The parking industry is undergoing a transformative shift driven by technological advancements and changes in urban mobility. Current trends highlight an ongoing emphasis on automation and intelligent system integration, reshaping how parking facilities operate and serve customers. Over recent years, the prevalence of smart technologies such as IoT devices and data-driven solutions has expanded, optimizing parking space utilization. This technological adoption, along with a steady recovery in nonresidential construction, supports revenue generation by enabling efficient parking management. However, challenges persist as urban drivers often favor more affordable alternatives like free street parking over paid facilities, prompting operators to rethink service offerings to attract customers. Revenue has grown at a CAGR of 9.2% over the past five years, with projections totaling $13.8 billion. However, the industry is expected to only experience a single-year growth of 2.0% by 2025, as the projected growth is largely attributed to the sharp drop in 2020. Automation's growth has redefined wage structures, reducing labor expenses while increasing operational efficiency. Such cost savings present opportunities for enhanced profitability, particularly for larger businesses that adopt advanced technologies, such as automated payment systems. Geographic location has a significant impact on revenue streams; high-traffic urban centers enable premium pricing strategies, thereby strengthening financial outcomes. As facilities emphasize management contracts over property ownership, depreciation costs drop, improving profit. These trends illustrate an industry striving for streamlined operations and financial sustainability. The industry anticipates growing demand in the coming five years as the economy regains momentum, supported by rising consumer confidence and urbanization. Parking requirements at airports, transit hubs and commercial centers are projected to climb, necessitating capacity reassessments and strategic partnerships to accommodate growing needs. Expanding nonresidential construction presents lucrative opportunities for businesses that integrate parking facilities into new developments. Emerging technologies like mobile platforms will transform access and pricing strategies, fostering more informed consumer decisions and innovative pricing models. On the contrary, the evolution of urban mobility, including the adoption of electric vehicles and ridesharing, challenges parking lot operators, encouraging them to diversify their offerings and invest in sustainable solutions. An emphasis on technology and adaptability will define success in this rapidly evolving landscape. Revenue is expected to rise at a CAGR of 1.6% over the next five years, reaching $14.9 billion in 2030.

Market Size statistics on the Parking Lots & Garages industry in the US

This statistic shows the revenue of the industry “parking lots and garages“ in the U.S. from 2012 to 2017, with a forecast to 2024. It is projected that the revenue of parking lots and garages in the U.S. will amount to approximately **** billion U.S. Dollars by 2024.

The Parking Lots & Garages industry in New York is expected to grow an annualized x% to $x.x billion over the five years to 2025, while the national industry will likely grow at x.x% during the same period. Industry establishments decreased an annualized -x.x% to x,xxx locations. Industry employment has decreased an annualized -x.x% to x,xxx workers, while industry wages have increased an annualized x.x% to $x.x million.

This statistic shows the revenue of the industry “parking lots and garages“ in New Jersey from 2012 to 2017, with a forecast to 2024. It is projected that the revenue of parking lots and garages in New Jersey will amount to approximately ***** million U.S. Dollars by 2024.

The Parking Lots & Garages industry in California is expected to grow an annualized x.x% to $x.x billion over the five years to 2025, while the national industry will likely grow at x.x% during the same period. Industry establishments decreased an annualized -x.x% to x,xxx locations. Industry employment has decreased an annualized -x.x% to x,xxx workers, while industry wages have increased an annualized x% to $x.x million.

This statistic shows the revenue of the industry “parking lots and garages“ in Georgia from 2012 to 2017, with a forecast to 2024. It is projected that the revenue of parking lots and garages in Georgia will amount to approximately ***** million U.S. Dollars by 2024.

