According to the latest report by IMARC Group, titled "Global Smart Parking Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global smart parking market reached a value of US$ 3.97 Billion in 2021. Smart parking refers to an intelligent parking solution that assists drivers with safe parking. It includes in-ground smart parking and pavement sensors to determine the occupancy, cameras, automatic number plate recognition readers (ANPR), and vehicle counting equipment that is usually embedded in parking spots to detect and transmit data. It optimizes parking space through parking guidance systems (PGS), ticketing systems, parking reserving barriers and automated access control systems. Smart parking aids in detecting parking space availability, reducing traffic, promoting smooth flow of traffic, enhancing user experience, increasing safety, decreasing management costs, limiting the cases of illegal parking, and optimizing on-street parking in garages, basements, and cities. As compared to traditional parking systems, smart parking assists users in finding available parking slots by navigating them via a smartphone application and preventing vehicle theft.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Smart Parking Market Trends
The increasing production and sales of vehicles and rising traffic congestion across the globe are creating a positive outlook for the market. Smart parking systems are widely used to optimize parking due to the limited space for the smooth flow of traffic. In line with this, the increasing demand for luxurious and comfortable vehicles due to the rising disposable incomes and growing urbanization, especially in emerging economies, is favoring the market growth. Apart from this, the introduction of automated valet parking robots that assists in safely parking the vehicle and improving space utilization is also providing a thrust to the market growth. Additionally, the widespread product adoption due to the rising environmental consciousness is positively impacting the market growth. Smart parking assists in reducing pollution and unnecessary paper consumption by replacing cash payments for parking with digital invoices sent directly on the user’s smartphone. Other factors, including the increasing adoption of the Internet of Things (IoT) and applied technology, development of green and smart cities and the implementation of various government initiatives for safe and legal parking, are anticipated to drive the market toward growth. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 8.52 Billion by 2027, growing at a CAGR of 13.4% during 2022-2027.
- On the basis of the system, the market has been bifurcated into guided park assist system and smart park assist system.
- Based on the technology, the market has been segmented into ultrasonic sensors, radar sensors, image sensors, IoT and others. Currently, ultrasonic sensors represent the leading type among all the technologies.
- On the basis of the component, the market has been segregated into hardware, software, and services. Amongst these, hardware segment currently holds the majority of the market share.
- Based on the solution, the market has been segmented into security and surveillance, valet and parking reservation and license plate recognition. At present, security and surveillance represents the leading category holding the largest share.
- On the basis of the vertical type, the market has been segregated into government and municipalities, commercial institutions, and transport facilities. Among all the verticals, commercial institutions currently represent the leading type accounting for the majority of the market share.
- Based on the parking site, the market has been segmented into off-street parking and on-street parking. Based on parking site, off-street parking currently accounts for the highest market share.
- On a regional basis, North America (United States, and Canada), represents the largest market and holds the largest market share, followed Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and Others), Europe (Germany, France, United Kingdom, Italy, Spain, Russia, and Others), Latin America (Brazil, Mexico, and Others), and Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players include Valeo S.A., Continental AG, Robert Bosch GmbH, Kapsch TrafficCom AG, Cubic Corporation, TKH Group-Park Assist., Streetline Inc., Cisco Systems Inc., ParkMe Inc., Urbiotica, Skidata AG, Amano McGann Inc., Swarco AG, Smart Parking Ltd, Nedap N.V., Delphi Automotive PLC, Aisin Seiki Co. Ltd, Siemens AG, Xerox Corporation, etc.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Follow us on twitter : @imarcglobal