Automated Parking Market 2024 - By Size, Share, Segments, Application, End-users And Growth Outlook By 2033
Overview and Scope An automated parking system refers to a system that consists of several rooms for storing and retrieving vehicles. With the help of this system, vehicles can be transported from the entrance to their parking space without the presence of a driver. The automated parking system is used to stack vehicles vertically to limit space. Sizing and Forecast The automated parking system market size has grown rapidly in recent years. It will grow from $2.11 billion in 2023 to $2.39 billion in 2024 at a compound annual growth rate (CAGR) of 13.4%. The growth in the historic period can be attributed to space constraints in urban areas, environmental and sustainability concerns, traffic congestion alleviation, safety and security enhancement, adoption in high-density areas.. The automated parking system market size is expected to see rapid growth in the next few years. It will grow to $4.18 billion in 2028 at a compound annual growth ra...