Autonomous Parking System Market Highlights

• Global autonomous parking system market revenue is poised to garner USD 7.3 billion by 2032 with a CAGR of 15.9% from 2023 to 2032
• Europe autonomous parking system market value occupied around USD 602 million in 2022
• Asia-Pacific autonomous parking system market growth will record a CAGR of more than 17% from 2023 to 2032
• Among component, the hardware sub-segment generated USD 1.4 billion revenue in 2022
• Based on platform type, the palleted sub-segment generated 68% autonomous parking system market share in 2022
• Collaborations between automotive manufacturers and technology companies for innovation is a popular autonomous parking system market trend that fuels the industry demand

Advanced technology called an autonomous parking system (APS) allows cars to park themselves without assistance from a person. With the use of sophisticated algorithms, cameras, radars, and sensors, automated parking systems (APS) enable cars to manoeuvre safely and correctly through parking lots and garages. APS lowers the chance of accidents or collisions, improves parking efficiency, and lessens traffic congestion by utilizing artificial intelligence and machine learning. The market for autonomous parking systems is expanding at an impressive rate because to developments in automobile technology and rising consumer demand for intelligent parking options. Effective parking management systems are becoming essential due to the growing urbanization and vehicle population.

Global Autonomous Parking System Market Dynamics

Market Drivers

• Increasing urbanization and congestion in cities
• Advancements in autonomous vehicle technology
• Growing consumer demand for convenience and efficiency
• Regulatory mandates promoting vehicle safety and emission reduction

Market Restraints

• High initial investment costs
• Concerns regarding cybersecurity and data privacy
• Limited infrastructure support and standardization challenges

Market Opportunities

• Integration of AI and machine learning for enhanced parking solutions
• Expansion of smart city initiatives and connected vehicle ecosystems
• Adoption of electric and autonomous vehicle fleets

Autonomous Parking System Market Report Coverage

Autonomous Parking System Market Insights

Continuously rising vehicle sales across the globe, coupled with increasing concerns regarding parking spaces, have driven the global market during the autonomous parking system industry forecast period 2023-2032. In recent years, automation has transformed various sectors. The introduction of advanced technology and the use of AI in various sectors have improved work efficiency. The rising demand for efficient work systems, the increasing demand for electronic systems for vehicle parking, and the presence of a large number of automotive vehicles across the globe propel the growth of the Autonomous Parking System market.

The demand for automotive vehicles, especially in developing countries, is rapidly increasing due to economic growth, which is projected to drive the growth during the autonomous parking system market forecast period 2023–2032. For instance, according to Automotive Production Statistics by the International Organization of Motor Vehicle Manufacturers (OICA) in 2017, the total number of automotive vehicles produced was 97,302,534 units, including cars and commercial vehicles. Whereas in past years, it was 94,976,569. However, China was the major contributor to global automotive production, followed by Japan. China produced 24,806,687 cars and 4,208,747 commercial vehicles, whereas Japan produced 8,347,836 cars and 1,345,910 commercial vehicles, respectively.

Autonomous Parking System Market Segmentation

The worldwide market for autonomous parking system is split based on component, structure type, automation level, platform type, end use, and geography.

Autonomous Parking System Components

• Software
• Hardware

According to autonomous parking system industry analysis, the hardware category leads the market by holding the largest market share. This is mostly because hardware components are essential to the operation of autonomous parking systems. Sensors, cameras, LiDAR (Light Detection and Ranging) systems, actuators, and other physical equipment are examples of hardware components that are required for autonomous cars to detect, navigate, and perform parking manoeuvres. These parts are necessary for precisely sensing the environment around the car, seeing obstructions, finding parking spots, and carrying out safe and effective parking manoeuvres. High-quality hardware components are still in high demand, which is driving the hardware segment's substantial market share in the autonomous parking system market. This is because autonomous parking systems rely significantly on a stable and dependable hardware infrastructure to provide flawless operation and customer confidence.

