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Press Release:

Global Smart Parking Market to Grow at 14% During 2021-2026, Impelled by Rapid Expansion of Smart City Projects

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Smart Parking Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026

The global smart parking market is expected to grow at a CAGR of around 14% during 2021-2026. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors. These insights are included in the report as a major market contributor. 

A smart parking system (SPS) optimizes parking spaces through automated access control systems, parking guidance systems (PGS), parking reserving barriers and ticketing systems. It utilizes mechanical arrangements to transport cars from one parking space to another and eliminate the wasted space in a multistory or single-story garage. It uses vehicle counting equipment, video cameras, automatic number plate recognition readers (ANPR) and pavement sensors to determine the occupancy of a parking lot and transmit the data to the control center in real time. It aims to assist in the smooth flow of traffic in congested areas and provide a systematic parking operation. It also guides users to available parking slots by navigating them via a smartphone application. When positioned as a system, smart parking saves time, decreases management costs and limits the cases of illegal parking in an area.

Rapidly increasing traffic congestion leading to limited space for smooth flow of traffic is the key factor contributing to the market growth. With growing urbanization and rising disposable incomes, there has been a rise in the preference for comfortable and luxurious cars. This has escalated the problem of on-road car parking, consequently resulting in the demand for smart parking systems. Additionally, an increase in governmental regulations for the development of green and smart cities, industrial parks and economic zones to reduce carbon dioxide emissions have also contributed to the demand for SPS. Moreover, the system is extremely convenient for the users as it reduces unnecessary paper consumption by replacing cash payments for parking with digital invoices sent directly on the user’s smartphone. Furthermore, the thriving international tourism industry is expected to drive the market as these systems can aid in smooth parking operations in popular and congested tourist destinations.

IMARC Group’s latest report provides a deep insight into the global smart parking systems market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the smart parking systems market in any manner

Report Coverage:

  • Historical, Current and Future Market Trends
     
  • Market Breakup by System:
    • Guided Park Assist System
    • Smart Park Assist System
       
  • Market Breakup by Technology:

Currently, ultrasonic sensors represent the leading type among all the technologies.

  • Market Breakup by Component:
    • Hardware
    • Software
    • Services

On the basis of component, hardware segment currently holds the majority of the market share.

  • Market Breakup by Solution:
    • Security and Surveillance
    • Valet and Parking Reservation
    • License Plate Recognition

Among all the solution types, security and surveillance represents the leading category holding the largest share.

  • Market Breakup by Vertical Type:
    • Government and Municipalities
    • Commercial Institutions
    • Corporate Institutions
    • Transport Facilities
    • Others

Among all the verticals, comercial institutions currently represent the leading type accounting for the majority of the market share.

  • Market Breakup by Parking Site:
    • Off-Street Parking
    • On-Street Parking

Based on parking site, off-street parking currently accounts for the highest market share.

  • Market Breakup by Region:
    • North America
    • Europe
    • Asia Pacific
    • Middle East and Africa
    • Latin America


On regional basids, North America represents the largest market and holds the largest market share.


Competitive Landscape:

The report has also analysed the competitive landscape of the market with some of the key players being 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.