The parking facilities across Canada have seen changing dynamics over recent years, reflecting both evolving consumer needs and shifting urban priorities. Demand for parking remains below the pre-pandemic highs, largely because of new work patterns and rising office vacancies in key urban centres. Parking facilities encounter a profit squeeze, as revenue from the daily commuter pool has not entirely rebounded, while changes in customer habits influence how and when people choose to park. Technology upgrades such as automated payments, EV charging and real-time analytics are enhancing operational efficiency and helping select locations retain their customer base. As cities focus on downtown revitalization and mobility reform, facilities must closely monitor usage trends and adopt digital solutions to remain competitive. Industry revenue has been decreasing at a CAGR of 3.0% over the past five years to total an estimated $651.4 million in 2025, including an estimated drop of 1.2% in 2025. Profitability for parking lots and garages has faced mounting challenges from a rising cost structure. Labour costs claim an increasing share of expenses, with minimum wage adjustments outpacing reductions in manual staffing. This situation is particularly acute in high-density areas where staff remain essential for service and security. Managers have adopted automation and digital tools to streamline operations, but the investment in new equipment has also led to higher depreciation charges. Property-related costs exhibit an upward trend, with rent as a percentage of revenue increasing despite the broader use of management contracts, underscoring property owners’ bargaining power in tight urban markets. Meanwhile, capital outlays for EV infrastructure and energy-efficient upgrades have become necessary to meet changing regulations and client expectations, further impacting the bottom line. Looking forward, performance is anticipated to shift as urban transformation, sustainability initiatives and digital disruption reshape market prospects. Growth in ridesharing, cycling and public transit will challenge traditional parking models, yet present new opportunities for those who pivot toward mixed-use development, partnerships and alternative revenue streams—such as mobility hubs or shared micro-mobility parking. As competition intensifies from both fragmentation and public-sector options, businesses best positioned for success will accelerate the adoption of contactless payment and smart management systems, optimize asset use through data-driven pricing and offer premium amenities that are attractive to tech-savvy and eco-conscious users. Industry revenue is forecast to increase at a CAGR of 1.6% to total an estimated $705.3 million through the end of 2030.

This statistic shows the revenue of the industry “parking lots and garages“ in Illinois from 2012 to 2017, with a forecast to 2024. It is projected that the revenue of parking lots and garages in Illinois will amount to approximately ***** million U.S. Dollars by 2024.

This statistic shows the revenue of the industry “parking lots and garages“ in California from 2012 to 2017, with a forecast to 2024. It is projected that the revenue of parking lots and garages in California will amount to approximately ******* million U.S. Dollars by 2024.

United States Tourism Related Employment: Parking Lots & Garages data was reported at 31.000 Person th in 2017. This stayed constant from the previous number of 31.000 Person th for 2016. United States Tourism Related Employment: Parking Lots & Garages data is updated yearly, averaging 24.000 Person th from Dec 1998 (Median) to 2017, with 20 observations. The data reached an all-time high of 32.000 Person th in 2015 and a record low of 17.000 Person th in 1998. United States Tourism Related Employment: Parking Lots & Garages data remains active status in CEIC and is reported by Bureau of Economic Analysis. The data is categorized under Global Database’s USA – Table US.G055: Tourism Industries Employment.

As per Cognitive Market Research's latest published report, the Global Parking Management market size was $4.54 billion in 2022 and it is forecasted to reach $12.35 billion by 2030. Parking Management Industry's Compound Annual Growth Rate will be 12.4% from 2023 to 2030. Factors Impacting on Parking Management Market

The increasing need for parking spaces and efficient use of space is driving the growth of the parking management market. Parking management helps optimize the use of limited parking space by ensuring that vehicles are parked in designated areas and that the parking facility is not overutilized. This helps reduce congestion and minimize the impact of parking on the surrounding environment. Moreover, the rising number of vehicles across the world and the rapid development of smart cities are supporting the growth of the parking management systems market. However, complexities related to system integration are anticipated to hamper the growth of the market. Introduction of Parking Management

Parking management refers to the coordination and control of various activities related to parking vehicles. This includes overseeing the design and operation of parking facilities, such as parking lots, garages, and on-street parking, as well as managing the allocation and use of parking spaces.

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Automated Parking System (APS) Market Size 2024-2028

The automated parking system (aps) market size is forecast to increase by USD 3.59 billion, at a CAGR of 20.01% between 2023 and 2028.

