions to capitalize on the infrastructure already in place.
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends|