Multi-storey Parking Lot Market

Updated On : 14 April 2024

MULTI-STOREY PARKING LOT MARKET REPORT OVERVIEW

The global Multi-storey Parking Lot Market size was USD 3172 million in 2024 and the market is projected to touch USD 3889 million by 2031, exhibiting a CAGR of 3.0 % during the forecast period.

The multi-storey parking lot market is a burgeoning sector addressing the growing urbanization and vehicular congestion. These structures offer efficient vertical parking solutions, optimizing space in crowded urban areas. With the rise in the number of vehicles globally, multi-storey parking lots provide a systematic and space-saving approach to accommodate the increasing demand for parking spaces. The market is characterized by innovations in design, technology, and sustainability, aiming to enhance user experience and environmental impact. As cities continue to expand, the multi-storey parking lot market plays a vital role in supporting smart and efficient urban mobility solutions.

COVID-19 Impact: Market Growth Restrained by Pandemic due Travel Restrictions Leading to Decreased Vehicle

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

The COVID-19 pandemic has adversely impacted the multi-storey parking lot market share, with lockdowns, remote work, and travel restrictions leading to decreased vehicle usage. Reduced commuting and travel have resulted in a lower demand for parking spaces, affecting revenues for parking facility operators. The economic downturn has also slowed down construction projects, impacting the expansion of parking infrastructure. Furthermore, concerns about virus transmission in enclosed spaces have led to a shift in consumer behaviour, with a preference for contactless and open-air parking options. These challenges highlight the pandemic's negative influence on the multi-storey parking lot market, necessitating adaptive strategies for recovery.

LATEST TRENDS

"Integration Of Advanced Technologies to Propel Market Growth"

The latest trends in the multi-storey parking lot market include the integration of advanced technologies such as IoT for real-time monitoring and smart parking solutions. Sustainability is emphasized through eco-friendly construction materials and green initiatives. Touchless payment systems and mobile apps for seamless user experiences are gaining prominence, addressing hygiene concerns. Design innovations prioritize user safety, efficient space utilization, and aesthetic appeal. Additionally, electric vehicle (EV) charging infrastructure within parking facilities aligns with the growing demand for sustainable transportation. These trends collectively reflect an industry shift towards tech-driven, sustainable, and user-centric approaches in the evolving landscape of multi-storey parking solutions.

MULTI-STOREY PARKING LOT MARKET SEGMENTATION

By Type

Based on type the market can be categorized into simple parking equipment, semi-automatic parking equipment, fully automatic parking equipment

• Simple Parking Equipment: Simple parking equipment represents conventional parking solutions with minimal automation. These systems typically involve manual entry and exit processes, relying on traditional ticketing or payment methods. While offering basic functionality, simple parking equipment lacks the advanced automation features seen in more modern counterparts. These setups are often suitable for smaller parking facilities where the demand for sophisticated technology is relatively low.
• Semi-Automatic Parking Equipment: Semi-automatic parking equipment introduces a higher degree of automation compared to simple systems. These setups incorporate technology for tasks such as automated ticketing, payment, and guidance systems. However, a certain level of user intervention may still be required, such as steering the vehicle into designated spaces. Semi-automatic solutions strike a balance between simplicity and automation, catering to the needs of medium-sized parking facilities.
• Fully Automatic Parking Equipment: Fully automatic parking equipment represents the pinnacle of technological advancement in parking solutions. These systems require minimal user involvement, with automation handling tasks from entry and parking to payment and exit. Utilizing advanced technologies like robotics, sensors, and computerized control systems, fully automatic setups optimize space utilization and enhance user convenience. Ideal for large-scale parking structures, these systems offer a seamless and efficient parking experience, aligning with the evolving demands of modern urban environments.

By Application

Based on application the market can be categorized into commercial complex, residential, office park, hospital, others

• Commercial Complex: Multi-storey parking lots find extensive application in commercial complexes where high visitor and employee traffic necessitates efficient parking solutions. These facilities cater to shopping malls, entertainment centres, and business hubs. The focus is on optimizing space to accommodate a large number of vehicles while providing convenient access for patrons and employees.
• Residential: In residential settings, multi-storey parking lots address the parking challenges associated with densely populated neighbourhoods or apartment complexes. These structures offer residents a convenient and secure space to park their vehicles, minimizing on-street parking issues and ensuring efficient use of available land.
• Office Park: Office parks benefit from multi-storey parking solutions to manage the parking needs of employees and visitors. These structures are designed to handle the influx of vehicles during business hours efficiently. The emphasis is on creating a seamless parking experience that complements the professional environment of office complexes.
• Hospital: Hospitals require specialized parking solutions due to the critical nature of their services. Multi-storey parking lots in hospital applications prioritize accessibility and efficient traffic flow. They provide designated spaces for patients, visitors, and medical staff, ensuring a well-organized parking system during critical times.
• Others: The "Others" category encompasses diverse applications such as educational institutions, transportation hubs, and public facilities. Multi-storey parking lots in these settings are tailored to the specific needs of each environment, addressing the challenges posed by varying levels of foot traffic and vehicular demand.

