A smart parking system typically obtains information about available parking spaces in a particular geographic area or in residential areas and the process is real-time to place vehicles at available positions. The system involves low-cost sensors, real-time data collection, and smartphone-enabled automated payment systems for the operation of smart parking. This combination allows people to reserve parking in advance and predicts the parking space location. This system is deployed to reduce car emissions in urban centers and is helpful for people searching for a vehicle parking across the city. The smart parking system implies the M2M technologies to properly manage parking supply and also helps one of the biggest problems of driving in urban areas, i.e., finding empty parking spaces and controlling illegal parking.
E-parking is an electronic parking system, which uses a wireless network to help drivers and customers find an easy and quick space to park their vehicles. It is designed to control traffic flow by helping visitors find parking quickly. E-parking system mostly uses available parking garages to assist customers coming for any commercial activities such as shopping, eating, and getting a short-term parking space available in off-street parking garages. It works through signs, which are displayed to drivers to guide them in relation to parking information, on the garages or lots that have available spaces. There are different signs that convey different information ensuring that the driver is on the right path.
The smart city initiatives being pursued in different parts of the globe would contribute to the growth of the segment. In addition, various smart parking systems rolled out in smart cities offer functions such as mobile payment and reservation of parking spots. Moreover, several governments collaborate with market players and implement smart parking systems with innovative features as part of their initiatives to ensure user convenience. Such strong initiative globally by the government boosts the demand for street line smart parking system. In October 2019, AppyWay, the pioneering kerbside management, and intelligent mobility firm, announced the launch of their innovative Smart City Parking scheme in the West Yorkshire town of Halifax in partnership with Calderdale Council. This scheme integrates technical capabilities such as smart parking sensors and sensor-enabled payments across on and off-street parking spaces, offering a seamless mobile app experience for customers.
In many developed or developing countries, the rise in disposable Incomes has resulted in a rapid Increase in sales of vehicles. For instance, according to the International Organization of Motor Vehicle Manufacturers (OICA), 81,623,588 units of vehicles were sold during the financial year 2022. In addition, urbanization in developing countries such as India, Japan, and others led to the rising number of vehicles across the countries. For instance, according to India Auto Inc., the total of 3.89 million units of passenger vehicles sold in FY2023, the utility vehicles sub-segment accounted for a shade of more than 2 million units or 51.50% of total passenger vehicles sales, registering 35% Y-o-Y growth. This rise in the adoption of vehicles leads to problems such as limited car parking facilities and traffic and improper management of parking space. Smart parking solutions, which use advanced technology to optimize the use of parking spaces, are becoming Increasingly popular as they help to reduce traffic congestion and enhance the overall user experience. This trend is expected to continue in the coming years, as urbanization and population growth drive further Increases in vehicle ownership.
Moreover, technological advancements along with the steady rise in vehicle sales are the primary factor boosting the growth of the smart parking market in European countries. In March 2023, the EU car market recorded a significant 28.8% Increase in passenger car registrations, surpassing more than a million units (1,087,939). All the largest markets of bloc saw double-digit growth last month, with Spain (66.1%) and Italy (40.7%) in the lead. Thus, a surge in the number of vehicles indicates congestion issues related to parking spaces, which are expected to provide opportunities for the smart parking market players.
In May 2021, the National Development and Reform Commission of China issued the 'Opinions on Promoting the Development of Urban Parking Facilities', which stated that by 2025, large, medium, and small cities across the country may have basically built urban parking systems, with dedicated parking facilities, off-street public parking facilities, and on-street parking spaces. The rise in number of vehicles in the semi-urban and urban areas of China has impacted the country’s parking system eventually leading to a shortage of parking spaces. Therefore, the county is now implementing smart parking systems, which in turn, has boosted the smart parking market.