Autonomous Parking System Structure Types

• AGV System
• Silo System
• Tower System
• Rail Guided Cart (RGC) System
• Puzzle System
• Shuttle System

The tower system category holds the highest proportion in the market for autonomous parking systems. The tower system's supremacy is a result of its effective use of vertical space, which makes it perfect for metropolitan settings with limited land availability. Tower Systems maximise parking capacity without requiring a large amount of horizontal space by using vertical stacking of automobiles within high-rise buildings. With space at a premium, densely populated cities are facing an increasing demand for efficient parking alternatives. This creative solution meets that requirement. Tower systems optimise parking operations and improve customer comfort by providing speedy and automated car retrieval. Furthermore, tower systems' attractiveness has been further enhanced by developments in automation and vertical transportation technology, which has led to its broad acceptance and contributed to their sizeable market share in the autonomous parking system industry.

Autonomous Parking System Automation Levels

• Semi-automated
• Fully Automated

The fully automated sector leads the market for autonomous parking systems because of its extensive and sophisticated functionality. Users can park with ease and convenience thanks to fully automated systems, which require little to no human participation at all during the procedure. Modern technology like artificial intelligence, sensors, cameras, and robots are used by these systems to perform efficient and accurate autonomous navigation, obstacle detection, and parking manoeuvres. Fully Automated systems maximize parking facility space utilization while greatly improving ease and safety of parking by doing away with the requirement for driver input. Furthermore, the adoption of fully automated parking systems is fueled by the growing need for creative urban parking solutions as well as the quick development of autonomous car technology. Because of its success in satisfying the changing requirements of contemporary parking settings, the Fully Automated category emerges as the top competitor in the automated parking system market.

Autonomous Parking System Platform Types

• Non-palleted
• Palleted

Palleted stands out as the best platform type in the market for autonomous parking systems due to its versatility, efficiency, and compatibility with a variety of automated parking technologies. Palletized systems are more flexible and scalable than non-palletized systems since they use conventional pallets or platforms to move cars throughout parking lots. Pallets like this reduce the possibility of damage and maximise space usage in parking structures by giving cars a solid and safe foundation during transit and storage. Palleted systems also make it easier to integrate automated retrieval and parking mechanisms, which speeds up the entire parking procedure and maximises throughput. Palleted systems are the go-to option and the reason behind their leadership in the autonomous parking system market because they can accommodate a wide range of vehicle sizes and configurations while delivering optimal performance, meeting the growing demand for effective and user-friendly parking solutions.

Autonomous Parking System End Uses

• Commercial
• Residential
• Mixed-use

The commercial section of the automated parking system market stands out as the top end-use category for a number of reasons. Businesses like malls, airports, medical facilities, and office buildings frequently deal with large amounts of traffic from cars, so finding effective parking solutions is essential to provide space for guests, staff, and clients. Commercial facilities may profit greatly from autonomous parking systems as they maximise parking space utilisation, ease traffic, and improve user experience by implementing simple and efficient parking procedures. Furthermore, businesses are placing a greater emphasis on sustainability and operational effectiveness, which is propelling the adoption of cutting-edge technology like autonomous parking systems in order to meet their goals. Because of this, the commercial segment accounts for a sizable share of market demand, which supports their dominant position in the automated parking system market and reflects the growing recognition of autonomous parking solutions as necessary elements of contemporary commercial infrastructure.

Autonomous Parking System Market Regional Outlook

North America

Autonomous Parking System Market Regional Analysis

Europe holds a largest share in the automated parking system market due to the increasing import and export of goods in the European region. The Asia Pacific is the fastest-growing market for Autonomous parking systems, driven by technological advancements taking place in China regarding automation in the service sector. Increased production capacity of automotive components in developing countries such as Japan, Korea, and China has heightened the demand for better parking systems, thereby driving market growth. Moreover, rapid urbanization and increased buying power have further fueled the demand for Autonomous parking systems. Conversely, LAMEA holds the least share in the global autonomous parking system market.

Factors such as healthcare accessibility and the incidence of genetic abnormalities impact market dynamics in Latin America and the Middle East. While these regions have lesser market shares than North America and Europe, there is room for development as healthcare infrastructure improves and knowledge of genetic testing grows.

Autonomous Parking System Market Players

Some of the top autonomous parking system companies offered in our report includes Park Plus Inc., Klaus Multiparking GmbH, Wohr Parking System Pvt. Ltd, Skyline Parking AG, Robotic Parking Systems, Inc., AutoMotion Parking Systems, Parkmatic, City Lift Parking, LLC., Westfalia Parking, and Unitronics Ltd.