In smart parking, sensor technology plays a pivotal role by utilizing devices such as ultrasonic or infrared sensors to monitor the occupancy status of parking spaces. These sensors provide real-time data on the presence or absence of vehicles, enabling efficient parking management. This data is instrumental in creating dynamic parking solutions and facilitating the development of mobile applications and guidance systems that enhance user experience. By optimizing space utilization and reducing the time spent searching for parking, sensor-driven smart parking solutions contribute to improved traffic flow and congestion reduction.
According to Data Bridge Market Research analyses the Global Smart Parking Market which was USD 5,315.26 million in 2022, is expected to reach USD 20,145.12 million by 2030, and is expected to undergo a CAGR of 18.35% during the forecast period 2023-2030.
"Increased vehicle consumption boosts the market growth"
The global smart parking market is propelled by a surge in vehicle numbers, causing concerns about parking space availability. Urbanization and economic development contribute to a growing vehicle population, particularly challenging in densely populated areas. Government initiatives to tackle traffic congestion further boost the demand for smart parking solutions. These solutions, incorporating sensors and data analytics, optimize parking space utilization. By providing real-time information to drivers, smart parking helps alleviate congestion and enhance overall traffic management.
What restraints the growth of the global smart parking market?
“Market differentiation challenges with the market growth”
In the global smart parking market, differentiation challenges arise due to a saturated landscape with numerous companies offering similar products. The industry's homogeneous technology, cost competitiveness, and limited brand recognition make it difficult for smaller players to stand out. Resource constraints may hinder innovation, and educational hurdles can impede the communication of unique value propositions. The market's fragmentation adds to the complexity, making it challenging for companies to establish a distinctive identity.
Segmentation: Global Smart Parking Market
The global smart parking market is segmented on the basis of type, component, sense technology, vertical and solution.
- On the basis of type, the global smart parking market is segmented into guided park assist, smart park assist, on-street and off-street
- On the basis of component, the global smart parking market is segmented into parking sensors, steering angle sensors, ECU, and display unit
- On the basis of sense technology, the global smart parking market is segmented into ultrasonic sensor, radar sensor, and image sensor
- On the basis of vertical, the global smart parking market is segmented into government, and commercial
- On the basis of solution, the global smart parking market is segmented into security and surveillance, parking reservation management, valet parking management, and license plate recognition
Regional Insights: North America dominates the Global Smart Parking Market
North America dominates the global smart parking market due to its strong automotive infrastructure and the presence of key industry players. The region's high motorization levels drive demand for advanced parking solutions, and the technological expertise of major companies further solidifies its dominance. North America's proactive adoption of smart city initiatives enhances the widespread integration of smart parking systems, making it a frontrunner in shaping the global market.
Asia-Pacific is expected to experience significant growth during the forecast period (2023-2030) due to rising government initiatives, increased automotive facilities, growing research activities, untapped markets, and a large population. These factors, coupled with a focus on smart city development, position the region as a key hub for the adoption of advanced parking technologies, meeting the escalating demand for efficient parking management solutions in the face of urbanization.
To know more about the study visit, https://www.databridgemarketresearch.com/reports/global-smart-parking-market
Recent Developments in Global Smart Parking Market
- In May 2021, ParkMobile, a prominent smart parking and mobility solutions provider, unveiled a collaboration with the City of Miami Beach. The partnership facilitates seamless contactless parking payments for residents and visitors through the ParkMobile app. This initiative aims to reduce reliance on physical payment methods, offering a more convenient and efficient parking experience in Miami Beach
- In March 2021, Parkopedia, a leading parking data and services provider, joined forces with Amazon Alexa to introduce voice-enabled parking search and reservation capabilities. Users can now effortlessly search for parking spaces, check availability, and make reservations using voice commands through any Alexa-enabled devices. This innovative collaboration enhances the accessibility and user-friendliness of parking services, aligning with the growing trend of integrating voice technology into everyday tasks
The Prominent Key Players Operating in the Global Smart Parking Market Include:
- Robert Bosch GmbH (Germany)
- Continental AG (Germany)
- Valeo (France)
- Delphi Technologies (U.K.)
- AISIN SEIKI Co. Ltd. (Japan)
- Siemens (Germany)
- Cubic Corporation (U.S.)
- Amano Corporation (Japan)
- Kapsch TrafficCom AG (Austria)
- AppyParking (U.K.)
- Smart Parking (Australia)
- TKH GROUP (Netherlands)
- Nedap (Netherlands)
- Urbiotica (Spain)
- SWARCO (Austria)
- KLAUS MULTIPARKING SYSTEMS PVT. LTD (India)
- IPS Group Inc. (U.S.)
- IEM SA (Switzerland)
- Dongyang Menics Co. (South Korea)
- Altiux Innovations (India)
- Parkmobile LLC (U.S.)
- ParkMe, Inc. (U.S.)
Above are the key players covered in the report, to know about more and exhaustive list of global smart parking market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Smart Parking Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
