U.S. Automated Parking System Market (By Component; By Structure Type; By Platform; By Automation Level; By End-use) - Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2024-2033

U.S. Automated Parking System Market Size and Growth

The U.S. automated parking system market size was estimated at around USD 434.53 million in 2023 and it is projected to hit around USD 2,358.51 million by 2033, growing at a CAGR of 18.43% from 2024 to 2033.

Key Pointers

• By Component, the hardware segment generated the maximum market share of 84% in 2023.
• By Structure Type, the tower system held the largest market share in 2023.
• By Platform Type, the palleted system segment captured the maximum market share in 2023.
• By Automation Level, the fully automated parking systems held the largest market share in 2023.
• By End-use, the commercial segment generated the maximum market share in 2023.

U.S. Automated Parking System Market Overview

The U.S. automated parking system market has experienced significant growth driven by advancements in technology and urban infrastructure demands. Automated parking systems offer efficient utilization of space, reduced environmental impact, and enhanced user convenience compared to traditional parking methods. This market's expansion is further fueled by increasing urbanization, limited parking availability, and the rising adoption of smart city initiatives across major metropolitan areas. Key players in the market are continually innovating to improve system reliability, integration with smart technologies, and overall user experience.

U.S. Automated Parking System Market Growth Factors

The growth of the U.S. automated parking system market is driven by the technological advancements have significantly enhanced the efficiency and reliability of automated parking systems, making them increasingly attractive to urban developers and property owners seeking to maximize space utilization. The rise of smart city initiatives across major metropolitan areas has also spurred demand, as automated parking systems align with broader sustainability goals and the need for integrated, efficient urban infrastructure. Moreover, the growing urbanization trend and population density in cities have created a pressing need for innovative parking solutions that can accommodate more vehicles in limited spaces.

U.S. Automated Parking System Market Trends:

• Integration with Smart Cities: Increasing adoption of smart city initiatives is driving the integration of automated parking systems with broader urban infrastructure, aiming for sustainability and efficient land use.
• Rising Urbanization: The trend towards urban living is increasing demand for parking solutions that optimize space utilization in densely populated areas.
• Environmental Sustainability: Automated parking systems contribute to reducing carbon footprints by minimizing the need for large, traditional parking structures and optimizing energy usage.
• User Convenience: Enhanced user experience through features like remote vehicle retrieval, mobile app integration for booking, and real-time space availability updates is becoming standard.
• Technological Advancements: Continuous innovation in sensor technologies, robotics, and automation software is enhancing the efficiency and reliability of automated parking systems.

Component Insights

In 2023, hardware dominated the market with a significant share of 84%. Hardware encompasses physical components like sensors, gates, cameras, and robotics crucial for automated parking operations. These components are integral to the infrastructure required for automated parking, enabling efficient vehicle detection and navigation to parking spaces.

Software, expected to grow at the highest CAGR during the forecast period, includes algorithms, applications, and interfaces that facilitate user-system interaction. It provides intuitive interfaces for seamless access and efficient utilization. By effectively managing and coordinating hardware functionalities, software optimizes system performance, enhances reliability, and ensures a smooth parking experience.

Structure Type Insights

The tower system held the largest market share in 2023, involving vertical stacking of vehicles in multi-level structures. This method maximizes space efficiency, enabling more vehicles to be parked in compact areas. In July 2023, Ultron introduced a cutting-edge slide system, featuring stationary conveyors for multidimensional vehicle movement, marking a significant advancement in automated parking technology.

The Puzzle System is projected to grow at the fastest CAGR, employing advanced software algorithms to strategically optimize vehicle placement. This approach enhances parking efficiency by solving complex spatial challenges.

Platform Type Insights

In 2023, the palleted system dominated the market, utilizing pre-designed pallets for vehicle transport and storage. This system optimizes space and efficiency, catering to high demand in various applications such as luxury apartments with robotic parking garages, as reported by CNBC in November 2022. These systems offer amenities like electric vehicle charging and maximize parking space.

The non-palleted system is anticipated to grow rapidly, leveraging sensor and camera technology for accurate vehicle detection and flexible parking configurations without fixed platforms. This flexibility suits diverse layout and design needs.

Automation Level Insights

Fully automated parking systems held the largest market share, characterized by minimal human interaction. Robotic systems autonomously park and retrieve vehicles, providing a swift and driverless parking experience appreciated for its efficiency.

Semi-automated parking systems require some human intervention, such as driver guidance during parking, offering improved precision and reduced driver effort compared to manual methods.

End-use Insights

The commercial segment led the market, serving businesses like offices, hotels, shopping centers, and airports that require efficient parking solutions for high visitor volumes. Automated systems enhance customer satisfaction and revenue generation through streamlined parking operations.

The residential segment is poised for rapid growth, driven by urbanization and population density. Residential buildings seek efficient parking solutions to maximize limited space, supporting increased demand for automated parking systems.

U.S. Automated Parking System Market Key Companies

• AutoMotion Parking Syatem
• AUTOParkit
• CityLift parking
• Harding Stee
• Hyundai Mobis
• Parkhub
• ParkPlus
• ParkWhiz
• Robotic Parking Systems Inc.
• Westfalia technologies Inc

Recent Developments

• In January 2023, AUTOParkit introduced a virtual tool known as Digital Twin to enhance development processes and streamline physical operations. This innovative implementation enables virtual planning through simulations, facilitating optimized system design and seamless transition to the implementation phase.
• Westfalia Parking organized a webinar in November 2021 titled "Automated Parking Demystified" to educate stakeholders. The webinar highlighted their automated parking system designed for enhanced user safety and convenience, particularly addressing COVID-19 concerns with contactless parking and retrieval capabilities. It also emphasized collaboration opportunities for architects and developers with automated parking vendors.
• In September 2023, Hyundai Mobis pioneered the one-touch Memory Parking Assistance (MPA) technology for automated parking. This system utilizes self-learned path algorithms, ultrasonic technology, and environment monitoring cameras to autonomously learn and execute parking maneuvers. This technological advancement, integrating video-based sensors and driver assistance systems, has positioned Hyundai Mobis competitively in the automated parking market.

U.S. Automated Parking System Market Segmentation:

By Component

• Hardware
• Software

By Structure Type

• AGV System
• Silo System
• Tower System
• Puzzle System
• Rotary System

By Platform Type

• Palleted
• Non-palleted

By Automation Level

• Fully Automated
• Semi-automated

By End-use

• Residential
• Commercial
• Mixed-use