Smart Parking Market | Contrive Datum Insights

The global smart parking market size was valued at USD 5.75 Billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 21.2% from 2023 to 2030.

Smart Parking Market Overview:

The market is driven by factors such as limited parking space availability, increase in accidents due to vehicles reversing out of parking spaces, and increasing consumer demand for luxury vehicles and passenger safety systems in passenger cars.

The smart parking market is defined as the integration of multiple information and communication technology systems, including numerous electronic devices such as LCD displays, sensors (image, ultrasound, and radar), electronic controls, etc. It also includes software platforms such as smartphone applications and vehicle navigation software systems that interact with hardware platforms such as vehicle on-board sensors and electronics to integrate and guide systems that help drivers find vacant spaces to park their vehicles, Infrastructure outside the vehicle as a parking solution.

This report presents Smart Parking with quantitative and qualitative analysis to help readers develop business/growth strategies, assess market competitive landscape, analyze their position in the current market, and create knowledgeable businesses aims to provide a comprehensive presentation of the global market of Decisions about smart parking.

Smart Parking market size, estimates and forecasts are provided in terms of sales volume (K Units) and revenue (million USD) considering 2022 as the base year, along with historical and forecast data for the period 2017 to 2030. This report classifies the global smart parking market in detail. Regional market size related to products by type, application, and player is also provided. While estimating the market size, we took into account the impact of COVID-19 and the Russian-Ukrainian war.

Key Market Updates:

• In December 2016, Building on the Thai government's 4.0 initiative, Robert Bosch aims to have automated valet parking by 2018.
• In November 2014, Continental AG (Germany) has opened a new automotive R&D center for surround view systems in Lewes East Sussex, UK. A surround view system uses a camera to give the driver a 360-degree view of the vehicle. The new center will monitor ongoing and future trends in surround view systems. Future surround-view systems will provide vehicle drivers with a 3D view and enhance situational awareness. From 2018, it aims to realize fully automatic parking based on camera technology.

Major Market Segments Covered in Smart Parking Industry Research:

Market Key Players:

3M, Cubic Corporation, Thales, Kapsch TrafficCom AG, Urbiotica, Swarco AG, Smart Parking Limited, Robert Bosch GmbH, Klaus Multiparking Systems, IPS Group Inc., Amano McGann, Inc., Continental AG, and Others.

By Component

• Hardware
• Software
• Services

Based on the type of component, the global smart parking market is split into Hardware, Software, and Services. Sensors, cameras, parking metres, digital guidance signs, and other things make up hardware components. Software Components include Parking Management Platforms, Software Development Kits, and Application Programming Interfaces. Services include Consulting, Integration and Support, and Device Management Services. Most of the market is made up of hardware components like cameras. However, software management services are expected to grow in popularity over the next few years because they are useful for keeping security and surveillance systems, as well as parking systems, in malls and other commercial buildings in good shape.

By Technology

• IoT
• Ultrasonic
• RFID

Based on technology, the global smart parking market is split into IoT, Ultrasonic, and RFIDs. In the coming years, Ultrasonic Technology is expected to have a big market share. In addition to helping the driver find a good parking spot, it can also find obstacles in the parking area from a short distance away. IoT is expected to have the biggest share of the market over the next few years because it has so many uses in smart parking systems, such as sponsored metre time extensions, citywide parking space utilisation, etc.

By Type

• Off-Street
• On-Street

Based on type, the global smart parking market is split into Off-Street and On-Street. During the forecast period, the Off-Street segment is expected to have a big share because it is being used more and more in places like malls and corporate offices. In terms of global adoption, their use on the street could still be a few years away.

By Application

• Security & Surveillance
• Smart Payment System
• E-parking
• License Plate Recognition

Based on how they are used, the global smart parking market is split into Security & Surveillance, Smart Payment System, E parking, and License Plate Recognition. E-Parking is likely to have a big market share because finding a place to park a car is the most important thing for a car owner.

By End User

• Commercial
• Government

Global Smart Parking Market is segmented into Commercial and Government on the basis of End User. The commercial segment is expected to have a major market presence in the present as well as in the forecast period, due to the adoption of such a parking system being used by the parking systems of various corporate houses and malls. The implementation of a smart parking system is still a few years to be implemented by the governments of various developing economies due to their varied priorities for development.

By Region:

North America accounted for the largest revenue share, over 35% in 2021. An increasing number of vehicles is expected to grow the regional market for smart parking systems during the forecast period. Municipalities in the United States and Canada are working to reduce traffic congestion, which is exacerbated by the growing demand for car ownership. Governments are also undertaking initiatives with service providers to increase the adoption of smart parking systems that provide safe and legal parking for commercial and personal vehicles. Additionally, the increasing adoption of smart city initiatives is driving the implementation of smart parking systems in the region.

The European region is expected to expand at a significant CAGR during the forecast period owing to government initiatives supporting intelligent parking systems in an effort to reduce pollution. Additionally, concerns related to inadequate parking spaces are also one of the major drivers of market growth in the region. For example, the International Road Transport Union (IRTU) participated in an EU-funded study that revealed that the lack of safe and secure parking spaces is a major problem in Europe is insufficient.

Key Smart Parking Market Driver

• Growing demand for vehicles leading to parking problems
• Growing demand for (IoT)-based technologies

Key Smart Parking Market Opportunities

• 'Smart City' Development Initiative
• Advances in autonomous vehicle and smart park technology

Key Smart Parking Market Restraints

• High implementation cost and increased vehicle cost

Key Smart Parking Market Challenge

• System Integration
• Unavailability of supporting infrastructure

Smart Parking Market report scope:

Key Takeaways from this Smart Parking Report

• Estimate Smart Parking market potential through analyzing growth rates (CAGR %), Volume (Units) and Value ($M) data given at country level - for product types, applications and by different industry verticals.
• Understand the supply chain in depth on the value growth at each step, in order to optimize value and bring effectiveness in your processes.
• Know the different dynamics affecting the market - challenges, key driving factors and opportunities.
• Get a quick viewpoint on the Smart Parking market entropy - M&A's, deals, partnerships, product launches of all key companies for the historical 5 years.
• Estimate the supply-demand gaps, import-export data and regulatory landscape for more than top 20 countries worldwide for the market.
• Get complete insights on your competitor performance - market shares, strategies, financial benchmarking, product benchmarking, SWOT and more.
• Study the sales and distribution channels over key geographies to improve top-line revenues.