The pandemic continues to cause unprecedented disruption across industries worldwide.
Get detailed insights regarding the impact of COVID-19 on the market.
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
Currently, ultrasonic sensors represent the leading type among all the technologies.
On the basis of component, hardware segment currently holds the majority of the market share.
Among all the solution types, security and surveillance represents the leading category holding the largest share.
Among all the verticals, comercial institutions currently represent the leading type accounting for the majority of the market share.
Based on parking site, off-street parking currently accounts for the highest market share.
On regional basids, North America represents the largest market and holds the largest market share.
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.
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.
REACH OUT TO US
Call us on
( US: +1-631-791-1145 )
( UK: +44-753-713-2163 )
( India: +91 120 433 0800 )
Drop us an email at