Increased parking concerns across the globe, growth in demand for Internet of Things (IoT)-based technology and Increase in the number of vehicles are the major factors that propel the smart parking market growth. However, high implementation cost & configuration complexity and low rate of internet penetration in developing regions are the major factors that hamper the growth of the smart parking market. Furthermore, the rise in investment in building driverless vehicles, and government initiatives in building smart cities across the globe are the factors that are expected to offer growth opportunities for the market during the forecast period.
The market segmentation is based on the type, technology, application, end user, and region. On the basis of type, it is bifurcated into off-street and on-street. On the basis of technology, it is classified into IoT, Ultrasonic, and RFID. On the basis of application, it is categorized into security & surveillance, smart payment system, e-parking, and license plate recognition. On the basis of end user, it is bifurcated into commercial and government. On the basis of region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Some major companies operating in the smart parking market report Include Amano McGann, Inc., Continental AG, Dongyang Menics Co., Ltd, IEM SA, IPS Group Inc., Klaus Multiparking Systems, Robert Bosch GmbH, Smart Parking Limited, Swarco AG, and Urbiotica. The leading companies are adopting strategies such as product launch, product development, and expansion to strengthen their market position.
E-parking is an electronic parking system, which uses a wireless network to help drivers and customers find an easy and quick space to park their vehicles. It is designed to control traffic flow by helping visitors find parking quickly. E-parking system mostly uses available parking garages to assist customers coming for any commercial activities such as shopping, eating, and getting a short-term parking space available in off-street parking garages. It works through signs, which are displayed to drivers to guide them in relation to parking information, on the garages or lots that have available spaces. There are different signs that convey different information ensuring that the driver is on the right path.
The smart city initiatives being pursued in different parts of the globe would contribute to the growth of the segment. In addition, various smart parking systems rolled out in smart cities offer functions such as mobile payment and reservation of parking spots. Moreover, several governments collaborate with market players and implement smart parking systems with innovative features as part of their initiatives to ensure user convenience. Such strong initiative globally by the government boosts the demand for street line smart parking system. In October 2019, AppyWay, the pioneering kerbside management, and intelligent mobility firm, announced the launch of their innovative Smart City Parking scheme in the West Yorkshire town of Halifax in partnership with Calderdale Council. This scheme integrates technical capabilities such as smart parking sensors and sensor-enabled payments across on and off-street parking spaces, offering a seamless mobile app experience for customers.
In many developed or developing countries, the rise in disposable Incomes has resulted in a rapid Increase in sales of vehicles. For instance, according to the International Organization of Motor Vehicle Manufacturers (OICA), 81,623,588 units of vehicles were sold during the financial year 2022. In addition, urbanization in developing countries such as India, Japan, and others led to the rising number of vehicles across the countries. For instance, according to India Auto Inc., the total of 3.89 million units of passenger vehicles sold in FY2023, the utility vehicles sub-segment accounted for a shade of more than 2 million units or 51.50% of total passenger vehicles sales, registering 35% Y-o-Y growth. This rise in the adoption of vehicles leads to problems such as limited car parking facilities and traffic and improper management of parking space. Smart parking solutions, which use advanced technology to optimize the use of parking spaces, are becoming Increasingly popular as they help to reduce traffic congestion and enhance the overall user experience. This trend is expected to continue in the coming years, as urbanization and population growth drive further Increases in vehicle ownership.
Moreover, technological advancements along with the steady rise in vehicle sales are the primary factor boosting the growth of the smart parking market in European countries. In March 2023, the EU car market recorded a significant 28.8% Increase in passenger car registrations, surpassing more than a million units (1,087,939). All the largest markets of bloc saw double-digit growth last month, with Spain (66.1%) and Italy (40.7%) in the lead. Thus, a surge in the number of vehicles indicates congestion issues related to parking spaces, which are expected to provide opportunities for the smart parking market players.
In May 2021, the National Development and Reform Commission of China issued the 'Opinions on Promoting the Development of Urban Parking Facilities', which stated that by 2025, large, medium, and small cities across the country may have basically built urban parking systems, with dedicated parking facilities, off-street public parking facilities, and on-street parking spaces. The rise in number of vehicles in the semi-urban and urban areas of China has impacted the country’s parking system eventually leading to a shortage of parking spaces. Therefore, the county is now implementing smart parking systems, which in turn, has boosted the smart parking market.
Increased parking concerns across the globe, growth in demand for Internet of Things (IoT)-based technology and Increase in the number of vehicles are the major factors that propel the smart parking market growth. However, high implementation cost & configuration complexity and low rate of internet penetration in developing regions are the major factors that hamper the growth of the smart parking market. Furthermore, the rise in investment in building driverless vehicles, and government initiatives in building smart cities across the globe are the factors that are expected to offer growth opportunities for the market during the forecast period.
The market segmentation is based on the type, technology, application, end user, and region. On the basis of type, it is bifurcated into off-street and on-street. On the basis of technology, it is classified into IoT, Ultrasonic, and RFID. On the basis of application, it is categorized into security & surveillance, smart payment system, e-parking, and license plate recognition. On the basis of end user, it is bifurcated into commercial and government. On the basis of region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Some major companies operating in the smart parking market report Include Amano McGann, Inc., Continental AG, Dongyang Menics Co., Ltd, IEM SA, IPS Group Inc., Klaus Multiparking Systems, Robert Bosch GmbH, Smart Parking Limited, Swarco AG, and Urbiotica. The leading companies are adopting strategies such as product launch, product development, and expansion to strengthen their market position.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the smart parking market analysis from 2022 to 2032 to identify the prevailing smart parking market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the smart parking market report segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report Includes the analysis of the regional as well as global smart parking market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Type
- Off-street
- On-street
By Technology
- Internet of Things (IoT)
- Ultrasonic
- RFID
By Application
- Security and surveillance
- Smart payment systems
- E-parking
- License plate recognition
By End User
- Commercial
- Government
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Italy
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Australia
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- Continental AG
- Aisin Corporation
- Robert Bosch GmbH
- Smart Parking Ltd
- SWARCO
- IEM SA
- IPS Group, Inc.
- TKH Group
- Amano McGann, Inc.
- Urbiotica, S.L.
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: SMART PARKING MARKET, BY TYPE
CHAPTER 5: SMART PARKING MARKET, BY TECHNOLOGY
CHAPTER 6: SMART PARKING MARKET, BY APPLICATION
CHAPTER 7: SMART PARKING MARKET, BY END USER
CHAPTER 8: SMART PARKING MARKET, BY REGION
CHAPTER 9: COMPETITIVE LANDSCAPE
CHAPTER 10: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
The Smart Parking Market size is expected to experience a significant growth rate of 17.4% from 2023-2032 owing to government initiatives in building smart cities across the globe.Smart Parking refers to an advanced parking system that utilizes various technologies to optimize and enhance the parking experience. It involves the integration of IoT devices, sensors, and communications networks to efficiently manage parking spaces and provide real-time information to drivers. Smart parking systems often include features such as reservation systems, mobile payment options, and navigation assistance. Drivers may reserve parking spaces in advance, reducing the time spent searching for parking spots. Mobile payment options allow for convenient and cashless transactions, while navigation assistance guides drives to the nearest available space, minimizing traffic congestion and reducing carbon emissions.
The smart payment system uses electronic payment methods that provide the most secure, efficient, and hassle-free payment solutions for users. A smart payment system is a system that does not require any physical money for making transactions pertaining to parking. It is a quick and secure way to make cashless payments for parking. Smart parking involves payments via credit card, debit card, e-wallet, NFC, RFID, and by scanning QR-code. This makes smart parking easier and more convenient for users where they may make payments on the spot without the hassle of keeping cash. E-parking is an electronic parking system, which uses a wireless network to help drivers and customers find an easy and quick space to park their vehicles. It is designed to control traffic flow by helping visitors find parking quickly. E-parking system mostly uses available parking garages to assist customers coming for any commercial activities such as shopping, eating, and getting a short-term parking space available in off-street parking garages. It works through signs, which are displayed to drivers to guide them in relation to parking information, on the garages or lots that have available spaces. There are different signs that convey different information ensuring that the driver is on the right path.
Key factors that drive the growth of the smart parking market include Increased parking concerns across the globe, growth in demand for Internet of Things (IoT)-based technology and increase in the number of vehicles. Furthermore, the rise in investment in building driverless vehicles, and government initiatives in building smart cities across the globe are the factors that are expected to offer growth opportunities for the market during the forecast period. Governments partner with smart parking solution providers to deploy this solution in their cities. These providers offer a range of solutions such as parking guidance systems, parking reservation systems, and parking occupancy detection systems. These solutions help drivers find available parking spots quickly and easily, reducing the time and fuel consumption in search of parking. In addition to improving the parking experience for drivers, smart parking solutions generate valuable data that may be used by city officials to optimize parking operations. This data may be used to identify high-traffic areas, parking patterns, and demand for parking spaces. This information may then be used to plan and now look at parking spaces more effectively, reducing conjunction and increasing utilization of available parking space. The smart parking industry is expected to grow rapidly offering significant opportunities for solution providers and market players as governments continue to invest in these initiatives.
However, smart mobility requires better and more efficient service providers to offer better services to their customers. All the processes such as keeping a record of available parking space at various locations, their fare calculation & estimation, and other relatable information and making them available to the user are done by using a smartphone with mandatory internet connectivity. Developing countries in Africa, Asia-Pacific, and Latin America such as Eritrea, Burundi, Chad, Somalia, and others, still have a low percentage of the population with Internet access while developed countries such as the U.S. and European nations have a higher rate of Internet penetration. However, it becomes difficult for drivers to use smart parking solutions that rely on an Internet connection.
The smart parking market is segmented on the basis of type, technology, application, end-user, and region. On the basis of type, it is bifurcated into off-street and on-street. On the basis of technology, it is classified into IoT, Ultrasonic, and RFID. On the basis of application, it is categorized into security & surveillance, smart payment system, e-parking, and license plate recognition. On the basis of end user, it is bifurcated into commercial and government. On the basis of region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players profiled in the study include Amano McGann, Inc., Continental AG, Dongyang Menics Co., Ltd, IEM SA, IPS Group Inc., Klaus Multiparking Systems, Robert Bosch GmbH, Smart Parking Limited, Swarco AG, and Urbiotica. The players in the market have been actively engaged in adopting various strategies such as product launch, product development, and expansion to remain competitive and gain an advantage over the competitors in the market.
Key Market Insights
- By type, the off-street segment was the highest revenue contributor to the market, with $4,140.3 million in 2022, and is estimated to reach $20,988.2 million by 2032, with a CAGR of 17.78%.
- By technology, the ultrasonic segment was the highest revenue contributor to the market, with $3.383.4 million in 2022, and is estimated to reach $15,439.8 million by 2032, with a CAGR of 16.55%.
- By application, the security and surveillance segment was the highest revenue contributor to the market and is estimated to reach $11,283.6 million by 2032, with a CAGR of 15.87%. However, the smart payment system segment is estimated to be the fastest-growing segment with a CAGR of 19.41% during the forecast period.
- By end user, the commercial segment was the highest revenue contributor to the market, with $3,712.0 million in 2022, and is estimated to reach $19.097.6 million by 2032, with a CAGR of 17.96%.
- Based on region, North America was the highest revenue contributor, accounting for $2,505.7 million in 2022, and is estimated to reach $10,356.9 million by 2032, with a CAGR of 15.39%.
Companies Mentioned
- Continental AG
- Aisin Corporation
- Robert Bosch GmbH
- Smart Parking Ltd
- SWARCO
- IEM SA
- IPS Group, Inc.
- TKH Group
- Amano McGann, Inc.
- Urbiotica, S.L.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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