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 and Image Sensor), Vertical (Government and Commercial), Solution (Security & Surveillance, Parking Reservation Management, Valet Parking Management and License Plate Recognition), Country (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) Industry Trends and Forecast to 2028
Smart parking market is expected to grow at USD 17.46 billion with a CAGR of 17.85% in the forecast period of 2021 to 2028. Data Bridge Market Research report on smart parking market provides analysis and insights regarding the various factors expected to be prevalent throughout the forecasted period while providing their impacts on the market’s growth. Increasing concerns of parking amid growth in the number of vehicles has boosted the smart parking market.
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.
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. Growing demand and adoption of IoT applied technology is also a driving factor for the smart parking market. The rise in investment in building driverless vehicles and an increase in the government’s initiative in building smart cities across the globe is also an opportunity for the growth of the smart parking market.
High cost of implementing and subsequent increase in cost of the vehicles is a challenge for the smart parking market. However, lack of awareness regarding the benefits of smart parking is the main restraint for the growth of smart parking market during the forecast period of 2021- 2028.
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. To gain more info on Data Bridge Market Research smart parking market contact us for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
In January 2019, China has launched its first robotic diagonal smart parking garage in the city of Nanjing in East China. It is an intelligent parking system designed to optimize space utility, fuel efficiency, and cost-effectiveness, in a bid to make urban areas more liveable. The system also reduces the requirement for a human workforce, thereby reducing administrative and maintenance costs. With this, the company enhances its portfolio in the market.
Smart Parking Market Scope and Market Size
Smart parking market is segmented on the basis of system type, component, sensor technology, vertical and solution. The growth among segments helps you analyse niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- Smart parking market on the basis of system type has been segmented as guided park assist, smart park assist, on-street and off-street.
- Based on component, the smart parking market has been segmented into parking sensors, steering angle sensors, ECU and display unit.
- On the basis of sensor technology, the smart parking market has been segmented into ultrasonic sensor, radar sensor and image sensor.
- Based on vertical, the smart parking market is segmented into government and commercial.
- Based on solution, the smart parking market is segmented into security & surveillance, parking reservation management, valet parking management and license plate recognition.
Smart Parking Market Country Level Analysis
Smart parking market is analysed and market size, volume information is provided by country, system type, component, sensor technology, vertical and solution as referenced above.
The countries covered in the smart parking market report are 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 will dominate the smart parking market due to growing number of vehicles in the region. Various factors such as advancements in the automotive sector and increasing demand for vehicle guidance systems is also a driver for the market in this region, whereas Asia-Pacific will witness its growth rate due to increasing number of municipalities in emerging economies, such as China and India. The growing vehicle production and increasing concerns regarding the growing prevalence of car theft in Europe is expected to accelerate market adoption in the region.
The country section of the smart parking market 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 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
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, regional presence, 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.
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. Market share data is available for global, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America separately. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
Customization Available : Global Smart Parking Market
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