Global Smart Parking Market Research Report and Forecast 2019-2024

Press Release:

Global Smart Parking Market to Reach US$ 11.59 Billion by 2024, Impelled by Growing Number of Vehicles

Smart Parking Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024

The global smart parking market reached a value of US$ 4.93 Billion in 2018. 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. Looking forward, the market is expected to reach levels worth US$ 11.59 Billion by 2024 exhibiting a CAGR of 13.4% during 2019-2024.

Global Smart Parking Market Forecast

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:
- Ultrasonic Sensors
- Radar Sensors
- Image Sensors
- IoT
- Others

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.

Key Questions Answered in This Report:

How has the global smart parking market performed so far and how will it perform in the coming years?
What are the key regional markets in the global smart parking industry?
What is the breakup of the market based on the system?
What is the breakup of the market based on the technology?
What is the breakup of the market based on the component?
What is the breakup of the market based on the solution?
What is the breakup of the market based on the vertical type?
What is the breakup of the market based on the parking site?
What are the various stages in the value chain of the global smart parking industry?
What are the key driving factors and challenges in the global smart parking industry?
What is the structure of the global smart parking industry and who are the key players?
What is the degree of competition in the global smart parking industry?