Automated Parking System Market Drivers in Urban Development

The global automated parking system (APS) market is experiencing rapid growth, driven by the increasing demand for efficient urban solutions. 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 to attain a value of US$ 15.09 billion by 2031. This growth is largely attributed to urbanization, technological advancements, and the growing need for space optimization in crowded cities.

One of the primary drivers of the automated parking system market is the need to maximize land use in urban areas where space is at a premium. As cities continue to expand, traditional parking spaces are becoming increasingly inefficient, leading to the rise of APS as a solution to reduce land consumption. Automated systems offer compact, multi-story parking structures that can accommodate more vehicles in less space.

Additionally, the increasing adoption of electric vehicles (EVs) and a greater emphasis on sustainability are driving the demand for APS, which can integrate seamlessly with charging stations and promote eco-friendly urban living. As cities strive for smarter, more sustainable infrastructure, APS is becoming a key component in modern urban development.