Multi-Storey Car Parks Market Size, Share, Growth, And Industry Analysis, By Type (Semi-automatic Type, Fully-automatic Type) and By Application (Residential, Public, Business) and Regional Forecast to 2032

Multi-Storey Car Parks Market REPORT OVERVIEW

The global Multi-Storey Car Parks Market Size was estimated at USD 2.9964 billion in 2023 and is projected to reach USD 3.90 billion by 2032, exhibiting a CAGR of 3.00% during the forecast period.

Multi-Storey Car Parks are buildings with multiple levels for parking vehicles. They are common in cities with limited space and high parking demand. These structures give one the best efficiency of space, better city design of towns, and better safety than structures that had been constructed previously. The structures can be regarded as international trends because they are integrated into large population concentration areas. They have gained popularity among such cities as Hong Kong, Tokyo and Singapore where land is a scarce resource and the need for parking space cannot be overemphasized. It is almost impossible to walk in most European and North American city centers and near most transport interchanges without sight of them. Multi-storey car parks are gradually gaining acceptance even in developing countries as a solution to congestion and shortage of parking space in the urban areas proving its flexibility and suitability for almost any environment that a city can provide.

COVID-19 Impact on The Market Growth Restrained by Pandemic Due to Construction Delays

The global COVID-19 pandemic has been extraordinary and staggering, with the marketplace experiencing lower-than-predicted demand throughout all areas as compared to pre-pandemic levels. The unexpected market increase contemplated by the upward push in CAGR is because of the market`s growth and demand returning to pre-pandemic levels.

Unfortunately, the emergence of COVID-19 affected the multi-storey car park market negatively. With restrictions involving movement as a result of lock down and limited movement the demand for parking drastically reduced. This had a negative impact resulting in lowered revenues and in some cases, shuts down of the facilities. The coming of the economic crunch aggravated the situation even more. Adding to the problems was delays in construction and rising operating costs. As the recovery process is being implemented, it is unknown how the overall market will be affected for the long term by conditions such as working patterns and forms of transportation.

LATEST TRENDS

"Electric Vehicle Charging Infrastructure to Drive Market Growth"

Due to the rapid growth of electric vehicles, multi-story car parks are gradually equipped with charging stations. This tendency is explained by the need for more and more places where owners of electric cars can refuel quickly and easily. Multi-Storey Car Parks shall be promoted as an opportunity to get more clients, to be unique from the competitors and to become a part of a new generation of solutions for parking spaces. Further, the incorporation of charging infrastructure may also go a long way in alleviating the range limitations of electric vehicles and thus increase the adoption of such cars among consumers.

MULTI-STOREY CAR PARKS MARKET SEGMENTATION

By Type

Based on type the market can be categorized into Semi-automatic Type, Fully-automatic Type.

• Semi-automatic Type: In these systems, the actual parking of cars is in a platform or certain area as compared to other parking systems whose core functions involve storing cars on a parking lot. The platform or vehicle is then lifted or moved to a parking space ready for pick up on a system of rail or track. Nevertheless, there are moments that the driver still has to be a driver such as when getting in and out of the system.
• Fully-automatic Type: These systems are more remote than fully manned systems. The vehicle is parked by approaching a drop-off station and the driver stepping out and then the system parks and retrieves the vehicle. Info parking systems, in effect, use complicated instruments such as sensors, cameras and even robotic arms to control and pilot cars in and around the parking complex.

By Application                                

Based on application the market can be categorized into Residential, Public, Business.

• Residential: These car parks are normally incorporated in residences including flats or estates, and gated communities among others. They offer parking bays for people living in the areas and those who visit the places from time to time.
• Public: They are available to members of the public and can be situated either in city commercial centers, transport facilities or at tourist destinations. Large ones allow numerous quantities of cars and may be part of governmental organizations or commercial firms.
• Business: Business car parks are mostly being used by employees and customers who are from business entities like shopping malls, office complexes or hospitals among others. They can either be attached to the main structure of the building or located in a shared parking garage.

DRIVING FACTORS

"Urbanization and Population Growth to Drive Market Growth"

The Urbanization and Population Growth is the main driving factor of the Multi-Storey Car Parks Market Growth. When city development reaches high population density, especially in areas with commercial businesses, the necessity for parking areas rises steeply. Multi-storey car parking complexes are the most effective way to meet this demand as well as to save much space, especially in the regions where the land’s territory is severely limited. The growth of cars and any other means of transportation is time and again complemented by a need for ample and easily accessible parking space and hence multi storey car parks form such an integral part of every modern city.

