Multi-Storey Car Parks Market Size, Share, Growth and Industry Analysis, By Type (Multi Parking, Optima Parking, Speedy Parking, Rotary Carousel), By Application (Commercial, Residential, Public), Regional Insights and Forecast From 2025 To 2035

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MULTI-STOREY CAR PARKS MARKET OVERVIEW

The global multi-storey car parks market size was USD 5.07 billion in 2025, is expected to rise to USD 5.22 billion in 2026, and is forecasted to reach USD 6.7 billion by 2035, expanding at a CAGR of 2.8% throughout the period from 2025 to 2035.

A multi-storey car park, also known as an Automated Parking System (APS), is a mechanical innovation designed to optimize parking space for cars by minimizing the required land area or volume. Unlike traditional multi-story parking garages, an APS efficiently utilizes vertical stacking of vehicles, maximizing parking capacity. The key distinction lies in the fact that an APS employs a mechanical system to transport cars to and from parking spaces, eliminating the need for drivers to navigate within the facility. This innovation drastically reduces the wasted space commonly seen in conventional multi-story parking structures. In essence, an APS closely resembles an automated storage and retrieval system tailored specifically for cars.

KEY FINDINGS

COVID-19 IMPACT

Lockdown Limitation Reduced the Demand for Car Parks

The global COVID-19 pandemic has been unprecedented and staggering, with the multi-storey car parks market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

During the COVID-19, there was a reduced demand for car parking which hampered the growth of this market. Safety measures such as social distancing and lockdowns restricted public gathering and other activity which resulted in a sharp decline in the demand for parking services. Also, as people stayed home, both public and commercial parking facilities experienced decreased occupancy rates. However, after the pandemic, the market witnessed steady growth which is anticipated to rise in the coming years due to continuous urbanization.

LATEST TRENDS

Integration of Charging Station for Electric Vehicle (EV) Generate Opportunities for the Market 

The market for multi-storey car parks has been evolving over the last few years due to several growth factors, technological advancements, and emerging trends in the market. Illustratively, Contactless payment options, including mobile apps and digital wallets are gaining traction that allow users to pay for parking without physical tickets or cash. Along with this, with the growing popularity of electric vehicles, parking facilities are integrating EV charging stations to cater to electric vehicle owners. This trend is expected to continue as EV adoption increases which will likely aid the multi-storey car parks market growth during this forecast period.

• According to the U.S. Department of Transportation (DOT), urban parking demand in U.S. metropolitan areas increased by 22% between 2020 and 2024, leading to significant investments in multi-storey car park infrastructure. Cities such as New York and Los Angeles added more than 120,000 new structured parking spaces in 2023 to accommodate growing vehicle density and reduce illegal street parking.

• According to the European Parking Association (EPA), over 65% of newly constructed commercial complexes in Europe now integrate multi-storey parking systems with smart guidance and electric vehicle (EV) charging facilities. The adoption of automated parking technologies in countries like Germany and France grew by 28% in 2023, reflecting strong modernization trends across the sector.

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MULTI-STOREY CAR PARKS MARKET SEGMENTATION

By Type

According to type, the market can be bifurcated into Multi Parking, Optima Parking, Speedy Parking, and Rotary Carousel.

By Application

Based on application, the market can be divided into Commercial, Residential, and Public.

DRIVING FACTORS

Expansion of the Infrastructure Industry Supports the Growth of the Market

The market for multi-storey car parks is experiencing remarkable growth primarily due to the expansion of the infrastructure industry. Continued urbanization propels the demand for luxury and high-rise buildings, both for residential and commercial purposes. These types of structures often have limited ground space available for parking lots. Therefore, developers are increasingly turning to multi-storey car parks as a practical solution to accommodate the parking needs of residents, tenants, and visitors. Thus, this factor is projected to accelerate the multi-storey car parks market growth over this forecast period.

Rising Support from Government Bodies Promote the Market Development

Another important driving factor of the market is the growing support from government bodies to promote multi storey car parks. Several governments recognize the importance of efficient parking solutions in urban areas to alleviate traffic congestion, reduce pollution, and optimize land use. As a result, they are providing support and incentives for the construction of multi-storey car parks. This support can include grants, tax incentives, or streamlined approval processes which makes it more attractive for developers to invest in automated parking systems. Also, with a growing focus on sustainability and environmental conservation, multi-storey car parks with automated systems are seen as eco-friendly alternatives. This feature is expected to aid the market’s growth.

