Global Smart Parking Market – Industry Trends and Forecast to 2030

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 2030.

Smart Parking 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 the presence or absence of vehicles. Smart parking system offers real-time data information regarding the availability of nearby parking space. The commercial is expected to witness significant growth in the vertical segment of the market owing to the development of the corporate and commercial parks industry.

Data Bridge Market Research analyses that 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. This indicates that the market value. “Guided Park Assist” dominates the system type segment of the global smart parking market owing to the high demand for this type of systems. 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.

Smart Parking Market Scope and Segmentation

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.

Global Smart Parking Market Dynamics

Drivers

• The 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 global 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 global smart parking 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.

Opportunities

• Initiative of Developing ‘Smart Cities’

Smart parking can be integrated with other smart city infrastructure components, such as intelligent transportation systems, smart grids, and smart buildings. This integration can create synergies and enable more comprehensive urban management systems. Companies that can provide interoperable solutions and seamless integration with existing infrastructure will have a competitive advantage in the market.

• Government Investments on Automotive Sector

Many governments are adopting smart city initiatives that include smart parking solutions. These initiatives aim to improve urban mobility, reduce pollution, and enhance the quality of life for citizens. Governments may provide funding, grants, or incentives to encourage the implementation of smart parking systems, creating opportunities for solution providers.

Restraints/Challenges

• Rising Competition

The global smart parking market is highly competitive, with numerous companies offering a wide range of products. This can make it challenging for new entrants or smaller companies to gain market share and establish a strong presence.

• High Cost Associated with Implementation

The cost of smart parking systems is very high in the market. Automotive systems and payers face cost pressures, and there is a growing demand for cost-effective solutions. Manufacturers need to balance the development of innovative implants with affordability to meet market demands.

This global 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 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 global 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.

Recent Developments

• In May 2021, ParkMobile, a leading provider of smart parking and mobility solutions, recently announced a partnership with the City of Miami Beach to offer contactless parking payments. The partnership enables residents and visitors to easily pay for parking through the ParkMobile app, reducing the need for physical payment methods and enhancing the overall parking experience
• In March 2021, Parkopedia, a provider of parking data and services, partnered with Amazon Alexa to enable voice-enabled parking search and reservation. Users can now search for parking spaces, check availability, and make reservations using voice commands through Alexa-enabled devices

Global Smart Parking Market Scope

The global smart parking market is segmented on the basis of system type, component, sensor technology, vertical and solution. 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

• Ultrasonic Sensor
• Radar Sensor
• Image Sensor

Vertical

• Government
• Commercial

Solution

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

Global Smart Parking Market Analysis/Insights

The global smart parking market is analyzed and market size insights and trends are provided by country, system type, component, sensor technology, vertical and solution as referenced above.

The countries covered in the global smart parking market report are 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 global smart parking market because of the strong base of automotive facilities and strong presence of major players in the market.

Asia-Pacific is expected to witness significant growth during the forecast period of 2023 to 2030 due to the increase in government initiatives to promote awareness, rise in automotive facilities, growing research activities in the region, availability of massive untapped markets, and large population pool.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts 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 global brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Global Smart Parking Market Share Analysis

The global 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 global smart parking market.

Some of the major players operating in the global smart parking market are:

• 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.)