Smart Parking Market will reach US$ 42.51 billion by 2032, up from US$ 7.03 billion in 2023, with a CAGR of 22.14% between 2024 and 2032.
Finding a parking space is a common activity that people have to carry out every day, across the globe and this usually becomes rather time-consuming and utterly inconvenient. Another problem related to the case is the impact as to pollution. Smart parking is a sophisticated concept to replace previous parking management and it applies the usage of cameras, sensors, and data analytics. It directly informs drivers about available parking slots and aids them in navigating to the available spots by virtue of light signals or application supported by their smartphones. Anything sensitive is generally a reservation option, method of payment, and support assistance aids in navigation also adds onto the whole package.
More cars on the roads - Automobile usage is a factor tracing a major issue in transport within cities. This led to an increase in traffic jam, environmental impact, and the need to find a creatively meaningful way of providing solutions for the unending traffic and transport system. According to the reports of April 2022, estimates of the global population are around 1.446 billion cars were in use round the world, and about 17.7% of the global population had car access. This number is expected to further rise double in 2040 the most significant increase expected to be observed in the developing countries like China and India.
Government policies and regulations in the advancement of smart parking solutions - Implementing policies and regulations, governments can help support the growth of smart parking. Over the last few years, decision makers are involving themselves in projects that help implement intelligent parking solutions in order to enhance the traffic flow and reduce congestion. These regulations are crucial within this context to encourage the development of such technologies, the implementation of smart parking systems, and arise to concern a more sustainable urban environment. In 2022, Beijing demanded that real estate developers provide sufficient parking capacity for residential and offices or C&D buildings regardless of car ownership, transit accessibility, or lack of demand for parking lots.
Technological Advancements - Technological advancement is also another driver that has influenced the parking market where companies are adopting IoT technology, AI, and ML algorithms to monitor and control parking spaces. Further advancements to improve IAPS consist of the development of improved GUIs, refined predictor models, and compatibility with other systems. Also, Aussie smart parking is another related business based in Sydney that has taken its technicality to USA supplying data sets and the digital solutions for parking and smart city applications.
As per the Zhiyan Consulting Network suggest that the number will rise to 280 million by 2020 up from 360 million by 2025. While adopting smart parking can increase the utilization of available parking lots, still something has to do to deal with the issues of scarcity of proper parking space for the growing number of automobiles sufficiently. Moreover, there is an imbalance distribution of parking resources where first and second-tier cities only have an average of 0.8 parking spaces per car and other small towns and cities having only 0.5 parking spaces every car.
The difficulty of looking for parking space and attempts to solve this problem through the establishment of china’s city-level smart parking system. The General Office of the State Council has provided its recommendations on how the three areas of parking service applications, information management platforms, and city information modeling should be integrated properly. Further, several local governments have issued the policies that they require city-level parking platforms to be established.
Dec 2022: Raleigh-Durham International Airport has awarded a contract to TKH Group for an automated parking guidance system.
Oct 2022: Soldier Field and Amano McGann Inc. introduced new parking technologies to streamline updates and lower maintenance expenses.
Oct 2022: PT PP (Persero) Tbk, an Indonesian company, partnered with LG CNS from South Korea to develop a smart city project for Indonesia's new capital, Nusantara.
2. Cameras and LPRs
3. Smart Meters
4. Signage
5. Parking Gates
2. Analytics Solution
2. Engineering Service
3. Mobile App Parking Service
2. On-Street
2. Government
3. Transport Transit
2. Xerox Corporation
3. Cubic Corporation
4. Amano corporation
5. Kapsch TrafficCom AG
6. Continental AG
7. Cisco Systems Inc
8. Nedap NV
Smart Parking Market outlooks
Smart Parking is a type of solution in parking that uses in-ground sensors, cameras and counting sensors to provide real-time Parking spaces. The gathered data is returned to a mobile application or a website to let people know whether there are free parking lots available. Its vision is to make parking easier and convenient for drivers to the extent of reducing the time, energy, and resources that are required in the process of finding a spot to park.Finding a parking space is a common activity that people have to carry out every day, across the globe and this usually becomes rather time-consuming and utterly inconvenient. Another problem related to the case is the impact as to pollution. Smart parking is a sophisticated concept to replace previous parking management and it applies the usage of cameras, sensors, and data analytics. It directly informs drivers about available parking slots and aids them in navigating to the available spots by virtue of light signals or application supported by their smartphones. Anything sensitive is generally a reservation option, method of payment, and support assistance aids in navigation also adds onto the whole package.