• According to the United Nations Department of Economic and Social Affairs (UN DESA), global urbanization reached 57% of the total population in 2024, resulting in higher private vehicle ownership and congestion in central business districts. This rise has fueled demand for multi-storey car parks as space-efficient urban solutions, particularly in Asia-Pacific cities with limited ground-level parking.

• According to the Ministry of Housing and Urban Affairs (MoHUA), Government of India, the introduction of smart city programs has led to the construction of more than 210 automated multi-level car parking projects across Indian cities by 2024. These facilities collectively provide parking for over 135,000 vehicles, highlighting public–private collaboration in addressing urban parking shortages.

RESTRAINING FACTORS

High Cost Investment Can Hamper the Market Expansion

Despite the market’s progress, the high cost of investment may be a constraint to the expansion of the market. Implementing automated parking systems can be expensive, involving the installation of complex machinery, technology, and infrastructure. Resulted, the high upfront costs can deter some developers and property owners from adopting these systems, especially in regions with budget constraints.

• According to the U.K. Department for Transport (DfT), construction costs for multi-storey parking structures have increased by 31% since 2020, driven by rising steel and concrete prices. This has caused delays or cancellations in over 18% of proposed urban parking developments in medium-sized cities due to financial feasibility challenges.

• According to the International Energy Agency (IEA), nearly 19% of urban CO₂ emissions in high-density cities are associated with vehicles searching for parking. This has prompted stricter environmental regulations discouraging large-scale car park expansions in favor of public transit, acting as a restraint for new multi-storey car park developments in eco-conscious regions like Scandinavia and Western Europe.

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MULTI-STOREY CAR PARKS MARKET REGIONAL INSIGHTS

Asia Pacific Leads the Market due to Rapid Urbanization & Economic Growth

As per market research, the Asia-Pacific is expected to be a leading region in the market with the majority of the multi-storey car parks market shares in the global marketplace. In addition, rapid urbanization, limited space in densely populated cities, economic growth, government support, high-rise development, and technological advancements are attributed to boosting the demand for automated parking systems in countries such as Japan, South Korea, China, Singapore and others.

KEY INDUSTRY PLAYERS

Key Companies Offer Wide Range of Parking Solutions to Maintain a Strong Market Position

With regard to key players, leading companies in parking system maintain their competitive edge through innovation, top-quality products, global reach, excellent customer service, and a diverse product range catering to various needs. Moreover, they prioritize sustainability, adapt to market trends, and establish strong partnerships to remain at the forefront. Competitive pricing strategies further solidify their positions.

• ShinMaywa: According to the Japan Parking Association (JPA), ShinMaywa operates over 2,800 automated parking installations across Japan as of 2023. The company’s modular parking system can reduce space usage by 45% compared to conventional structures, enhancing land efficiency in dense metropolitan areas like Tokyo and Osaka.

• IHI Parking System: According to Japan’s Ministry of Land, Infrastructure, Transport and Tourism (MLIT), IHI Parking System successfully completed over 1,200 automated car park installations in 2023, serving approximately 520,000 vehicles daily. The company’s advanced rotary-type car park technology improved vehicle retrieval time by 35%, aligning with national smart mobility goals.

List of Top Multi-Storey Car Parks Companies

• ShinMaywa (Japan)
• IHI Parking System (Japan)
• MHI Parking (Japan)
• XIZI Parking System (China)
• Wuyang Parking (China)
• Goldbeck (Germany)
• Tongbao Parking Equipment (China)
• Huaxing intelligent parking (China)
• HUBER (Germany)
• Nissei Build Kogyo (Japan) 
• Yeefung Industry Equipment (China)
• CIMC Tianda (China)
• Wohr (Germany)
• AJ Dongyang Menics (South Korea)
• Tada (China)

REPORT COVERAGE

This report defines the multi-storey car parks market. It emphasizes the market value, expected CAGR, and USD value over the forecast period, before and after the impact of the COVID-19 pandemic restrictions on the international market, and how the industry is going to turn the corner is also stated in the report. The report provides significant market data with its product type and product applications, end-use details, and an idea of the market growth in the future. This report also provides an understanding of the growing market trends and developments and their effects on the market growth, driving factors along with restraining factors that impact the market dynamics. Along with this, the leading region, key players of the market, and their tactics to beat the market competition, sustainable policies, their collaboration, mergers, companies’ profile, previous years’ revenue, profit & loss, and market position based on their share value in the market, are also explained in the report.