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Global Smart Parking Market – Industry Trends and Forecast to 2029

  • Automotive
  • Upcoming Report
  • Jun 2022
  • Global
  • 350 Pages
  • No of Tables: 60
  • No of Figures: 220

Global Smart Parking Market, By System Type (Guided Park Assist, Smart Park Assist, On-Street and Off-Street), Component (Parking Sensors, Steering Angle Sensors, ECU and Display Unit), Sensor Technology (Ultrasonic Sensor, Radar Sensor, Image Sensor), Vertical (Government, Commercial), Solution (Security and Surveillance, Parking Reservation Management, Valet Parking Management, License Plate Recognition) - Industry Trends and Forecast to 2029

 

Smart Parking Market

Market Analysis and Size

Smart parking has emerged as an important automobile feature over the years as it includes different types of sensors as a hardware component for detecting presence or absence of the vehicles. Smart parking system offers real-time data information regarding the availability of nearby parking space.

Global Smart Parking Market was valued at USD 5.26 billion in 2021 and is expected to reach USD 20.25 billion by 2029, registering a CAGR of 18.35% during the forecast period of 2022-2029. Commercial is expected to witness significant growth in the vertical segment of the market owing to the development of corporate and commercial parks industry. 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 also includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.

Market Definition

Smart parking is a smart parking system that helps drivers with safe parking. The space available in the parking lot is marked or marked with the help of embedded software and sensors. Vacant space is informed by the driver accordingly due to good handling of the vehicle. This technology uses a variety of sensors as part of computer systems in the parking lot to detect the presence or absence of vehicles. The smart parking system provides real-time data details regarding the availability of the nearest parking lot and allows the driver to serve that slot without interference from other vehicles.

Report Scope and Market Segmentation

Report Metric

Details

Forecast Period

2022 to 2029

Base Year

2021

Forecast Period

2022 - 2029

Historic Years

2020 (Customizable to 2019 - 2014)

Quantitative Units

Revenue in USD Billion, Volumes in Units, Pricing in USD

Segments Covered

System Type (Guided Park Assist, Smart Park Assist, On-Street and Off-Street), Component (Parking Sensors, Steering Angle Sensors, ECU and Display Unit), Sensor Technology (Ultrasonic Sensor, Radar Sensor, Image Sensor), Vertical (Government, Commercial), Solution (Security and Surveillance, Parking Reservation Management, Valet Parking Management, License Plate Recognition)

Countries Covered

U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa

Market Players Covered

Robert Bosch GmbH (Germany), Continental AG (Germany), Valeo (France), Delphi Technologies (UK), AISIN SEIKI Co. Ltd. (Japan), Siemens (Germany), Cubic Corporation (US), Amano Corporation (Japan), Kapsch TrafficCom AG (Austria), AppyParking (UK), Smart Parking (Australia), TKH GROUP (Netherlands), Nedap (Netherlands), Urbiotica (Spain), SWARCO (Austria), KLAUS MULTIPARKING SYSTEMS PVT. LTD (India), IPS Group Inc. (US), IEM SA (Switzerland), Dongyang Menics Co. (South Korea), Altiux Innovations (India), Parkmobile LLC (US), and ParkMe, Inc. (US), among others

Market Opportunities

  • Initiative of developing ‘smart cities’ and advancements in autonomous cars
  • Surge in demand for smart parking systems to assist in city administrations
  • Rise in a number of vehicles leading to concerns regarding parking solutions

Smart Parking Market Dynamics

This section deals with understanding the market drivers, opportunities, restraints and challenges. All of this is discussed in detail as below:

Drivers

  • Rise in Number of Vehicles

The rise in a number of vehicles leading to concerns regarding parking solutions is the main driving factor for the growth of the smart parking market. The increase in government initiatives towards the management of traffic congestion has a positive impact on the market.

  • Need for City Administration

The surge in demand for smart parking systems to assist in city administrations to efficiently managed dispersed parking spaces while helping drivers to find parking spaces accelerate the market growth. The increase in the popularity of these systems as they deliver necessary flexibility and scalability drives the market further.

  • Integrated Automated Solutions

The rise in the implementation of integrated automated solutions further influence the market. These solutions are combined with the advancements in wireless and digital payment technologies. Various technologies are used to implement these systems, such as data analytics, smart parking meters, Machine-to-Machine (M2M) communication, mobile applications and advanced sensors, among others.

Additionally, expansion of the automotive sector, surge in investments and increased disposable income positively affect the smart parking market.