Driving forces for smart parking technologies
Increased demand for IoT in vehicles - IoT along with internet connected and smart vehicles need real time data exchange solutions to help with analysis of the vehicle’s condition for proper maintenance and safety. With consumers desiring to have compact entrance and exit between the devices, the use of IoT based vehicles is on the rise. Recently, Jimi IoT is said to have unveiled the VL101G INS-Aided IP66-Rated Vehicle Tracker, a product that can be installed on vehicles to capture real-time coordinates and accurate positioning depending on the application.More cars on the roads - Automobile usage is a factor tracing a major issue in transport within cities. This led to an increase in traffic jam, environmental impact, and the need to find a creatively meaningful way of providing solutions for the unending traffic and transport system. According to the reports of April 2022, estimates of the global population are around 1.446 billion cars were in use round the world, and about 17.7% of the global population had car access. This number is expected to further rise double in 2040 the most significant increase expected to be observed in the developing countries like China and India.
Government policies and regulations in the advancement of smart parking solutions - Implementing policies and regulations, governments can help support the growth of smart parking. Over the last few years, decision makers are involving themselves in projects that help implement intelligent parking solutions in order to enhance the traffic flow and reduce congestion. These regulations are crucial within this context to encourage the development of such technologies, the implementation of smart parking systems, and arise to concern a more sustainable urban environment. In 2022, Beijing demanded that real estate developers provide sufficient parking capacity for residential and offices or C&D buildings regardless of car ownership, transit accessibility, or lack of demand for parking lots.
Technological Advancements - Technological advancement is also another driver that has influenced the parking market where companies are adopting IoT technology, AI, and ML algorithms to monitor and control parking spaces. Further advancements to improve IAPS consist of the development of improved GUIs, refined predictor models, and compatibility with other systems. Also, Aussie smart parking is another related business based in Sydney that has taken its technicality to USA supplying data sets and the digital solutions for parking and smart city applications.
China Smart Parking Market
China smart parking systems is estimated that growth due to increase in vehicle ownership. Consumer across China’s uses mobile apps for parking and the incorporation of analytics into parking solutions fosters industry growth. There are innovative policies for utilizing public-private control for introducing intelligent parking to curb increasing traffic intensiveness; the government plans for safe and legitimate parking for owned and commercial automobiles.As per the Zhiyan Consulting Network suggest that the number will rise to 280 million by 2020 up from 360 million by 2025. While adopting smart parking can increase the utilization of available parking lots, still something has to do to deal with the issues of scarcity of proper parking space for the growing number of automobiles sufficiently. Moreover, there is an imbalance distribution of parking resources where first and second-tier cities only have an average of 0.8 parking spaces per car and other small towns and cities having only 0.5 parking spaces every car.
The difficulty of looking for parking space and attempts to solve this problem through the establishment of china’s city-level smart parking system. The General Office of the State Council has provided its recommendations on how the three areas of parking service applications, information management platforms, and city information modeling should be integrated properly. Further, several local governments have issued the policies that they require city-level parking platforms to be established.
Smart Parking Company Analysis
The top smart parking companies are Siemens AG, Xerox Corporation, Cubic Corporation, Amano Corporation, Kapsch TrafficCom AG, Continental AG, Cisco Systems Inc., and Nedap NV.Smart Parking Company News
Jan 2023: Robert Bosch GmbH declared that it planned to equip garages throughout Germany with automated valet parking technology.Dec 2022: Raleigh-Durham International Airport has awarded a contract to TKH Group for an automated parking guidance system.
Oct 2022: Soldier Field and Amano McGann Inc. introduced new parking technologies to streamline updates and lower maintenance expenses.
Oct 2022: PT PP (Persero) Tbk, an Indonesian company, partnered with LG CNS from South Korea to develop a smart city project for Indonesia's new capital, Nusantara.
