According to the report the global smart parking market reached a value of USD 6.4 billion in 2022. Aided by the escalating demand for efficient and innovative parking solutions and the burgeoning applications of smart parking in various sectors, the market is projected to further grow at a CAGR of 10.39% between 2023 and 2028 to reach a value of USD 12.05 billion by 2028.
Smart parking, an innovative parking solution that combines advanced software and automation to optimise parking management, is being increasingly utilised in various environments such as malls, airports, and city streets. It plays a critical role in reducing traffic congestion, improving city aesthetics, and enhancing overall user convenience. Apart from its direct advantages, smart parking also embodies exceptional capabilities of data collection and analytics, contributing significantly to city planning and traffic management efforts.
The growing consumer preference for comfort and efficiency is driving the global smart parking market growth. With the escalating awareness of the benefits associated with smart parking, including reduced emissions, enhanced convenience, and saved time, there has been a substantial shift towards the adoption of smart parking solutions. Furthermore, the growing urbanisation and increasing number of vehicles have further accelerated the demand for smart parking, addressing the need for efficient utilisation of limited urban space.
The expanding applications of smart parking in various sectors also play a crucial role in boosting the smart parking market development. In the retail sector, smart parking is used to enhance customer experience by reducing the time and stress associated with finding a parking spot. In the transportation sector, airports and train stations utilise smart parking to manage high-volume parking demands efficiently. Cities are also adopting smart parking solutions to improve urban aesthetics and reduce traffic congestion.
Moreover, advancements in IoT and AI technologies have significantly impacted the smart parking market expansion. These technologies have enabled the development of sophisticated parking solutions that offer real-time parking information, predictive analysis, and automated payment systems. With the increasing integration of AI and IoT in smart parking systems, the industry is expected to experience substantial growth in the future.
Additionally, the growing emphasis on sustainable city planning has led to a heightened focus on smart parking as a key component of urban development. With the rise of smart cities and the increasing popularity of eco-friendly practices, smart parking, with its capability to reduce carbon emissions and optimise space usage, has emerged as an essential element in modern urban planning, thereby augmenting the smart parking market growth.
Our high-quality, data-driven analyses provide the essential framework for organisations seeking to make informed and strategic decisions in an increasingly complex and rapidly evolving business environment. By investing in our market research reports, you can ensure your organisation remains agile, proactive, and poised for success in today's competitive market.
Don't miss the opportunity to elevate your business intelligence and fortify your strategic planning. Secure your organisation's future success by acquiring one of these reports today.
*The publisher always strives to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.
Smart parking, an innovative parking solution that combines advanced software and automation to optimise parking management, is being increasingly utilised in various environments such as malls, airports, and city streets. It plays a critical role in reducing traffic congestion, improving city aesthetics, and enhancing overall user convenience. Apart from its direct advantages, smart parking also embodies exceptional capabilities of data collection and analytics, contributing significantly to city planning and traffic management efforts.
The growing consumer preference for comfort and efficiency is driving the global smart parking market growth. With the escalating awareness of the benefits associated with smart parking, including reduced emissions, enhanced convenience, and saved time, there has been a substantial shift towards the adoption of smart parking solutions. Furthermore, the growing urbanisation and increasing number of vehicles have further accelerated the demand for smart parking, addressing the need for efficient utilisation of limited urban space.
The expanding applications of smart parking in various sectors also play a crucial role in boosting the smart parking market development. In the retail sector, smart parking is used to enhance customer experience by reducing the time and stress associated with finding a parking spot. In the transportation sector, airports and train stations utilise smart parking to manage high-volume parking demands efficiently. Cities are also adopting smart parking solutions to improve urban aesthetics and reduce traffic congestion.
Moreover, advancements in IoT and AI technologies have significantly impacted the smart parking market expansion. These technologies have enabled the development of sophisticated parking solutions that offer real-time parking information, predictive analysis, and automated payment systems. With the increasing integration of AI and IoT in smart parking systems, the industry is expected to experience substantial growth in the future.
Additionally, the growing emphasis on sustainable city planning has led to a heightened focus on smart parking as a key component of urban development. With the rise of smart cities and the increasing popularity of eco-friendly practices, smart parking, with its capability to reduce carbon emissions and optimise space usage, has emerged as an essential element in modern urban planning, thereby augmenting the smart parking market growth.