DRIVING FACTORS

"Urbanization and Population Growth Expands the Market"

The relentless expansion of urban areas and the surge in population continue to be primary driving forces behind the multi-storey parking lot market growth of the multi-storey parking lot market. As cities become more densely populated, the demand for efficient parking solutions rises exponentially. Multi-storey parking structures provide a practical response to limited ground space, offering vertical solutions that cater to the increasing number of vehicles in urban environments.

"Smart City Initiatives and Technology Integration Expands the Market"

The integration of smart city initiatives and advanced technologies plays a pivotal role in propelling the multi-storey parking lot market. Cities worldwide are embracing technology-driven solutions, incorporating IoT sensors, real-time monitoring, and smart parking systems. These innovations enhance operational efficiency, improve user experience, and contribute to overall urban mobility strategies. As technology becomes more ingrained in urban planning, the multi-storey parking market is adapting to meet the evolving demands of modern, connected cities.

RESTRAINING FACTOR

"Economic Downturn and Construction Costs Impediments to the Market Growth"

The multi-storey parking lot market faces challenges due to economic downturns impacting construction projects and investment. During economic uncertainties, there is a slowdown in infrastructure development, hindering the expansion of parking facilities. Rising construction costs, driven by material and labour expenses, pose a significant constraint on new projects. Additionally, the need for substantial initial investments in technology integration and sustainable features becomes a restraint for potential developments. These economic factors collectively contribute to the market's constraints, requiring adaptive strategies and innovative financial models to mitigate the impact on the multi-storey parking lot industry.

MULTI-STOREY PARKING LOT MARKET REGIONAL INSIGHTS

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.

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"Asia-Pacific to Dominate the Market Due to Region's Escalating Vehicle Ownership"

The Asia-Pacific region is poised to play a dominant role in the multi-storey parking lot market. Rapid urbanization, population growth, and escalating vehicle ownership in countries like China, India, and Southeast Asian nations are driving the demand for efficient parking solutions. Government initiatives, smart city developments, and a surge in construction activities further contribute to the region's prominence. As urban areas grapple with increasing vehicular density, the Asia-Pacific market for multi-storey parking lots is witnessing significant growth, making it a key focal point for industry players and investors alike.

KEY INDUSTRY PLAYERS

"Key Players Transforming the multi-storey parking lot market Landscape through Innovation and Global Strategy"

Key industry players in the multi-storey parking lot market include renowned companies such as ShinMaywa, Sotefin, Palis, OTTO WÖHR, KLAUS, and Penta Ocean Parking, with Dongjie Smart making a significant impact as well. These companies are at the forefront of innovation, contributing cutting-edge technologies and solutions to the parking industry. ShinMaywa is known for its expertise in automated parking systems, while Sotefin specializes in high-tech parking solutions. Palis focuses on creating user-friendly and space-efficient designs. OTTO WÖHR is renowned for its automated and space-saving parking systems. KLAUS contributes to smart parking solutions, and Penta Ocean Parking specializes in comprehensive parking facility construction. Dongjie Smart stands out for its advancements in intelligent parking technologies. Together, these key players play a pivotal role in shaping the future of the multi-storey parking lot market.

List of Market Players Profiled

• ShinMaywa: (Japan)
• Sotefin: (Switzerland)
• Palis: (France)
• OTTO WÖHR: (Germany)
• KLAUS: (Italy)
• Penta Ocean Parking: (Japan)

INDUSTRIAL DEVELOPMENT

May, 2023: Cloud technology is revolutionizing parking systems, enabling automated sharing of space availability, dynamic pricing, and optimal parking space utilization. The rise of electric vehicles (EVs) drives the integration of charging stations within parking garages, necessitating mitigation strategies for new fire hazards linked to lithium-ion batteries. Additionally, lightweighting trends leverage advanced simulations and materials like glass fibre reinforced polymer (GFRP) to design parking structures accommodating larger vehicles. This ensures adaptability to the evolving automotive landscape, emphasizing sustainability and safety in parking infrastructure development amid the growing prominence of EVs and changing vehicle sizes.

REPORT COVERAGE

The multi-storey parking lot market is dynamically evolving to address the challenges posed by urbanization, population growth, and technological advancements. Despite setbacks from the COVID-19 pandemic and economic uncertainties, the market continues to innovate, incorporating smart technologies, sustainability measures, and user-centric designs. The Asia-Pacific region stands out as a pivotal player, showcasing robust growth opportunities. As cities worldwide prioritize efficient urban mobility, the multi-storey parking lot market remains integral to providing practical and space-saving solutions. Ongoing developments in design, technology, and sustainability underscore the industry's resilience and adaptability, positioning it for sustained growth in the ever-changing landscape of urban infrastructure.