The market is experiencing significant growth, driven by the increasing urbanization trend and the integration with smart city initiatives. Urban areas continue to expand, leading to a surge in demand for efficient and innovative parking solutions. APS technology, with its ability to optimize space utilization and reduce traffic congestion, is becoming an essential component of modern urban infrastructure. However, the high initial investment required for implementing APS is a notable challenge. The integration of advanced technologies such as IoT sensors, machine learning algorithms, and automated guided vehicles necessitates a substantial capital outlay. This investment barrier may deter some potential adopters, particularly smaller cities or municipalities with limited budgets. Despite this challenge, the long-term benefits, including increased revenue from parking fees, reduced operational costs, and improved customer experience, make APS an attractive investment for forward-thinking cities and businesses. Companies seeking to capitalize on this market opportunity should focus on offering flexible financing options and demonstrating the long-term return on investment to potential clients.

What will be the Size of the Automated Parking System (APS) Market during the forecast period?

Explore in-depth regional segment analysis with market size data - historical 2018-2022 and forecasts 2024-2028 - in the full report.
Request Free SampleThe market continues to evolve, integrating various components to optimize parking lot operations and enhance user experience. Parking guidance apps provide real-time information on available spots, while parking lot planning ensures efficient use of space through zoning and capacity planning. Autonomous parking systems streamline the process further, with seamless integration of parking garage management, safety, analytics, ventilation, design, and payment systems. Vehicle detection sensors monitor parking lot traffic flow and availability, enabling parking space accessibility and optimization. Parking lot maintenance is facilitated through smart parking solutions, including parking lot signage, parking guidance displays, and parking garage construction. Parking lot design incorporates parking space dimensions, landscaping, and parking infrastructure for optimal efficiency and user convenience. Autonomous parking, parking lot layout, and parking space allocation are key areas of innovation, with reverse parking, valet parking, and parallel parking systems also gaining traction. Parking lot operation is further enhanced through parking occupancy monitoring, parking revenue management, and parking security systems. The market's continuous dynamism reflects the ongoing integration of advanced technologies and evolving customer demands.

How is this Automated Parking System (APS) Industry segmented?

The automated parking system (aps) industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments. ComponentHardwareSoftwareEnd-userCommercialResidentialMixed-useGeographyNorth AmericaUSEuropeGermanyUKAPACChinaIndiaRest of World (ROW)

By Component Insights

The hardware segment is estimated to witness significant growth during the forecast period.The market is witnessing significant growth due to the increasing demand for efficient and convenient parking solutions in both commercial and residential sectors. Key components of APS include parking lot optimization, zoning, capacity planning, spot reservation, guidance software, space pricing, displays, garage construction, smart parking solutions, spot allocation, data integration, maintenance, signage, apps, planning, garage management, safety, analytics, ventilation, design, autonomous parking, layout, availability, payment systems, accessibility, vehicle detection sensors, guidance hardware, traffic flow, utilization, landscaping, park assist systems, spot optimization, real-time availability, allocation, dimensions, infrastructure, efficiency, management, occupancy monitoring, revenue management, operation, security systems, reverse parking, access control, valet parking, reservation systems, parallel parking, lot lighting, lot security, and garage security. The effectiveness of APS relies on the performance and reliability of its hardware components, which include sensors, cameras, control units, and other electronic devices. The market is expected to experience substantial growth between 2023 and 2028 due to the rising demand from end-users. Advancements in technology, such as AI-powered sensors and high-resolution cameras, are enh

The global parking meter market is estimated to be valued at XXX million in 2025 and is projected to reach XXX million by 2033, exhibiting a CAGR of XX% during the forecast period (2025-2033). The growth of the market is attributed to the increasing urbanization, rising motorization rates, and growing demand for efficient parking management solutions. Additionally, technological advancements such as the integration of smart parking meters with mobile apps and the Internet of Things (IoT) are propelling market expansion. Moreover, government initiatives to reduce traffic congestion and improve parking infrastructure are further fueling the market growth. The parking meter market is segmented by application, type, and region. By application, the market is categorized into on-street parking and off-street parking. On-street parking meters are used to regulate parking on public roads, while off-street parking meters are employed in private parking lots and garages. By type, the market is classified into single-space parking meters, multi-space parking meters, and smart parking meters. Single-space parking meters are used to regulate parking for individual vehicles, while multi-space parking meters can manage parking for multiple vehicles. Smart parking meters integrate advanced technologies such as sensors, cameras, and mobile apps to provide real-time parking information, contactless payment options, and other value-added services. Regionally, the market is analyzed across North America, Europe, Asia Pacific, the Middle East & Africa, and South America.

