Global Real Time Parking System Market – Industry Trends and Forecast to 2029

Global Real Time Parking System Market, By Type (Software, Hardware, Services), Location (On–Street, Off–Street, Others), Application (Commercial, Personal, Transport and Aviation, Government, Others) – Industry Trends and Forecast to 2029.

Real Time Parking System Market Analysis and Size

Real-time parking system has become beneficial due to the upsurge in traffic and reduced availability of parking slots for convenient parking. Real-time parking system has improved effectiveness, capacity, reduced emission, and increased convenience and safety. Thus, demand for the real-time parking system is expected to increase in the forecast period and the growth of the real-time parking system market in the upcoming period.

Data Bridge Market Research analyses that the real time parking system market was valued at USD 5,863.80 million in 2021 and is expected to reach USD 25,381.85 million by 2029, registering a CAGR of 20.10 % during the forecast period of 2022 to 2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.

Real Time Parking System Market Scope and Segmentation

Market Definition

Real-time parking is an advanced parking system that helps the driver find a secure and safe parking space. This system indicates the information by displaying a sign on the infotainment display. This real-time parking system uses advanced technologies such as side-mounted and in-ground sensors, radio detection and ranging (RADAR) to detect the presence of any vacant parking slot and allows the driver to park their vehicle without any disturbance. 

Global Real Time Parking System Market Dynamics

Drivers

• Rising adoption of real time parking system

Real time parking system is widely used in several applications such as heavy commercial vehicle, light commercial vehicle, passenger vehicle, transport, and other due to advanced and improved feature such as indication of available space on the alert system by using smart parking technology. This is one of the major factors which is expected to drive the growth of the real time parking system market.

• Increase in Number of Vehicles

The continuous upsurge in the number of vehicles sold and produced globally has become a major aspect which is causing parking concerns in urban cities. So, the concern regarding the parking solutions is the major factor which are expected to drive the growth of the real time parking system market.

• Increasing demand of real time parking system from different areas

The adoption of an effective real-time parking system increases due to increased demand for these systems, which is expected to arise from several areas such as commercial parking garages, universities, on-street municipal, airport, hospital, mall parking and other event avenues. The strong integration of these real time parking systems is opening new avenues for the users and manufacturers which are expected to drive the market growth rate.

Furthermore, growing prevalence of limited parking spaces, rising demand of those system which provide transit connections, parking spot prices, spot guidance, increasing need of real time information on the availability of parking in specific location are some of the major and impactful factors which are likely to accelerate the growth of the real time parking system market in the forecast period of 2022-2029. 

Opportunities

• Growing adoption of advanced technology

The significant growth of real time parking systems is due to mounting automotive industry and increasing government regulations in several countries for adopting advanced safety standards in vehicles to easily identify vacant parking spaces and decrease accidents. For instance, it has been witnessed that the governments in some countries are installing real time parking systems for traffic management and parking space management.

Moreover, increasing adoption of cloud services and internet of things will further create lucrative opportunities that will led to the growth of the real time parking system market during the forecast period of 2022-2029.

Restraints/ Challenges

• Issues associate with real time parking system

High complexity of the system and issues with the quality control norms are acting as restraints for real time parking system market in the above mentioned forecasted period.

Furthermore, high equipment cost and low adoption rate in developing countries are acting as market restraints for the demand of real time parking system and might hinder the growth of the global real time parking system market during the forecast period of 2022-2029.

This real time parking system market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the real time parking system market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Real Time Parking System Market

The COVID-19 negatively impacted the real time parking system market due to the stringent rules for social distancing and lockdowns imposed by government in several nations. The partial shutdown of the business, uncertainty in economic growth and low consumer confidence have mainly impacted the demand of the real-time parking system-based technology. The decrease in the demand of automobiles, and disruption in supply chain have hindered the growth of the real time parking system market during this pandemic, along with the delay in logistics activities. However, the real time parking system market is projected to recover its pace during the post-pandemic scenario.

Global Real Time Parking System Market Scope

The real time parking system market is segmented on the basis of type, location and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

• Software
• Hardware
• Services

Location

• On–Street
• Off–Street
• Others

Application

• Commercial
• Personal
• Transport and Aviation
• Government
• Others

Real Time Parking System Market Regional Analysis/Insights

The real time parking system market is analysed and market size insights and trends are provided by country, type, location and application as referenced above.

The countries covered in the real time parking system  market report  U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the real time parking system market in terms of revenue growth and market share. This is due to the increasing sales of the automotive products along with the growing adoption of advanced technology in this region.

Asia-Pacific is projected to be the fastest developing region during the forecast period of 2022-2029 due to the growth of the automobile sector in this region.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Real Time Parking System Market Share Analysis

The real time parking system market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to real time parking system market.

Some of the major players operating in the real time parking system market are:

• Streetline (U.S.)
• Smart Parking (Australia)
• Amano Corporation (Japan)
• Kapsch TrafficCom AG (Austria)
• INRIX (U.S.)
• SWARCO (Austria)
• Siemens (Germany)
• Cubic Corporation (U.S.)
• AppyParking (U.K.)
• TKH GROUP (Netherlands)
• 3M (U.S.)
• Parknav (U.S.)
• Thales Group (France)
• 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.)