Add F&Q of the Market
Hardware- Market breakup in 5 viewpoints:
1. Pucks (wireless sensors)2. Cameras and LPRs
3. Smart Meters
4. Signage
5. Parking Gates
Software- Market breakup in 2 viewpoints:
1. Parking Guidance System2. Analytics Solution
Service- Market breakup in 3 viewpoints:
1. Consulting Service2. Engineering Service
3. Mobile App Parking Service
Type- Market breakup in 2 viewpoints:
1. Off-Street2. On-Street
Application- Market breakup in 3 viewpoints:
1. Commercial2. Government
3. Transport Transit
Country - Market breakup of 25 Countries:
- North America
- United States
- Canada
- Europe
- France
- Germany
- Italy
- Spain
- United Kingdom
- Belgium
- Netherland
- Turkey
- Asia Pacific
- China
- Japan
- India
- South Korea
- Thailand
- Malaysia
- Indonesia
- Australia
- New Zealand
- Latin America
- Brazil
- Mexico
- Argentina
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
All the key players have been covered from 3 Viewpoints:
- Business Overview
- Sales Analysis
- Recent Development & Strategies
Key Players Analysis:
1. Siemens AG2. Xerox Corporation
3. Cubic Corporation
4. Amano corporation
5. Kapsch TrafficCom AG
6. Continental AG
7. Cisco Systems Inc
8. Nedap NV
Table of Contents
1. Introduction2. Research Methodology3. Executive Summary5. Global Smart Parking Market
4. Market Dynamics
6. Global Smart Parking Market-Share Analysis
7. Hardware
8. Software
9. Service
10. Type-Global Smart Parking Market
11. Application-Global Smart Parking Market
12. Countries-Global Smart Parking Market
13. Porter’s Five Forces Analysis
14. SWOT Analysis- Global Smart Parking Market
15. Key Players Analysis
Companies Mentioned
- Siemens AG
- Xerox Corporation
- Cubic Corporation
- Amano corporation
- Kapsch TrafficCom AG
- Continental AG
- Cisco Systems Inc
- Nedap NV
Methodology
In this report, for analyzing the future trends for the studied market during the forecast period, the publisher has incorporated rigorous statistical and econometric methods, further scrutinized by secondary, primary sources and by in-house experts, supported through their extensive data intelligence repository. The market is studied holistically from both demand and supply-side perspectives. This is carried out to analyze both end-user and producer behavior patterns, in the review period, which affects price, demand and consumption trends. As the study demands to analyze the long-term nature of the market, the identification of factors influencing the market is based on the fundamentality of the study market.
Through secondary and primary researches, which largely include interviews with industry participants, reliable statistics, and regional intelligence, are identified and are transformed to quantitative data through data extraction, and further applied for inferential purposes. The publisher's in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of their recommendations and advice.
Primary Research
The primary purpose of this phase is to extract qualitative information regarding the market from the key industry leaders. The primary research efforts include reaching out to participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions. The publisher also established professional corporate relations with various companies that allow us greater flexibility for reaching out to industry participants and commentators for interviews and discussions, fulfilling the following functions:
- Validates and improves the data quality and strengthens research proceeds
- Further develop the analyst team’s market understanding and expertise
- Supplies authentic information about market size, share, growth, and forecast
The researcher's primary research interview and discussion panels are typically composed of the most experienced industry members. These participants include, however, are not limited to:
- Chief executives and VPs of leading corporations specific to the industry
- Product and sales managers or country heads; channel partners and top level distributors; banking, investment, and valuation experts
- Key opinion leaders (KOLs)
Secondary Research
The publisher refers to a broad array of industry sources for their secondary research, which typically includes, however, is not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Patent and regulatory databases for understanding of technical & legal developments
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic new articles, webcasts, and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecasts
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 220 |
| Published | June 2024 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value ( USD | $ 7.03 Billion |
| Forecasted Market Value ( USD | $ 42.51 Billion |
| Compound Annual Growth Rate | 22.1% |
| Regions Covered | Global |
| No. of Companies Mentioned | 8 |