Market Segmentation
The market can be divided based on solution, system type, component, sensor technology, vertical, and region.Market Breakup by Solution
- Security and Surveillance
- Parking Reservation Management
- Valet Parking Management
- License Plate Recognition
Market Breakup by System Type
- Guided Park Assist
- Smart Park Assist
- On-Street
- Off-Street
Market Breakup by Component
- Parking Sensors
- Steering Angle Sensors
- ECU
- Display Unit
Market Breakup by Sensor Technology
- Ultrasonic Sensor
- Radar Sensor
- Image Sensor
Market Breakup by Vertical
- Government
- Commercial
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global smart parking companies. Some of the major key players explored in the report are as follows:- T2 Systems
- Flowbird Group
- Amano Corporation
- IBM Corporation
- Robotic Parking Systems, Inc.
- SKIDATA GmbH
- Streetline
- Continental AG
- Valeo Park4U
- Amano McGann, Inc.
- Others
About the Publisher
Acquire unparalleled access to critical industry insights with our comprehensive market research reports, meticulously prepared by a team of seasoned experts. These reports are designed to equip decision-makers with an in-depth understanding of prevailing market trends, competitive landscapes, and growth opportunities.Our high-quality, data-driven analyses provide the essential framework for organisations seeking to make informed and strategic decisions in an increasingly complex and rapidly evolving business environment. By investing in our market research reports, you can ensure your organisation remains agile, proactive, and poised for success in today's competitive market.
Don't miss the opportunity to elevate your business intelligence and fortify your strategic planning. Secure your organisation's future success by acquiring one of these reports today.
*The publisher always strives to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.
Table of Contents
1 Preface2 Report Coverage - Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Smart Parking Market Analysis
8.1 Key Industry Highlights
8.2 Global Smart Parking Historical Market (2018-2022)
8.3 Global Smart Parking Market Forecast (2023-2028)
8.4 Global Smart Parking Market by Solution
8.4.1 Security and Surveillance
8.4.1.1 Historical Trend (2018-2022)
8.4.1.2 Forecast Trend (2023-2028)
8.4.2 Parking Reservation Management
8.4.2.1 Historical Trend (2018-2022)
8.4.2.2 Forecast Trend (2023-2028)
8.4.3 Valet Parking Management
8.4.3.1 Historical Trend (2018-2022)
8.4.3.2 Forecast Trend (2023-2028)
8.4.4 License Plate Recognition
8.4.4.1 Historical Trend (2018-2022)
8.4.4.2 Forecast Trend (2023-2028)
8.5 Global Smart Parking Market by System Type
8.5.1 Guided Park Assist
8.5.1.1 Historical Trend (2018-2022)
8.5.1.2 Forecast Trend (2023-2028)
8.5.2 Smart Park Assist
8.5.2.1 Historical Trend (2018-2022)
8.5.2.2 Forecast Trend (2023-2028)
8.5.3 On-Street
8.5.3.1 Historical Trend (2018-2022)
8.5.3.2 Forecast Trend (2023-2028)
8.5.4 Off-Street
8.5.4.1 Historical Trend (2018-2022)
8.5.4.2 Forecast Trend (2023-2028)
8.6 Global Smart Parking Market by Component
8.6.1 Parking Sensors
8.6.1.1 Historical Trend (2018-2022)
8.6.1.2 Forecast Trend (2023-2028)
8.6.2 Steering Angle Sensors
8.6.2.1 Historical Trend (2018-2022)
8.6.2.2 Forecast Trend (2023-2028)
8.6.3 ECU
8.6.3.1 Historical Trend (2018-2022)
8.6.3.2 Forecast Trend (2023-2028)
8.6.4 Display Unit
8.6.4.1 Historical Trend (2018-2022)
8.6.4.2 Forecast Trend (2023-2028)
8.7 Global Smart Parking Market by Sensor Technology
8.7.1 Ultrasonic Sensor
8.7.1.1 Historical Trend (2018-2022)
8.7.1.2 Forecast Trend (2023-2028)
8.7.2 Radar Sensor
8.7.2.1 Historical Trend (2018-2022)