1   Preface
2   Scope and Methodology
    2.1    Objectives of the Study
    2.2    Stakeholders
    2.3    Data Sources
        2.3.1    Primary Sources
        2.3.2    Secondary Sources
    2.4    Market Estimation
        2.4.1    Bottom-Up Approach
        2.4.2    Top-Down Approach
    2.5    Forecasting Methodology
3   Executive Summary
4   Introduction
    4.1    Overview
    4.2    Key Industry Trends
5   Global Smart Parking Market
    5.1    Market Overview
    5.2    Market Performance
    5.3    Impact of COVID-19
    5.4    Market Breakup by System
    5.5    Market Breakup by Technology
    5.6    Market Breakup by Component
    5.7    Market Breakup by Solution
    5.8    Market Breakup by Vertical Type
    5.9    Market Breakup by Parking Site
    5.10    Market Breakup by Region
    5.11 Market Forecast
6   Market Breakup by System
    6.1    Guided Assist System
        6.1.1    Market Trends
        6.1.2    Market Forecast
    6.2    Smart Park Assist System
        6.2.1    Market Trends
        6.2.2    Market Forecast
7   Market Breakup by Technology
    7.1    Ultrasonic Sensors
        7.1.1    Market Trends
        7.1.2    Market Forecast
    7.2    Radar Sensors
        7.2.1    Market Trends
        7.2.2    Market Forecast
    7.3    Image Sensors
        7.3.1    Market Trends
        7.3.2    Market Forecast
    7.4    IoT
        7.4.1    Market Trends
        7.4.2    Market Forecast
    7.5    Others
        7.5.1    Market Trends
        7.5.2    Market Forecast
8   Market Breakup by Component
    8.1    Hardware
        8.1.1    Market Trends
        8.1.2    Market Forecast
    8.2    Software
        8.2.1    Market Trends
        8.2.2    Market Forecast
    8.3    Services
        8.3.1    Market Trends
        8.3.2    Market Forecast
9   Market Breakup by Solution
    9.1    Security and Surveillance
        9.1.1    Market Trends
        9.1.2    Market Forecast
    9.2    Valet and Parking Reservation
        9.2.1    Market Trends
        9.2.2    Market Forecast
    9.3    License Plate Recognition
        9.3.1    Market Trends
        9.3.2    Market Forecast
10  Market Breakup by Vertical Type
    10.1    Government and Municipalities
        10.1.1    Market Trends
        10.1.2    Market Forecast
    10.2    Commercial Institutions
        10.2.1    Market Trends
        10.2.2    Market Forecast
    10.3    Corporate Institutions
        10.3.1    Market Trends
        10.3.2    Market Forecast
    10.4    Transport Facilities
        10.4.1    Market Trends
        10.4.2    Market Forecast
    10.5    Others
        10.5.1    Market Trends
        10.5.2    Market Forecast
11  Market Breakup by Parking Site
    11.1    Off-Street Parking
        11.1.1    Market Trends
        11.1.2    Market Forecast
    11.2    On-Street Parking
        11.2.1    Market Trends
        11.2.2    Market Forecast
12  Market Breakup by Region
    12.1    North America
        12.1.1    Market Trends
        12.1.2    Market Forecast
    12.2    Europe
        12.2.1    Market Trends
        12.2.2    Market Forecast
    12.3    Asia Pacific
        12.3.1    Market Trends
        12.3.2    Market Forecast
    12.4    Middle East and Africa
        12.4.1    Market Trends
        12.4.2    Market Forecast
    12.5    Latin America
        12.5.1    Market Trends
        12.5.2    Market Forecast
13  SWOT Analysis
    13.1    Overview
    13.2    Strengths
    13.3    Weaknesses
    13.4    Opportunities
    13.5    Threats
14  Value Chain Analysis
15  Porter’s Five Forces Analysis
    15.1    Overview
    15.2    Bargaining Power of Buyers
    15.3    Bargaining Power of Suppliers
    15.4    Degree of Competition
    15.5    Threat of New Entrants
    15.6    Threat of Substitutes
16  Price Analysis
17  Competitive Landscape
    17.1    Market Structure
    17.2    Key Players
    17.3    Profiles of Key Players
        17.3.1    Valeo S.A.
        17.3.2    Continental AG
        17.3.3    Robert Bosch GmbH
        17.3.4    Kapsch TrafficCom AG
        17.3.5    Cubic Corporation
        17.3.6    TKH Group-Park Assist.
        17.3.7    Streetline Inc.
        17.3.8    Cisco Systems Inc.
        17.3.9    ParkMe Inc.
        17.3.10      Urbiotica
        17.3.11      Skidata AG
        17.3.12      Amano McGann Inc.
        17.3.13      Swarco AG
        17.3.14      Smart Parking Ltd
        17.3.15      Nedap N.V.
        17.3.16       Delphi Automotive PLC
        17.3.17      Aisin Seiki Co. Ltd
        17.3.18      Siemens AG
        17.3.19      Xerox Corporation

