Automated Parking System Market Size

Automated Parking System Market size was over USD 2.1 Billion in 2023 and is set to cross USD 13.6 Billion by the end of 2036, growing at more than 16.7% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of automated parking system is estimated at USD 2.31 Billion. The market is expected to grow on the back of a growing number of vehicles worldwide, requiring better, space-efficient parking solutions. According to research, around 2000 million cars are expected to be present globally by the end of the next decade. With better income and living standards than before, people are purchasing personal vehicles, many in the form of cars.

In automatic parking systems, automobiles are stacked vertically or in a planned manner to save space. These distinctive systems’ designs make it possible to move cars from the entry to their parking spot without the driver being there. This helps save space and allows both horizontal and vertical spaces to be used efficiently, as there is no human involvement. With growing pressure on cities and parking systems, automatic parking systems help save up more space and allow more vehicles to be stored. Automated parking systems can save up to 50% of parking space when used correctly.