8.7.2.2 Forecast Trend (2023-2028)
8.7.3 Image Sensor
8.7.3.1 Historical Trend (2018-2022)
8.7.3.2 Forecast Trend (2023-2028)
8.8 Global Smart Parking Market by Vertical
8.8.1 Government
8.8.1.1 Historical Trend (2018-2022)
8.8.1.2 Forecast Trend (2023-2028)
8.8.2 Commercial
8.8.2.1 Historical Trend (2018-2022)
8.8.2.2 Forecast Trend (2023-2028)
8.9 Global Smart Parking Market by Region
8.9.1 North America
8.9.1.1 Historical Trend (2018-2022)
8.9.1.2 Forecast Trend (2023-2028)
8.9.2 Europe
8.9.2.1 Historical Trend (2018-2022)
8.9.2.2 Forecast Trend (2023-2028)
8.9.3 Asia Pacific
8.9.3.1 Historical Trend (2018-2022)
8.9.3.2 Forecast Trend (2023-2028)
8.9.4 Latin America
8.9.4.1 Historical Trend (2018-2022)
8.9.4.2 Forecast Trend (2023-2028)
8.9.5 Middle East and Africa
8.9.5.1 Historical Trend (2018-2022)
8.9.5.2 Forecast Trend (2023-2028)
9 North America Smart Parking Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2022)
9.1.2 Forecast Trend (2023-2028)
9.2 Canada
9.2.1 Historical Trend (2018-2022)
9.2.2 Forecast Trend (2023-2028)
10 Europe Smart Parking Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2022)
10.1.2 Forecast Trend (2023-2028)
10.2 Germany
10.2.1 Historical Trend (2018-2022)
10.2.2 Forecast Trend (2023-2028)
10.3 France
10.3.1 Historical Trend (2018-2022)
10.3.2 Forecast Trend (2023-2028)
10.4 Italy
10.4.1 Historical Trend (2018-2022)
10.4.2 Forecast Trend (2023-2028)
10.5 Others
11 Asia Pacific Smart Parking Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2022)
11.1.2 Forecast Trend (2023-2028)
11.2 Japan
11.2.1 Historical Trend (2018-2022)
11.2.2 Forecast Trend (2023-2028)
11.3 India
11.3.1 Historical Trend (2018-2022)
11.3.2 Forecast Trend (2023-2028)
11.4 ASEAN
11.4.1 Historical Trend (2018-2022)
11.4.2 Forecast Trend (2023-2028)
11.5 Australia
11.5.1 Historical Trend (2018-2022)
11.5.2 Forecast Trend (2023-2028)
11.6 Others
12 Latin America Smart Parking Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2022)
12.1.2 Forecast Trend (2023-2028)
12.2 Argentina
12.2.1 Historical Trend (2018-2022)
12.2.2 Forecast Trend (2023-2028)
12.3 Mexico
12.3.1 Historical Trend (2018-2022)
12.3.2 Forecast Trend (2023-2028)
12.4 Others
13 Middle East and Africa Smart Parking Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2022)
13.1.2 Forecast Trend (2023-2028)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2022)
13.2.2 Forecast Trend (2023-2028)
13.3 Nigeria
13.3.1 Historical Trend (2018-2022)
13.3.2 Forecast Trend (2023-2028)
13.4 South Africa
13.4.1 Historical Trend (2018-2022)
13.4.2 Forecast Trend (2023-2028)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 T2 Systems
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Flowbird Group
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 Amano Corporation
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 IBM Corporation
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 Robotic Parking Systems, Inc.
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 SKIDATA GmbH
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 Streetline
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 Continental AG
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 Valeo Park4U
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 Amano McGann, Inc.
15.2.10.1 Company Overview
15.2.10.2 Product Portfolio
15.2.10.3 Demographic Reach and Achievements
15.2.10.4 Certifications
15.2.11 Other
16 Key Trends and Developments in the Market
Companies Mentioned
- T2 Systems
- Flowbird Group
- Amano Corporation
- IBM Corporation
- Robotic Parking Systems, Inc.
- SKIDATA GmbH
- Streetline
- Continental AG
- Valeo Park4U
- Amano McGann, Inc
Methodology
LOADING...