List of Figures

Figure 1: Global: Smart Parking Market: Major Drivers and Challenges
Figure 2: Global: Smart Parking Market: Sales Value (in Billion US$), 2015-2020
Figure 3: Global: Smart Parking Market: Breakup by System (in %), 2020
Figure 4: Global: Smart Parking Market: Breakup by Technology (in %), 2020
Figure 5: Global: Smart Parking Market: Breakup by Component (in %), 2020
Figure 6: Global: Smart Parking Market: Breakup by Solution (in %), 2020
Figure 7: Global: Smart Parking Market: Breakup by Vertical Type (in %), 2020
Figure 8: Global: Smart Parking Market: Breakup by Parking Site (in %), 2020
Figure 9: Global: Smart Parking Market: Breakup by Region (in %), 2020
Figure 10: Global: Smart Parking Industry: SWOT Analysis
Figure 11: Global: Smart Parking Industry: Value Chain Analysis
Figure 12: Global: Smart Parking Industry: Porter’s Five Forces Analysis
Figure 13: Global: Smart Parking Market Forecast: Sales Value (in Billion US$), 2021-2026
Figure 14: Global: Smart Parking (Guided Park Assist System) Market: Sales Value (in Million US$), 2015 & 2020
Figure 15: Global: Smart Parking (Guided Park Assist System) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 16: Global: Smart Parking (Smart Park Assist System) Market: Sales Value (in Million US$), 2015 & 2020
Figure 17: Global: Smart Parking (Smart Park Assist System) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 18: Global: Smart Parking (Ultrasonic Sensors) Market: Sales Value (in Million US$), 2015 & 2020
Figure 19: Global: Smart Parking (Ultrasonic Sensors) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 20: Global: Smart Parking (Radar Sensors) Market: Sales Value (in Million US$), 2015 & 2020
Figure 21: Global: Smart Parking (Radar Sensors) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 22: Global: Smart Parking (Image Sensors) Market: Sales Value (in Million US$), 2015 & 2020
Figure 23: Global: Smart Parking (Image Sensors) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 24: Global: Smart Parking (IoT) Market: Sales Value (in Million US$), 2015 & 2020
Figure 25: Global: Smart Parking (IoT) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 26: Global: Smart Parking (Other Technologies) Market: Sales Value (in Million US$), 2015 & 2020
Figure 27: Global: Smart Parking (Other Technologies) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 28: Global: Smart Parking (Hardware) Market: Sales Value (in Million US$), 2015 & 2020
Figure 29: Global: Smart Parking (Hardware) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 30: Global: Smart Parking (Software) Market: Sales Value (in Million US$), 2015 & 2020
Figure 31: Global: Smart Parking (Software) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 32: Global: Smart Parking (Services) Market: Sales Value (in Million US$), 2015 & 2020
Figure 33: Global: Smart Parking (Services) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 34: Global: Smart Parking (Security and Surveillance) Market: Sales Value (in Million US$), 2015 & 2020
Figure 35: Global: Smart Parking (Security and Surveillance) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 36: Global: Smart Parking (Valet and Parking Reservation) Market: Sales Value (in Million US$), 2015 & 2020
Figure 37: Global: Smart Parking (Valet and Parking Reservation) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 38: Global: Smart Parking (License Plate Recognition) Market: Sales Value (in Million US$), 2015 & 2020
Figure 39: Global: Smart Parking (License Plate Recognition) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 40: Global: Smart Parking (Government and Municipalities) Market: Sales Value (in Million US$), 2015 & 2020
Figure 41: Global: Smart Parking (Government and Municipalities) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 42: Global: Smart Parking (Commercial Institutions) Market: Sales Value (in Million US$), 2015 & 2020
Figure 43: Global: Smart Parking (Commercial Institutions) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 44: Global: Smart Parking (Corporate Institutions) Market: Sales Value (in Million US$), 2015 & 2020
Figure 45: Global: Smart Parking (Corporate Institutions) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 46: Global: Smart Parking (Transport Facilities) Market: Sales Value (in Million US$), 2015 & 2020
Figure 47: Global: Smart Parking (Transport Facilities) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 48: Global: Smart Parking (Other Vertical Types) Market: Sales Value (in Million US$), 2015 & 2020
Figure 49: Global: Smart Parking (Other Vertical Types) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 50: Global: Smart Parking (Off-Street Parking) Market: Sales Value (in Million US$), 2015 & 2020
Figure 51: Global: Smart Parking (Off-Street Parking) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 52: Global: Smart Parking (On-Street Parking) Market: Sales Value (in Million US$), 2015 & 2020
Figure 53: Global: Smart Parking (On-Street Parking) Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 54: North America: Smart Parking Market: Sales Value (in Million US$), 2015 & 2020
Figure 55: North America: Smart Parking Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 56: Europe: Smart Parking Market: Sales Value (in Million US$), 2015 & 2020
Figure 57: Europe: Smart Parking Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 58: Asia Pacific: Smart Parking Market: Sales Value (in Million US$), 2015 & 2020
Figure 59: Asia Pacific: Smart Parking Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 60: Middle East and Africa: Smart Parking Market: Sales Value (in Million US$), 2015 & 2020
Figure 61: Middle East and Africa: Smart Parking Market Forecast: Sales Value (in Million US$), 2021-2026
Figure 62: Latin America: Smart Parking Market: Sales Value (in Million US$), 2015 & 2020
Figure 63: Latin America: Smart Parking Market Forecast: Sales Value (in Million US$), 2021-2026

