Multi-Storey Car Parks Market Size, Share, Growth, and Industry Analysis, By Type (Multi Parking, Optima Parking, Speedy Parking, and Rotary Carousel), By Application (Commercial, Residential, and Public), and by Regional Forecast to 2028

Updated On: 22 April 2024

multi-storey car parks market Report Overview

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The global multi-storey car parks market size was USD 4674 million in 2022 and is expected to reach USD 5516.3 million in 2028, exhibiting a CAGR of 2.8% during the forecast period. 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.

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.

COVID-19 Impact: Lockdown Limitation Reduced the Demand for Car Parks

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.

multi-storey car parks market Segmentation

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• By Type Analysis

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

• By Application Analysis

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.

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.

multi-storey car parks market Regional Insights

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"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.

List of Market Players Profiled

• 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.