Multi-Storey Car Parks Market

The global Multi-Storey Car Parks Market Size is USD 3178.9 million in 2024 and the market is projected to touch USD 3795.7 million by 2031, exhibiting a CAGR of 3.00% during the forecast period.

The Multi-storey car park is also known as a parking building and it is designed for motorcycle, car, and bicycle parking in which parking takes place on more than one floor or level. The first multistory parking facility was built in 1901. These structures built with ramps, elevators, and staircases which allow vehicles to access different levels easily and they can be vary in size and design which range from small single-building facilities to large complexes.

The advantages of multi-storey car parks are space-efficiency which optimizes land usage as it allows more vehicles to be parked within smaller footprints. It provides convenient parking options in busy urban areas where street parking may be unavailable or limited. These car parks provide safety and security as these car parks are equipped with security cameras such as surveillance cameras and well-lit areas which enhance safety for vehicles and their owners.

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 the market’s growth and demand returning to pre-pandemic levels.

Due to COVID-19 the machinery and equipment industry experienced a critical setback in terms of the economy, employment rate, recession, and increase in the price of raw materials which also impacted the growth of the industry negatively and the global economy declined due to the lockdown of the workforce doesn’t work due to COVID-19 safety regulation and it majorly disrupts the machinery industry at a large scale.

"Sustainable Design & Integration of Technology Lead to Boost the Market"

There is increasing emphasis on sustainability in urban planning and construction which also includes multi-story car parks and developers may incorporate eco-friendly materials, and energy-efficient lighting systems which include features such as green roofs or solar panels to reduce the impact on the environment. The advancement in technology such as license plate recognition, smart parking systems, and mobile payment options continue shaping the multi-story car park market these technologies help in increasing user experience which also improves operational efficiency and provides useful data to management for optimization and it also increases demand for the construction industry to build these type of building which results to provide profits to this industry.

By Type

Based on type, the Multi-storey car parks are segmented into:

Semi-automatic Type: This type of parking system needs some human intervention and these systems use a combination of sensors, conveyors, or lifts to transport vehicles to and from their parking spaces.

Fully automatic Type: It is a mechanical system designed to minimize the area or volume required for car parking such as a multi-story parking garage an Automated Parking System (APS) provides parking for cars on multiple levels stacked vertically to maximize the parking spaces while minimizing land usage.

By Application

Based on application, the Multi-storey car parks are segmented into:

Residential: In the residential type of setup to solve parking challenges where the population is dense where street parking is limited or insufficient space to park cars so then parking many buildings incorporate multi-story car parks to provide residents with dedicated parking spaces.

Public: In public setup, the multi-story car parks serve a variety of purposes and cater to the parking needs of visitors to public spaces as they provide parking options in city centers as there is limited street parking and it also located near transportation hubs such as airports, bus terminals, and train stations which can accommodate travelers cars for long-term and short-term while using public transportation.

Business: The multi-story car parks serve a variety of purposes in business setup as they cater to the parking needs of clients, employees, and visitors to commercial areas these car parks are found near office buildings in business areas to provide parking to employees and clients which leads to convenient access to the workplace which allows employees to park vehicle securely while they work.

"Urbanization & Commercial Retail Development Lead to Market Growth"

As the population continues to grow mainly in urban areas and the demand for parking spaces also increases and these multi-story car parks offer space-efficient solutions to solve parking needs in densely populated areas where land is limited and urban areas and centers with a high density of population the street parking may be limited and restricted so then multi-story car parks provide alternate parking option specifically areas where street-parking is insufficient to meet demand so lead to increase the demand for multi-story car building which lead to increase the Multi-Storey Car Parks Market Growth.

"Transportation Hubs & Advancement in Technology Leads to Positive Impact on Market"

The multi-story car parks located near transportation hubs such as train stations, airports, and bus terminals where travelers need parking for cars and other vehicles while using public transportation and with the expansion of the transportation network and increasing mobility of people contribute to the demand for parking facilities at these hubs. Innovations in parking technology such as smart parking systems, real-time parking availability apps, and automated payment solutions enhance the efficiency and user experience of multi-story car parks which drives its adoption and utilization and this will ultimately lead to an increase in Multi-Storey Car Parks Market Share.

"High Initial Cost & Land Availability Lead to Negative Impact on Market"

The construction of multi-story car parks requires major capital investment due to the cost associated with land acquisition, design, construction, and installation of parking infrastructure such as elevators, ramps, and security systems. The other main concern for the construction of multi-story car parks is securing suitable land mainly in densely populated urban areas which can be expensive and challenging due to limited land availability and high land costs leading to barriers in developing new parking facilities which create a hindrance in this market.

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

"North America To Dominate The Region Due To Rapid Urbanization Restricted Parking Spaces"

This region is the largest market for multi-story car parks as this region is densely populated mainly in the northeastern part of this region and urbanization leads to increased demand for parking spaces as street parking becomes limited or restricted in densely populated areas. And major urban centers such as New York City & San Francisco lands are at a premium due to limited space available for surface parking lots which make multi-storey car parks a practical solution for maximizing parking capacity within smaller footprints and ultimately increases demand for multi-story car parks in this region.

"Key players  transforming the Multi-Storey Car Parks Market landscape through innovation, new development, and advancement of technology"

Major industry players are pivotal in shaping the Multi-Storey Car Parks market, driving change with innovation and technologies and it leads to making a product that has a global presence. By consistently introducing new and effective solutions that help to stay at the forefront of technological progress key players redefine the industry’s standards.

Expansive global reach enables market penetration, addressing diverse needs across countries. The groundbreaking and seamless innovation with the help of strategic footprint positioning leads to establishing quality and effective standards to make the market more competitive.

• Wohr (Germany)
• HUBER (U.S)
• Goldbeck (Germany)
• RR Parkon (India)
• Bourne Group (U.K)

24 February 2021: Wohr Launched the Elevator car parking system which is a Multi-level car parking system (MLCPS) that offers a sound solution for India’s parking systems and offers a safe, easy, and efficient alternative for property and driver owners as this type of parking system provides benefits such as land savings, safety & security as the car is safer in this type of car arrangement system and it needs low running and maintenance costs.

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 growth of the market 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.