List of Tables

Table 1: Global: Smart Parking Market: Key Industry Highlights, 2020 and 2026
Table 2: Global: Smart Parking Market Forecast: Breakup by System (in Million US$), 2021-2026
Table 3: Global: Smart Parking Market Forecast: Breakup by Technology (in Million US$), 2021-2026
Table 4: Global: Smart Parking Market Forecast: Breakup by Component (in Million US$), 2021-2026
Table 5: Global: Smart Parking Market Forecast: Breakup by Solution (in Million US$), 2021-2026
Table 6: Global: Smart Parking Market Forecast: Breakup by Vertical Type (in Million US$), 2021-2026
Table 7: Global: Smart Parking Market Forecast: Breakup by Parking Site (in Million US$), 2021-2026
Table 8: Global: Smart Parking Market Forecast: Breakup by Region (in Million US$), 2021-2026
Table 9: Global: Smart Parking Market Structure
Table 10: Global: Smart Parking Market: Key Players

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Key Question Answered in this Report

According to the estimates by IMARC Group, the global smart parking market is expected to witness a CAGR of 14% from 2021 to 2026.

The increasing demand for efficient control systems to assist smooth flow of traffic in congested areas represents one of the key drivers for the global smart parking market.

The growing number of green and smart cities, industrial parks and economic zones to reduce carbon dioxide emissions represents one of the key trends in the global smart parking market.

Sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations resulting in temporary shutdown of numerous manufacturing units pertaining to the components of smart parking systems.

On the basis of the technology, the market has been segregated into ultrasonic sensors, radar sensors, image sensors, Internet of Things (IoT) and others. Among these, ultrasonic sensors represent the largest segment.

On the basis of the component, the market has been segmented into hardware, software and services. At present, hardware segment represents the leading category in the market.

On the basis of the solution, the market has been bifurcated into security and surveillance, valet and parking reservation, and license plate recognition. Currently, security and surveillance solution holds the majority of the total market share.

On the basis of the vertical type, the market has been divided into government and municipalities, commercial institutions, corporate institutions, transport facilities, and others. Among these, commercial institutions represent the largest segment.

On the basis of the parking site, the market has been segmented into off-street parking and on-street parking. At present, off-street parking exhibits a clear dominance in the market.

Region-wise, the market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America, where North America dominates the global market.

The key companies in the global smart parking market are 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.

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