Robotic Parking Garage Market Outlook

According to our latest research, the Global Robotic Parking Garage market size was valued at $2.1 billion in 2024 and is projected to reach $7.6 billion by 2033, expanding at a robust CAGR of 15.2% during the forecast period of 2025–2033. The major factor propelling the growth of the robotic parking garage market globally is the acute shortage of urban parking spaces coupled with the increasing adoption of automation and smart city initiatives. As urbanization accelerates and vehicle ownership rises, the demand for innovative, space-efficient, and technology-driven parking solutions has never been higher. Robotic parking garages, with their ability to maximize parking density and reduce land usage, are rapidly gaining traction among commercial, residential, and mixed-use developments worldwide.

Regional Outlook

North America currently holds the largest share of the global robotic parking garage market, accounting for approximately 38% of the total market value in 2024. This dominance is underpinned by the region’s mature real estate sector, rapid adoption of smart infrastructure, and strong regulatory frameworks supporting urban mobility solutions. The United States, in particular, is a leader in both technological innovation and implementation of automated parking systems, driven by the high cost of urban land and the prioritization of sustainability in city planning. Additionally, significant investments from both public and private sectors in upgrading urban infrastructure have further accelerated the integration of robotic parking technologies in commercial and mixed-use developments. The presence of major industry players and a robust ecosystem of technology providers has also contributed to the region’s leadership position.

The Asia Pacific region is projected to be the fastest-growing market for robotic parking garages, with an anticipated CAGR of 18.8% over the forecast period. Rapid urbanization, surging vehicle ownership, and government-led smart city initiatives are key drivers fueling this growth. Countries such as China, Japan, and South Korea are witnessing a surge in high-rise residential and commercial projects, where land scarcity and high population density make automated parking solutions particularly attractive. Furthermore, increasing investments in infrastructure modernization and the rising adoption of IoT and AI technologies in urban planning are enhancing the deployment of sophisticated parking systems in the region. The competitive landscape is also intensifying, with local startups and established players engaging in strategic partnerships to expand their footprint and technological capabilities.

Emerging economies in Latin America and the Middle East & Africa are experiencing a gradual adoption of robotic parking garages, albeit at a slower pace compared to developed markets. In these regions, challenges such as limited awareness, high initial capital investment, and regulatory uncertainties can impede market growth. However, localized demand is emerging in metropolitan hubs where congestion and land scarcity are acute. Government policies aimed at urban redevelopment and sustainable mobility, coupled with pilot projects in major cities, are expected to gradually drive the adoption of robotic parking solutions. As these economies continue to urbanize and prioritize smart infrastructure, the market is poised for steady, if incremental, expansion.

Report Scope

United States Direct Tourism Employment: Parking Lots & Garages data was reported at 19.000 Person th in 2017. This stayed constant from the previous number of 19.000 Person th for 2016. United States Direct Tourism Employment: Parking Lots & Garages data is updated yearly, averaging 15.000 Person th from Dec 1998 (Median) to 2017, with 20 observations. The data reached an all-time high of 19.000 Person th in 2017 and a record low of 10.000 Person th in 1998. United States Direct Tourism Employment: Parking Lots & Garages data remains active status in CEIC and is reported by Bureau of Economic Analysis. The data is categorized under Global Database’s USA – Table US.G055: Tourism Industries Employment.