"Technological Advancements to Boost Market Growth"

The multi-storey car park market is technologically driven and this is the main driving force behind the expansion of the market. The latest trends that have already adopted indeed are smart parking systems, electric vehicle charging facilities, and autonomous parking among others. Such technologies help such systems to be more effective, provide better options for the users and the system and at the same time, lead to lesser operational expenses. For instance, smart parking enables efficient use of space as well as elimination of traffic within parking lots while electric vehicle charging facilities appeal to customers who have a concern for the environment. Furthermore, integrated parking systems can to some extent signify the parking of cars and this will mean that the more efficient this process is the more manpower will be saved. Technological developments are helping the multi-storey car park to be more attractive and viable thus boosting the market growth.

RESTRAINING FACTOR

"High Cost of Construction and Maintenance Hinder Market Growth "

However, one of the most significant threats that control the progression of the multi-storey car park market is the cost of construction and subsequent maintenance. While constructing and establishing Multi-Storey Car Parks is often costly, the cost of erecting them is often recovered out of the cost of the land and constructed property, especially in urban areas. This can restrain the financial efficiency of these investments and shrink the interest of investors in constructing new facilities. Moreover, maintenance and operational costs include expenses that are incurred after the construction of the building; these may include cleaning services, security and power expenses among others. These factors can inhibit the growth of the parking market and the access of populations to cheap parking spaces.

MULTI-STOREY CAR PARKS MARKET REGIONAL INSIGHTS

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

"Asia Pacific dominates the Market Due to rapid urbanization"

Asia Pacific is a region that currently reigns excellent in the Multi-Storey Car Parks Market Share by many factors. It is attributed to factors such as growth in the urban population, increased vehicle use, and population in developing nations such as China, Japan, and India. The continued development of the region's infrastructure especially in urban centers and the growth of traffic levels in areas that have limited space and space for parking have been cited as key driving forces for multi-storey parking solutions. The demand for the efficacy of resource use especially on land and orderliness in traffic flow that have risen among Governments in the region will mean higher rates for the application of efficient parking systems. Further, Asia Pacific is leading in this market with some of the prominent industry players, specifically in China and Japan.

KEY INDUSTRY PLAYERS

"Key Players Transforming the Multi-Storey Car Parks Market Landscape through Innovation and Global Strategy "

Key players in the Multi-Storey Car Parks Market play a key role in determining industry dynamics through innovation, product development, and strategic partnerships. Their reserves in research and development, coupled with effective marketing strategies, drive market growth. These influential players set industry standards, fostering competition and technological advancements.

List of Market Players Profiled

• XIZI Parking System (China)
• Wuyang Parking (China)
• Dayang Parking (China)
• Yeefung Industry Equipment (China)
• Tongbao Parking Equipment (China)
• IHI Parking System (Japan)
• ShinMaywa (Japan)
• Klaus Multiparking (Germany)
• Maoyuan Parking Equipment (China)
• Wohr (Germany)
• HUBER (Germany)
• AJ Automated Parking Systems (U.S)
• Huaxing Intelligent Parking (China)
• Lödige Industries (Germany)
• Groupe Briand (France)
• CIMCIOT (China)
• MHI Parking (Japan)
• Goldbeck (Germany)
• Tada (Japan)
• PARI (India)
• RR Parkon (India)
• Nissei Build Kogyo (Japan)
• Bourne Group (U.K)

INDUSTRIAL DEVELOPMENT

2023:  Green and eco-friendly car parks are now starting to become a key trend in the multi storey car park industry. Many of these structures contain aspects like solar panels for the production of energy, mechanisms for collecting rainwater, efficient lighting and airflow systems, and sustainable roofs. By implementing these sustainable measures, Multi-Storey Car Parks could decrease the number of negative impacts the structures have on the environment and therefore foster a sustainable future of car parks, situated in urban areas and patronized by environmentally aware clients. Also, sustainable features, especially aspects related to energy and water efficiency, can result in a decrease in cost in the long run.

REPORT COVERAGE

This report is based on historical analysis and forecast calculation that aims to help readers get a comprehensive understanding of the global Multi-Storey Car Parks Market from multiple angles, which also provides sufficient support to readers’ strategy and decision-making Also, this study comprises a comprehensive analysis of SWOT and provides insights for future developments within the market. It examines varied factors that contribute to the market's growth by discovering the dynamic categories and potential areas of innovation whose applications may influence its trajectory in the upcoming years. This analysis encompasses both recent trends and historical turning points into consideration, providing a holistic understanding of the market’s competitors and identifying capable areas for growth.

This research report examines the segmentation of the market by using both quantitative and qualitative methods to provide a thorough analysis that also evaluates the influence of strategic and financial perspectives on the market. Additionally, the report's regional assessments consider the dominant supply and demand forces that impact market growth. The competitive landscape is detailed meticulously, including shares of significant market competitors. The report incorporates unconventional research techniques, methodologies, and key strategies tailored for the anticipated frame of time. Overall, it offers valuable and comprehensive insights into the market dynamics professionally and understandably.