The automated parking system market is estimated to be 1.3 billion in 2019 and is projected to reach USD 3.6 billion by 2027, at a CAGR of 13.1% during the forecast period. The key drivers of the market are increasing the number of vehicles on the road, scarcity of land for parking, and increasing urbanization. A growing number of high-rise buildings and luxury residential buildings is expected to boost the automated parking system market.
The automated parking system market is dominated by globally established players such as Wohr (Germany), Klaus Multiparking (Germany), CityLift (US), Unitronics (Israel), Robotics Parking Systems, Inc. (US), and Westfalia (Germany). These companies developed new products, adopted expansion strategies, and undertook collaborations, partnerships, and mergers & acquisitions to gain traction in this high-growth automated parking system market. The companies are offering software and parking management solutions along with the design, manufacturing, and installation of the automated parking system. Westfalia developed Savanna.NET PCS a parking control system software that can control the automated parking system and run the entire parking management system.
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The key players in the market are expanding its presence in growing regions such as the Middle East and Asia Oceania. These companies are collaborating with local players to gain traction in the market. For instance, Klaus Multiparking and NKB Technovations formed Klaus Multiparking System Pvt. Ltd. (India) a 50:50 joint venture to gain traction in the Indian market.
The companies are increasing their focus in the Middle East region owing to the increasing demand for automated parking system in the region, especially in high rise buildings. In 2018, Robotic Parking Systems, Inc. was awarded by Guinness World Records for developing an automated parking facility in Al Jahra Court Complex, Kuwait with 2,314 parking spaces. The company got the contract to design, manufacture, automation, installation, and maintenance of the facility.
Automated Parking System Market by Automation Level (Semi-Automated, Fully-Automated), End-User (Commercial, Residential, Mixed-use), System (Hardware, Software), Platform , Design Model, Parking Level, Region - Global Forecast to 2027
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