The global video pile market is experiencing robust growth, driven by the increasing adoption of smart parking solutions and the proliferation of 4G and 5G networks. The market size in 2025 is estimated at $1.5 billion, exhibiting a Compound Annual Growth Rate (CAGR) of 15% from 2025 to 2033. This significant expansion is fueled by several key factors. The rising demand for efficient parking management systems in urban areas, coupled with the need for real-time data on parking availability, is a primary driver. Furthermore, advancements in video analytics and AI-powered solutions are enhancing the accuracy and reliability of video pile systems, improving parking efficiency and revenue generation for parking operators. The integration of these systems with mobile applications further contributes to user convenience and market adoption. Market segmentation reveals strong growth in both 4G and 5G deployments, reflecting the trend towards higher bandwidth and data processing capabilities. Applications are diverse, with significant adoption in parking lots, garages, and roadside parking, demonstrating broad market applicability. While challenges exist, such as the initial investment costs associated with implementing video pile systems and concerns regarding data privacy and security, the overall market outlook remains positive, supported by ongoing technological advancements and increasing urbanization. Growth is projected across all geographical segments, with North America and Asia Pacific expected to lead the market due to higher technological adoption rates and substantial investments in infrastructure development. Europe follows closely, showing consistent market penetration, driven by stricter regulations and the need for efficient urban parking solutions. Emerging economies in the Middle East & Africa and South America are also anticipated to contribute to market growth, albeit at a slower pace, as infrastructure development and technological adoption continue to mature. Key players in the market, such as Guanyutech, Apex AI, Yige-tech, Sonli Group, and Huayun, are actively engaged in product innovation and strategic partnerships to expand their market reach and consolidate their positions. The competitive landscape is characterized by innovation in software and hardware, with ongoing efforts to improve system accuracy, integration capabilities, and cost-effectiveness.

Parking Garage Security Market Outlook

According to our latest research, the global Parking Garage Security market size in 2024 is valued at USD 7.2 billion, with a robust growth trajectory underpinned by rapid urbanization and increasing concerns over vehicle safety. The market is expected to register a CAGR of 9.8% during the forecast period, reaching a projected value of USD 16.6 billion by 2033. This substantial growth is primarily driven by the integration of advanced surveillance technologies and the rising adoption of automated access control systems, as organizations and property owners prioritize the protection of assets and the safety of individuals in parking facilities.

The primary growth factors propelling the parking garage security market include the escalating incidence of vehicle theft and vandalism, which has compelled both public and private entities to invest heavily in robust security infrastructures. Modern parking facilities, especially in urban centers, are increasingly becoming targets for criminal activities, prompting stakeholders to deploy comprehensive security solutions encompassing surveillance cameras, access control, and alarm systems. The integration of artificial intelligence and machine learning into security systems has further enhanced the ability to detect and respond to suspicious activities in real time, significantly improving incident response and deterrence capabilities. Additionally, the growing trend of smart city development is catalyzing the adoption of next-generation security solutions, as municipalities seek to ensure the safety of public spaces and transportation hubs.

Another significant driver for the parking garage security market is the proliferation of connected and automated parking management systems. The convergence of IoT-enabled devices and cloud-based platforms has transformed the way parking facilities are managed and secured. These systems offer real-time monitoring, automated license plate recognition, and seamless integration with mobile applications, providing a superior user experience while optimizing operational efficiency. The demand for scalable and interoperable security solutions is particularly high among large commercial and government parking structures, where the complexity and volume of vehicular traffic necessitate advanced management and monitoring capabilities. As a result, solution providers are focusing on developing modular and customizable offerings that can be tailored to the unique requirements of diverse end-users.

The increasing emphasis on regulatory compliance and safety standards has also contributed to the expansion of the parking garage security market. Governments and industry bodies across the globe are implementing stringent guidelines to ensure the safety of parking facilities, particularly in high-traffic areas such as airports, hospitals, and shopping centers. These regulations mandate the deployment of certified security systems, regular maintenance, and comprehensive incident reporting protocols, thereby creating a sustained demand for both hardware and software solutions. Furthermore, the rising awareness among property owners and facility managers about the financial and reputational risks associated with security breaches is encouraging proactive investment in state-of-the-art security infrastructure.

From a regional perspective, North America currently dominates the parking garage security market, accounting for the largest share owing to its advanced urban infrastructure and high adoption rate of cutting-edge security technologies. Europe follows closely, driven by stringent regulatory frameworks and a strong focus on public safety. However, the Asia Pacific region is expected to witness the fastest growth over the forecast period, fueled by rapid urbanization, increasing vehicle ownership, and significant investments in smart city initiatives. Countries such as China, India, and Japan are at the forefront of this growth, leveraging digital transformation to enhance urban mobility and security. Meanwhile, Latin America and the Middle East & Africa are gradually emerging as promising markets, supported by improving economic conditions and growing awareness of security needs.