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The global smart parking market reached a value of US$ 3.97 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 8.52 Billion by 2027, exhibiting at a CAGR of 13.4% during 2022-2027. 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.
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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.
IMARC Group provides an analysis of the key trends in each sub-segment of the global smart parking market, along with forecasts at the global and regional level from 2022-2027. Our report has categorized the market based on system, technology, component, solution, vertical type and parking site.
Breakup by System:
Breakup by Technology:
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Currently, ultrasonic sensors represent the leading type among all the technologies.
Breakup by Component:
On the basis of component, hardware segment currently holds the majority of the market share.
Breakup by Solution:
Among all the solution types, security and surveillance represents the leading category holding the largest share.
Breakup by Vertical Type:
Among all the verticals, comercial institutions currently represent the leading type accounting for the majority of the market share.
Breakup by Parking Site:
Based on parking site, off-street parking currently accounts for the highest market share.
Breakup by Region:
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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.
| Report Features | Details |
|---|---|
| Base Year of the Analysis | 2021 |
| Historical Period | 2016-2021 |
| Forecast Period | 2022-2027 |
| Units | US$ Billion |
| Segment Coverage | System, Technology, Component, Solution, Vertical Type, Parking Site, Region |
| Region Covered | Asia Pacific, Europe, North America, Latin America, Middle East and Africa |
| Companies Covered | 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 and Xerox Corporation |
| Customization Scope | 10% Free Customization |
| Report Price and Purchase Option | Single User License: US$ 2499 Five User License: US$ 3499 Corporate License: US$ 4499 |
| Post-Sale Analyst Support | 10-12 Weeks |
| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
The global smart parking market was valued at US$ 3.97 Billion in 2021.
We expect the global smart parking market to exhibit a CAGR of 13.4% during 2022-2027.
The expanding tourism industry, along with the increasing demand for efficient control systems for
smooth parking operations in popular and congested tourist destinations, is currently driving the global
smart parking market.
The 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.
Based on the technology, the global smart parking market can be segregated into ultrasonic sensors,
radar sensors, image sensors, IoT, and others. Among these, ultrasonic sensors currently hold the
majority of the total market share.
Based on the component, the global smart parking market has been categorized into hardware,
software, and services. Currently, hardware exhibits clear dominance in the market.
Based on the solution, the global smart parking market can be bifurcated into security and surveillance,
valet and parking reservation, and license plate recognition, where security and surveillance solution
currently accounts for the largest market share.
Based on the vertical type, the global smart parking market has been divided into government and
municipalities, commercial institutions, and transport facilities. Among these, commercial institutions
currently represent the largest market share.
Based on the parking site, the global smart parking market can be segmented into off-street parking and
on-street parking. Currently, off-street parking accounts for the majority of the total market share.
On a regional level, the market has been classified into North America, Europe, Asia Pacific, Middle East
and Africa, and Latin America, where North America currently dominates the global market.
Some of the major players in the global smart parking market 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.
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