The global market for automated parking systems is projected to expand significantly, increasing from US$ 1,321.71 million in 2020 to US$ 3,543.77 million by 2028. This growth represents a compound annual growth rate (CAGR) of 14.1% from 2021 to 2028.
In recent years, the demand for automated parking solutions has surged, primarily due to the rising number of vehicles on the roads and the corresponding need for sustainable parking options. The World Economic Forum estimates that the global vehicle count could reach 2 billion by 2040. Much of this increase is expected to occur in developing nations like China and India, driven by rapid population growth. As vehicle numbers rise, urban areas are grappling with challenges such as traffic congestion and a shortage of parking spaces. Automated parking systems offer a solution by enabling the automatic parking and retrieval of vehicles.
In July 2021, Westfalia Technologies, Inc. introduced the Westfalia Parking App, a comprehensive consumer parking solution designed to enhance efficiency, safety, and convenience in parking facilities worldwide, including locations in the US, UAE, and Denmark.
Several prominent companies are active in the automated parking system sector, including AJ Automated Parking Systems Co., Ltd., Citylift Parking, Fata Automation Inc, Klaus Multiparking, Park Plus, Inc., Parkmatic, Robotic Parking Systems, Inc., Skyline Parking (Fehr Lagerlogistik AG), U-tron, and Westfalia Technologies, Inc.. The report also includes secondary research on additional companies that hold a notable share of the market.
The overall size of the automated parking system market has been determined through a combination of primary and secondary research methodologies. The research process commenced with extensive secondary research, utilizing both internal and external sources to gather qualitative and quantitative data relevant to the market. This approach not only provides a comprehensive overview but also forecasts the automated parking system market across various segments and regions.
Furthermore, numerous primary interviews have been conducted with industry stakeholders and experts to validate the findings and gain deeper analytical insights. Participants in this research included industry professionals such as Vice Presidents, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the automated parking system market.
As urbanization continues to accelerate and vehicle ownership rises, the automated parking system market is poised for substantial growth. The integration of technology in parking solutions not only addresses the pressing issues of space and efficiency but also aligns with the global push towards sustainability. With innovations like the Westfalia Parking App, the industry is moving towards more user-friendly and efficient parking experiences.
In conclusion, the automated parking system market is on a robust growth trajectory, driven by increasing vehicle numbers and the need for efficient parking solutions. The involvement of key players and ongoing technological advancements will likely shape the future landscape of this market, making it an area of significant interest for investors and stakeholders alike.