Automated Parking System Market Statistics for Informed Decisions

The global automated parking system (APS) market is experiencing significant growth as urbanization and the demand for efficient parking solutions increase. According to Persistence Market Research's projections, the global automated parking system market is estimated to reach a size of US$ 6.8 billion in 2024. It is predicted to rise at a CAGR of 12.1% through the assessment period, reaching a value of US$ 15.09 billion by 2031.

This growth is driven by the rising need for space-efficient parking solutions in congested urban environments, as well as the increased adoption of smart technologies in the automotive industry. Automated parking systems offer a promising solution, allowing vehicles to park themselves with minimal human intervention. These systems are gaining popularity for their ability to save time, reduce traffic congestion, and maximize parking space utilization.

The growth of electric vehicles (EVs) and advancements in autonomous driving technologies further support the expansion of APS. As cities and businesses continue to prioritize smart infrastructure, automated parking solutions are expected to play a vital role in the future of urban mobility. For companies and stakeholders in the automotive and real estate sectors, understanding these market statistics is crucial for making informed decisions and investing in the evolving smart parking space.