Opportunities

Furthermore, initiative of developing ‘smart cities’ and advancements in autonomous cars and smart park technology extends profitable opportunities to the market players in the forecast period of 2022 to 2029. Also, concerns regarding vehicle overcrowding and congestions in urban areas will further escalate the growth of smart parking market.

Restraints/Challenges faced by the Smart Parking Market

On the other hand, high cost associated with the implementation and increased cost of vehicle are expected to obstruct market growth. Also, lack of awareness regarding the benefits of smart parking is projected to challenge the smart parking market in the forecast period of 2022-2029.

This smart parking market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the 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 smart parking 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 had a Major Impact on Smart Parking Market

The COVID-19 had a negative impact on the smart parking market owing to the strict lockdowns and social distancing to contain the spread of the virus. The economic uncertainty, partial shutdown of the business and low consumer confidence impacted demand for smart parking market. The supply chain got hampered during the pandemic along with delay logistics activities. However, smart parking market is expected to regain its pace during the post pandemic scenario due to the easing on the restrictions.

Global Smart Parking Market Scope

The smart parking market is segmented on the basis of component, frequency and vehicle type. 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.

System Type

  • Guided Park Assist
  • Smart Park Assist
  • On-Street
  • Off-Street

Component

  • Parking Sensors
  • Steering Angle Sensors
  • ECU
  • Display Unit

Sensor Technology

Vertical

  • Government
  • Commercial

Solution

  • Security and Surveillance
  • Parking Reservation Management
  • Valet Parking Management
  • License Plate Recognition

Smart Parking Market Regional Analysis/Insights

The smart parking market is analyzed and market size insights and trends are provided by country, component, frequency and vehicle type.

The countries covered in the smart parking market report are the U.S., Canada and Mexico in North America, Brazil, Argentina and Rest of South America as part of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, 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).

North America dominates the smart parking market because of the increase in number of vehicles and deployment of advanced technologies within the region.

Europe is expected to witness significant growth during the forecast period of 2022 to 2029 due to rise in government initiatives supporting intelligent parking systems in the 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 such as 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 Smart Parking Market Share Analysis

The smart parking 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 smart parking market.

Some of the major players operating in the smart parking market are Robert Bosch GmbH (Germany), Continental AG (Germany), Valeo (France), Delphi Technologies (UK), AISIN SEIKI Co. Ltd. (Japan), Siemens (Germany), Cubic Corporation (US), Amano Corporation (Japan), Kapsch TrafficCom AG (Austria), AppyParking (UK), Smart Parking (Australia), TKH GROUP (Netherlands), Nedap (Netherlands), Urbiotica (Spain), SWARCO (Austria), KLAUS MULTIPARKING SYSTEMS PVT. LTD (India), IPS Group Inc. (US), IEM SA (Switzerland), Dongyang Menics Co. (South Korea), Altiux Innovations (India), Parkmobile LLC (US), and ParkMe, Inc. (US), among others.

Research Methodology: Global Smart Parking Market

Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please request an analyst call or can drop down your inquiry.

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, Expert Analysis, Import/Export Analysis, Pricing Analysis, Production Consumption Analysis, Climate Chain Scenario, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.

Customization Available

Data Bridge Market Research is a leader in advanced formative research. We take pride in servicing our existing and new customers with data and analysis that match and suits their goal. The report can be customized to include price trend analysis of target brands understanding the market for additional countries (ask for the list of countries), clinical trial results data, literature review, refurbished market and product base analysis. Market analysis of target competitors can be analyzed from technology-based analysis to market portfolio strategies. We can add as many competitors that you require data about in the format and data style you are looking for. Our team of analysts can also provide you data in crude raw excel files pivot tables (Factbook) or can assist you in creating presentations from the data sets available in the report.


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Frequently Asked Questions

This smart parking market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localised 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.
The major players covered in the smart parking market report Robert Bosch GmbH, Continental AG, Valeo, Delphi Technologies, AISIN SEIKI Co. Ltd., Siemens AG, Cubic Corporation, Amano Corporation, Kapsch TrafficCom AG, AppyParking, Smart Parking, TKH GROUP, Nedap, Urbiotica, SWARCO, KLAUS MULTIPARKING SYSTEMS PVT. LTD, IPS Group Inc., IEM SA, Dongyang Menics Co., Altiux Innovations, Parkmobile LLC, ParkMe, Inc., among other domestic and global players.
The Smart Parking Market is to grow at a CAGR of 18.35% during the forecast by 2029.
The major countries covered in the Smart Parking Market are U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa.